36 Black Street, Watsonia VIC 3087

2 bed house on 693sqm | Watsonia land-bank play | FTTP and 5G | redevelopment or extend | one-owner original The buying case here is land value in a suburb where 4-bedroom houses trade above $1.1 million. A 693sqm block with no heritage, flood, or bushfire overlays is increasingly scarce in Banyule, and the current 2-bedroom configuration means you are paying below replacement cost for the dirt. The one-owner condition signals untouched potential for extension or full rebuild, and the 27% site coverage leaves room to add. This property serves buyers who prioritise location and land over move-in condition—investors, developers, or owner-occupiers with renovation appetite. The risk is that the existing house is functionally obsolete for most families, and the $850k–$920k asking sits near the upper bound of entry-level land value once demolition is factored. Renovation cost must be modelled carefully, as the single-bathroom layout limits immediate rental appeal to the mid-$550pw range. The opportunity is to hold and extend rather than rebuild, preserving the original structure to avoid stamp duty on a new build. If you can secure at the lower end of the range, this property works as a 3–5 year land hold with optional development upside.