44 Raynes Park Road, Hampton VIC 3188

Bayside market softening | price asked above median | tenanted until May | extension potential offsets near-term weakness | development risk without overlay protection. The property is priced at the upper edge of a declining market where Hampton’s median has fallen 13.3% over twelve months. Buying into a tenancy that expires in May carries a short-term holding cost without income certainty until June. The 807m² block with rear laneway and no heritage overlay offers genuine extension or subdivision optionality, but this is not a passive hold—it rewards an owner who can execute a renovation or development within two to three years. For a buyer prepared to manage the vacancy transition and fund improvements, the property functions as a medium-term value-add proposition rather than a turnkey family home. The Californian Bungalow core with a substantial rear extension creates a rare hybrid: period character in the front three bedrooms and modern living volume at the back. The timber deck and enormous grassed yard are increasingly scarce in Bayside, and the large work shed adds practical utility for trades or home-based businesses. This property best suits a buyer who will occupy while planning an extension, or a developer who values the land-to-improvement ratio and rear access as a cost-effective entry point into Hampton’s tighter market. Comparable sales in the immediate area show a $1.9m–$2.2m range for similar-sized blocks with older stock, placing the asking near the upper boundary—justified only by the renovated rear wing and the extension’s quality. To validate the price, a buyer should commission a builder’s feasibility study for adding a fourth bedroom and ensuite, then model the projected equity gain against a twelve-month market recovery timeline.