5 Mcmillan Drive, Warragul VIC 3820

Federation-style home | 870m² land in school zone | no overlays | 5 days on market. This property presents a competitively strong offering within a stable, family-oriented precinct, distinguished by its generous land parcel within the catchment areas for Warragul Primary School and Warragul Regional College. The absence of bushfire, flood, or heritage overlays removes significant due diligence hurdles and potential holding costs, providing a cleaner acquisition. With a configuration of three bedrooms and two bathrooms, it aligns with the street’s typical profile, but its 294m² building size suggests a more substantial residence than the standard, likely offering superior internal space. This house serves the owner-occupier seeking established school access and a low-risk land holding, or an investor targeting durable rental demand from families drawn to the location’s tenure profile and demographic stability. Your decision hinges on reconciling the asking price against recent sales evidence, where the premium for a larger building must be justified. The comparable sale at 24 McMillan Drive, a newer four-bedroom home on similar land, achieved $710,000 after a long campaign, setting a clear benchmark. At its listed range, this Federation-style house demands a price per square metre notably above that recent sale, pricing in its character and size. The opportunity lies in securing a property with immediate rental coverage and long-term land value in a tightly held street, but the cost is the current vendor’s expectation, which appears optimistic against immediate comparables. Acquire at or below the lower end of the range to bank the land value and school zoning; otherwise, the premium paid for the dwelling may not be recouped in the near term. Recent sales on McMillan Drive provide critical context: – 24 McMillan Dr: Sold for $710,000 in Feb 2026. This 4-bedroom, 2-bathroom home on 859m² had a smaller building (151m²) but a newer build (2009). – 7 McMillan Dr: Sold for $750,000, held for 15 years. This evidence suggests the subject property’s $650,000-$700,000 ask is positioned at the upper limit of recent street value, demanding its larger building size and character style justify the premium over the more modern, four-bedroom comparable at Number 24.