67 Wondaree Street, Rye VIC 3941

Quiet coastal pocket | 630m² block with 31% coverage | Zoned for primary school | Ducted heating/cooling | Bushfire overlay This property presents a competitively strong offering for a buyer seeking a low-maintenance coastal home with development optionality. The 630-square-metre land parcel with only 31% building coverage is a rare find in this established Rye precinct, providing immediate utility and long-term subdivision or extension potential within a family-friendly school zone. Its three-bedroom, two-bathroom configuration with ducted climate control and multiple living areas serves the permanent family or holiday-home buyer effectively, offering a practical floor plan in a quiet location midway between the front and back beaches. The reliable connectivity and four car spaces add functional support, but the core value is anchored in the land ratio and its peaceful, zoned positioning. Proceed with the clear risk mechanism of the bushfire overlay, which will incur specific construction costs and may complicate insurance. The opportunity lies in acquiring a property with inherent land bank value below replacement cost, where the recent sale of a near-identical 644m² property at $1,175,000 provides a firm commercial logic for the listed price range. Our judgment is that this property is a hold for a minimum five-year horizon, best utilised as a primary residence to capitalise on the school catchment or as a holiday let benefiting from the reliable rental demand in this area. The decision pivots on accepting the overlay compliance costs to secure a scarce, low-coverage block in a tightly held locale. A recent comparable sale at 3 bed, 2 bath, 2 car on 644m² achieved $1,175,000 after 22 days on market. This transaction, significantly above its initial listing range, demonstrates robust buyer demand for this specific configuration and land size in Rye. It directly supports the upper end of this property’s price guide, confirming the market’s willingness to pay a premium for a practical family home on a substantial block in this school zone.