52 Carrington Street, Pascoe Vale South VIC 3044

3 bedrooms | 553m² land | 3 parking | Pascoe Vale South location This property presents a competitively sized landholding with a three-car parking configuration, a practical offering in a suburb where median prices are rising. The land size is directly comparable to higher-valued neighbours, suggesting untapped potential, while the bedroom and bathroom count aligns with core family demand. It best serves an owner-occupier seeking a foothold in the Coonans Hill pocket, or a strategic investor anticipating capital growth from land value, given the established neighbourhood character and proximity to sought-after school zones like Strathmore Secondary College. The absence of overlays such as bushfire or flood simplifies due diligence. The decision hinges on reconciling its current, likely dated, improvements against the demonstrated value of renovated homes on the street. The primary risk is paying a premium for land without a clear cost to bridge the condition gap to neighbouring standards, as evidenced by the wide value disparity between renovated and unrenovated sales. The opportunity lies in acquiring a well-positioned parcel where the main cost of entry is the structure itself, not the location. Proceed with an offer calibrated to the lower end of the comparable sales spectrum, with a hold strategy focused on either immediate renovation or long-term land banking. Recent sales on Carrington Street establish a clear value hierarchy: 48 Carrington Street at $2,375,000 demonstrates the premium for modern, pool-equipped homes, while 39 Carrington Street at $1,500,000, despite a larger land area, reflects a likely unrenovated state. This places the subject property’s realistic current value closer to the latter benchmark, with its value proposition anchored in the cost to replicate the former’s condition.