28 Allenby Street, Canley Heights NSW 2166

Renovated 5-bed house on R3 land | dual-income or multigenerational fit | high rental yield potential | quiet suburb with strong school catchment. The property presents a rare configuration advantage in Canley Heights, having been transformed from a modest three-bedroom fibro into a five-bedroom, three-bathroom residence with open car spaces for five vehicles. This layout serves buyers seeking dual-income potential through separate living zones or multigenerational households. The R3 zoning beneath the renovation retains development optionality, strengthening long-term positioning. The 563m² land parcel with 39% building coverage leaves room for future expansion. Reliable NBN and 5G coverage support remote work or student needs. The property suits owner-occupiers wanting immediate space plus future subdivision or dual-occupancy potential, or investors targeting the suburb’s strong rental demand. The main risk is valuation divergence: estimates range from $1.44m to $1.54m, reflecting uncertainty around the renovation’s quality and market acceptance. The adjacent off-market duplex at 28A suggests comparable land value but different product type, so direct comparables are thin. No recent sale data exists beyond 2016, making price discovery dependent on buyer appetite. The opportunity lies in the R3 zoning—if council permits dual-occupancy or townhouse development, the land component could appreciate independently of the house. Buyers should verify building approvals for the renovation and test the rental yield against the $905pw estimate, which aligns with suburb medians but may require adjustment for the larger floorplan.