27 Jacaranda Avenue, Cheltenham VIC 3192

Corner block | subdivision potential STCA | pool | quiet court | family catchment This property’s corner position on a large block is its primary advantage, creating a rare dual-opportunity for a family seeking a quiet, established setting and for a developer eyeing future subdivision. It serves the renovator or builder who can capitalise on the existing structure and land ratio, with the pool and peaceful court offering immediate livability while the land bank provides strategic optionality. The absence of overlays simplifies any future development application. The principal risk is the cost to realise the subdivision potential, which requires capital and carries approval uncertainty, compressing your margin. The single bathroom and dated floor plan will limit its price ceiling as a standalone home. The commercial logic is to secure the land at a price that values the existing house at land value, making the renovation or hold period cost-neutral. Acquire for the land, hold for the optionality, and develop only when the numbers unequivocally stack up. Recent nearby sales provide a clear benchmark: * 23 Jacaranda Ave (next door, 544m², 3 bed, 2 bath) sold for $1,150,000 in August 2023. * A 590m² property sold for $1,175,000 in February 2026 after 56 days on market. This confirms a strong baseline value around $1.15-$1.175 million for similar land parcels, meaning any premium for this corner block must be justified by a tangible subdivision feasibility advantage.