41 Medway Road, Craigieburn VIC 3064

4-bedroom Craigieburn house | dual-side access for development | 653m² lot with 6 parking spaces | strong rental yield potential | retro-style home with workshop This property presents a rare configuration advantage for Craigieburn: a 653m² lot with wide dual side access that supports a three-unit townhouse development, subject to council approval. The existing 253m² building with floorboards, reverse cycle air conditioning, and a workshop offers immediate livability while the development option is prepared. With a 69% auction clearance rate and 41 average days on market for four-bedroom houses in the suburb, demand is active. The property serves best for a buyer seeking a dual-purpose hold—immediate rental income from a retro-style home with a clear pathway to higher-density redevelopment when the market aligns. The primary risk is the development timeline and council approval process, which could delay returns and add holding costs. The property sits outside bushfire, flood, and heritage overlays, reducing regulatory friction. Rental estimates of $565 per week provide a 4.3% gross yield, above the suburb average of 3.9%, which offsets carrying costs. The 72% long-term resident population and 85% owner-occupancy rate in Craigieburn suggest stable demand for both the existing house and future townhouses. Hold for rental income while pursuing a planning permit; the dual-side access is the key unlock for value creation.