56 Leura Street, Nedlands WA 6009

Rare 478sqm lot | Nedlands blue-chip | 49% site coverage | 2-bed scarcity in prime school zone This property occupies a position of structural rarity in Nedlands: a 478sqm lot with only 49% building coverage, implying significant redevelopment or extension potential in a suburb where land supply is constrained and turnover is minimal. The 2-bedroom, 1-bathroom configuration is undersized for the price point, which limits its appeal to families but makes it a logical acquisition for a downsizer, investor, or buyer seeking a foothold in the Hollywood Primary and Shenton College catchment. The absence of bushfire, flood, or heritage overlays removes costly compliance burdens, and the reliable NBN and 5G coverage supports remote work without being a primary value driver. For a buyer targeting long-term capital growth in a tightly held street—where the average owner occupier has stayed 18.5 years and no sales occurred in the last 12 months—this house offers a rare entry point into a low-turnover micro-market. The primary risk is the price premium: the $1.95 million asking price sits at the upper end of the estimated valuation range, and the 2-bedroom layout may deter buyers who expect more for this budget, potentially lengthening time on market. The cost to the buyer is a weaker negotiating position if demand is thin, though the street’s scarcity works in their favour. The opportunity lies in the site’s 49% coverage: a buyer could feasibly reconfigure the floor plan or add a second bathroom to lift the property into a more competitive bracket without changing the footprint. Hold this property as a long-term land bank in a premium suburb, or renovate to improve yield before a future sale.