9 Dennes Place, Lyons ACT 2606

Large block in established Lyons | 3 bed 2 bath family house | 18% building coverage | Withdrawn and relisted | Auction scheduled. This property presents a compelling proposition for a buyer seeking a low-density family home on a substantial, level parcel of land. Its 18% building coverage on over 1,000 square metres is a significant rarity in Canberra’s inner suburbs, offering exceptional outdoor space and future flexibility that newer subdivisions cannot match. The configuration of three bedrooms and two bathrooms aligns with core family demand, while the dual open car spaces cater to practical needs. The absence of environmental overlays simplifies due diligence. This house best serves an owner-occupier intending to capitalise on the land asset over the long term, or a developer eyeing future subdivision potential, given the low site coverage and residential zoning. The primary risk is price discovery in a thin market, underscored by the vendor’s previous withdrawal and subsequent relisting, which signals potential misalignment on value expectations. The auction mechanism on April 16th compounds this risk, demanding a disciplined cap based on robust comparables. The opportunity lies in acquiring a scarce land bank in a stable, well-serviced locale, with rental estimates providing a solid income floor if held. Proceed only with a firm ceiling below the estimated value, treating the premium over recent street sales as a direct payment for the superior land component; otherwise, the commercial logic fails. Secure it as a long-term hold to realise the land’s inherent value. Recent sales on Dennes Place provide critical context for value: – 9 Dennes Pl (3b/2b/2p): Sold $1.199m (Jul 2022) – 5 Dennes Pl (3b/1b/1p): Sold $965k (Nov 2023) – 8 Dennes Pl (3b/1b/1p): Sold $920k (Mar 2024) – 2A Dennes Pl (3b/1b/1p): Sold $892.55k (Aug 2021) The 2022 sale of this specific property sets a high benchmark, but the market has since recalibrated, with recent sub-$1 million sales for three-bedroom homes with one bathroom. Your property’s extra bathroom and significant land size command a premium, but a rational valuation must acknowledge this recent compression. Expect to justify any price above $1.1 million against the tangible scarcity of the land, not transient market sentiment.