5/538 Nepean Highway, Bonbeach VIC 3196
5/538 Nepean Highway, Bonbeach VIC 3196
Mixed-use retail with residence above | Station-adjacent bayside strip | Rooftop terrace and bay views | Income-producing layout | Two-level townhouse format
Here, a ground-floor retail tenancy is combined with a two-bedroom residence above, the whole configured as a split-use holding in a small boutique group beside Bonbeach Station. A rooftop terrace and sweeping bay, city, and Mt Dandenong views are offered, giving a genuinely coastal feel despite the highway address, and with separate access points provided, the residence can be occupied privately while the shop is leased independently. With secure parking, roughly 163 to 167 square metres of total area, and the beach about 150 metres away, the format is suited to a buyer wanting a coastal base with an income offset, or an investor drawn to scarcity value in a mixed-use bayside corridor. It is best suited to owner-occupiers and downsizers who value station convenience and layout flexibility, and is positioned apart from typical Bonbeach houses by offering a more complex, higher-functioning holding.
Value is likely to be shaped by the retail tenancy’s lease terms, since the income stream provides direct price support. Traffic noise may be experienced from the highway frontage, which could weigh on appeal for a pure owner-occupier, while the rooftop terrace and view line might carry most of the premium. Interior finish levels also matter; where the dwelling has been updated, a firmer price expectation is justified. The management effort involved in a split-use format should be weighed against its income resilience, and the station adjacency and coastal position are expected to support resale demand.
Detailed Independent Property Report prepared by PropCred Analyst team for 5/538 Nepean Highway, Bonbeach VIC 3196
Checks found:
Value Risk
2
Liquidity Risk
Planning Risk
2
Income Risk
1
Execution Risk
1
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Market Insight
The suburb’s median house price is $1.15M, up 12.2–12.4% yearly, with 45–71 days on market. Units trail at $725–750k, growing 5.5% but down 6% quarterly. Annual house sales of 58–96 point to scarce supply driving competition. Gross yields are 3.2% for houses, 4.1% for units; weekly rents $695 and $572–575. Affordability and unit-market softness are the key risks, with price momentum dependent on continued listing constraints.
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PropCred Estimated Value
Comparable Sales: 11/606 Nepean Highway sold at $2.581M with direct beach access | Property Price Band: $1.6M to $1.7M | Value Drivers: rooftop terrace outlook, retail income, station adjacency
Bedrooms
3
Bathroom
2
Parking
1
Land
662m²
Research & Review
Prepared by Steve Dalton, Senior Analyst
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Reviewed by Matt Proctor, Principal Analyst
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