89 Slip Road, Paynesville VIC 3880
89 Slip Road, Paynesville VIC 3880
3 bed 2 bath house | 670–702 m² block | built 1990 | sold $645k in 2025 | mid-market detached stock on Slip Road
This is a solid, established family house in a coastal regional suburb, sitting comfortably above the unit and apartment stock that dominates the lower end of Slip Road. The 3/2/2 configuration on a reasonably sized block gives it genuine appeal for owner-occupiers, particularly local families or downsizers wanting a single-level, low-fuss layout. Its position within Paynesville, close to the primary school and with FTTC and 5G connectivity, makes it practical for everyday living. The absence of bushfire or flood overlays is a genuine plus in this part of Victoria, and the recent sale at $645k confirms the market has already tested this price point. It is not waterfront, not premium, but it is a dependable, mid-market house that should attract steady interest from buyers who want a functional home without the lifestyle premium.
The value picture here is shaped by a few things. The land size discrepancy between sources, 670 versus 702 square metres, is worth clarifying, as is the internal floor area, since one estimate suggests a much larger footprint than the other. The 1990 build means condition and any renovations will matter more than the age itself, and the property has been listed for a while previously, which may suggest the market has been slow to absorb it at higher asking levels. Rental demand looks reasonable, with an estimated return around 4%, but this is not a high-yield investment play. The lack of a confirmed water view or premium aspect keeps it firmly in the mainstream bracket, and the secondary school commute to Bairnsdale may limit appeal for some families. These factors should be weighed carefully, not as red flags, but as elements that define the property’s realistic ceiling.
|| Comparable Sales: 71 Slip Road sold $645k, 51 Slip Road sold $400k | Property Price Band: $600k–$700k | Value Drivers: land size, condition, layout, and proximity to primary school
Detailed Independent Property Report prepared by PropCred Analyst team for 89 Slip Road, Paynesville VIC 3880
Checks found:
Value Risk
2
Liquidity Risk
Planning Risk
1
Income Risk
1
Execution Risk
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Market Insight
Paynesville, a coastal eastern Victorian suburb on the Gippsland Lakes, is drawing mid-range family buyers seeking waterfront or near-water homes, with boating infrastructure a clear anchor. House prices sit around $527,500, up 7.65% annually, though other data show flatter or negative readings, and quarterly movement of +4.5% signals volatility. Units lag: median $385,000, down 6.1%, and take about 93 days to sell, pointing to oversupply. Houses move faster, 66–99 days depending on size, with 122 sales in the past year. Rental demand supports investors: house rents average $500 a week, units $400, with gross yields of 4.5% and 5.5% respectively. Prices remain below the state median, but underperform the regional average, and the unit market’s weakness warrants attention given rate sensitivity.
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PropCred Estimated Value
Comparable Sales: 71 Slip Road sold $645k, 51 Slip Road sold $400k | Property Price Band: $600k–$700k | Value Drivers: land size, condition, layout, and proximity to primary school
Bedrooms
3
Bathroom
2
Parking
2
Land
670m²
Research & Review
Prepared by Steve Dalton, Senior Analyst
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Reviewed by Matt Proctor, Principal Analyst
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