5 Windfield Road, Melville WA 6156

Large 774m² R20 lot | 1961 home with renovation plans | Heritage overlay | Quiet family street | Rare 2-bed configuration This property presents a compelling, land-value dominant opportunity in a tightly held suburb. Its primary strength is the substantial 774m² R20-zoned parcel, a rare offering for a two-bedroom house, positioning it exclusively for buyers seeking renovation or redevelopment potential. The upgraded kitchen and bathroom provide functional livability, but the significant appreciation since its 2022 sale underscores the market’s valuation of the underlying land. This house best serves an investor-developer or an owner-occupier planning a long-term hold with future extension. Proceed with the understanding that the heritage overlay imposes a material constraint, adding cost and uncertainty to any development approval, effectively discounting the lot’s theoretical development value. The commercial logic is to acquire the land bank at a price that factors in these restriction costs, using the existing rental income to offset holding costs while planning a compliant upgrade. This is a strategic hold for capital growth, not a short-term yield play. The property last sold for $820,000 in August 2022. Current market estimates now range from $1.22 million to $1.62 million. This rapid appreciation signals strong demand for well-located land in Melville, with the mid-point estimate of $1.42 million representing a substantial gain. For a buyer, this establishes a firm price floor and confirms the lot’s scarcity value, though any offer must be rigorously benchmarked against recent sales of similar developable land, not just the dwelling itself.