24 Codrington Street, Cranbourne VIC 3977

Large block in established suburb | Three-bedroom family home | Activity zoning potential | Below-estimate price guide This property presents a clear opportunity based on its underlying land value and configuration within a primary school catchment. The 736 sqm parcel in an activity-zoned area is the dominant feature, offering a scarcity premium over typical suburban lots and providing a tangible pathway for future value addition, whether through subdivision or extension, subject to council approval. The three-bedroom, one-bathroom house serves as a functional holding position, making it most suitable for a buyer with a medium-term view-a family utilising the school zone or an investor-planning future development. Its price guide, positioned above the automated estimate but below recent peak benchmarks, indicates a motivated seller and a market pricing in the lot’s potential rather than the existing improvements. Proceed with the understanding that the primary risk is the cost and uncertainty of realising the activity zoning’s value, requiring immediate expenditure on feasibility studies and planning. The dated bathroom configuration and lack of modern finishes will constrain rental appeal and necessitate a capital outlay for immediate livability or to prevent value erosion. The opportunity lies in securing a large, zonally-advantaged parcel below recent market highs; the logical play is to acquire, occupy or rent to service the holding costs, and methodically pursue the planning pathway to enhance the land utility. This property is a hold-and-strategise proposition, not a passive investment.