60 Wondaree Street, Rye VIC 3941

Coastal residence | 618m² block | Upper-level living | Between bay & beach | Bushfire overlay This property presents a competitively priced coastal entry on a generous block, a configuration increasingly rare in Rye. The upper-level living area with vaulted ceiling capitalizes on light and aspect, aligning with refined coastal demand. It serves a buyer seeking a lifestyle position or a hold-and-renovate opportunity, given its land size and the suburb’s median price pressure from higher-value sales. The bushfire overlay imposes specific compliance costs on any future development, a direct risk mechanism. However, the land-to-asset ratio and the suburb’s trajectory offer a logical value play. Acquire as a long-term hold with a view to eventual capital improvement, as its current estimated value sits below the local median for three-bedroom houses. Recent sales context underscores this value position. While 1 Wondaree Street is listed above $1.6M, a recent Rye sale around $745,000 and this property’s last sale at $550,000 in 2020 suggest significant equity potential. The current listing provides a below-median entry point into a street demonstrating wide value disparity.