5 Evershed Street, Myaree WA 6154

Full-sized R40 triplex potential | 779m² lot becoming rare | Strong rental yield | Long owner-occupier tenure This property’s primary strength is its substantial 779m² lot in a suburb where full-sized blocks are increasingly scarce. The proposed R40 rezoning under the local planning scheme creates a clear development pathway for a triplex, offering a tangible value-add opportunity beyond its existing three-bedroom layout. It serves an owner-occupier seeking long-term land banking with immediate rental income, or a developer acquiring a strategic site in a settled neighbourhood with high owner-occupier tenure signalling stability. The decision hinges on paying a significant premium for future potential, as the current asking price is well above the estimated market value and the last transacted price. You are effectively capitalising the rezoning now. Proceed only if you can secure the property at a price that factors in both holding costs and construction risk for the triplex development. Otherwise, as a standalone house, the premium is difficult to justify given the comparable sales landscape. Last sold October 2021 for $700,000. This rapid appreciation underscores the intense demand for large, developable lots in this area, though the current asking price demands a careful assessment of realised versus anticipated value.