5 Little Street, Deer Park VIC 3023
5 Little Street, Deer Park VIC 3023
3-bedroom house on 604sqm | long-term tenancy to 2032 | no overlays | Deer Park North Primary zone
The property’s primary buying case rests on its combination of a long-term tenancy secured until 2032 and a 604sqm block free of bushfire, flood, or heritage overlays. For an investor seeking immediate, predictable income without vacancy risk, the existing lease at an estimated $495 per week provides a stable foundation while the land size and 39% building coverage offer redevelopment optionality subject to council approval. The property is best suited to a buyer prioritising cash flow and future land value over immediate cosmetic upgrades.
The key risk for a buyer is the fixed lease term, which limits the ability to occupy or renovate the house for nearly six years, effectively locking the buyer into a landlord role. The 1984 purchase price of $47,150 signals no recent capital improvements, meaning the building may require significant maintenance costs that cannot be recouped through rent increases until the lease expires. The opportunity lies in holding the property for its land appreciation in a growth corridor with 5G coverage and zoned schools, using the existing tenancy to offset holding costs while waiting for the lease to conclude before considering subdivision or redevelopment.
Detailed Independent Property Report prepared by PropCred Analyst team for 5 Little Street, Deer Park VIC 3023
Checks found:
Value Risk
Liquidity Risk
Planning Risk
Income Risk
1
Execution Risk
2
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Market Insight
This suburb is positioned as an established, family-oriented market with high owner-occupancy. Demand is primarily driven by young professional families seeking stable housing, evidenced by strong auction clearance rates and faster sales compared to neighbouring areas. Recent price trends show solid capital growth for houses, though the market has softened with increased days on market and declining sales volumes, indicating a shift in conditions. Future growth is underpinned by sustained buyer interest, yet key risks include market sensitivity and a notable slowdown in transaction activity.
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PropCred Estimated Value
Bedrooms
3
Bathroom
1
Parking
2
Land
604m²
Research & Review
Prepared by Steve Dalton, Senior Analyst
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Reviewed by Matt Proctor, Principal Analyst
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