459B Coode Street, Dianella WA 6059

Existing lease below market | bushfire overlay present | ageing 1977 build with modest 87m² floorplan | long settlement exposure until August 2026 The current tenancy at $680 per week locks you below the estimated $640-$760 range, costing potential upside until mid-2026. The bushfire overlay introduces insurance and compliance costs that a discount must absorb, and the 1977 duplex on 1006m² land offers redevelopment optionality only if council zoning permits subdivision—don’t count on quick returns here. Buy for land value and hold; forcing vacancy now erodes yield. What works in your favour is the 1006m² lot in a 85% owner-occupied pocket of Dianella, where land scarcity compresses future supply. The floorplan is functional but dated, meaning you pay for dirt not décor. This property suits a patient investor seeking long-term capital growth from the Morley Galleria uplift, not a first-home buyer needing immediate livability. Move forward only if your holding period exceeds five years and you’ve verified the bushfire overlay’s impact on insurance premiums.