38 Island Point Avenue, Waterways VIC 3195

Modern family home | 701sqm block | 44% site coverage | 4 bedrooms | pool and solar | Waterways, VIC The buying case here rests on the property’s unusually low site coverage of 44 percent, which is rare for a 700 square metre block in a tightly held suburb like Waterways. That leaves genuine room for future expansion, a pool house, or landscaping without sacrificing the existing generous floor plan. The combination of solar panels, a swimming pool, and multiple living zones makes this house immediately functional for a family seeking a low-maintenance, high-amenity home. It serves best a buyer who values space and wants to avoid the compromises of a newer, smaller lot. The suburb’s extremely low vacancy rate of 0.13 percent and high owner-occupier ratio of 88 percent signal stable demand from neighbours who maintain their properties. The primary risk is the listing price sitting near the top of the estimated value range, which leaves little margin for error if the market softens further given Waterways median house prices have fallen 7.75 percent year on year. The outdated valuation of $1.2 million suggests a previous owner may have unrealistic expectations, though the current range is more credible. The opportunity lies in the property’s ability to generate strong rental income of over $1,000 per week if needed, providing a buffer. NBN Fibre to the Premises and 5G coverage support remote work. Hold this property as a long term family home or consider it for dual-purpose living with a potential future subdivision or granny flat subject to council approval.