55 Old York Road, Greenmount WA 6056

Character home on bushfire-prone land | Massive 3012m² block | Renovation required | Heritage overlay applies | 43% below estimated value The primary risk here is the combined burden of bushfire-prone area 2 and heritage overlays. Bushfire compliance alone could cost $30,000–$60,000 for defendable space and glazing upgrades. Heritage restrictions mean external approvals for any structural changes, adding both time and cost. The opportunity is pure land value — at $779,000 on 3,012m² the site trades at $259/m² versus the $321/m² estimate, a 19% discount. For a buyer willing to hold, this property functions best as a long-term land bank with minor rental coverage, not a quick flip. The block size is the comparative edge — only 3 of 96 properties on Old York Road offer over 3,000m². The location’s floor plan, three bedrooms and one bathroom, is functional for a renter seeking space over finish. This suits an investor aiming for 4.2% gross yield at the estimated $785/week rent, or a handyman occupant who values the foothills setting and established trees. The value gap of $187,000 below median estimate is the central negotiating point — submit an offer reflecting the known renovation costs and time before the next comparable property adjusts upward.