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5 Broome Street, Lakes Entrance VIC 3909

$645,000

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$645k - $677k Transparent Transparent Listing Based on an openly advertised listing price.

House 3 Beds 1 Bath 4 Cars 1364 m²

Listed: 29th Jul 2026

Overview

Situated on a generous 1,364 square metre block with a notable 20.2 metre frontage, this weatherboard home offers a unique investment and development opportunity in Lakes Entrance. The property balances immediate liveability with promising future potential, allowing for the retention of the existing residence while pursuing a subdivision and development of up to four additional units, subject to council approval (STCA).

The residence itself exudes character featuring a welcoming front verandah and a living area equipped with ceiling fan and split-system air conditioning, ensuring comfortable living throughout the seasons. The open-plan layout effortlessly connects three bedrooms, two equipped with built-in robes, to a centrally located bathroom with shower and a separate toilet. A functional laundry with additional space provides practical convenience, including room for a chest freezer.

Extending beyond the home, a covered breezeway links to an expansive backyard that hosts a freestanding garage/workshop with a roller door. This space caters well to tradespeople, hobbyists, or those requiring ample storage. The property also benefits from multiple off-street parking spaces and a level lawn area enhancing everyday functionality.

Located less than 200 metres from Lakes Entrance Secondary College and conveniently close to the town centre, shops, cafes, medical facilities, and renowned beaches, the location supports a versatile lifestyle. This makes the property appealing to investors seeking rental yield, developers exploring subdivision potential, and owner-occupiers desiring long-term opportunity.

Currently tenanted at $500 per week, the home provides a steady holding income while potential subdivision plans progress. Interested buyers should ensure thorough due diligence regarding development regulations and approvals.

This listing represents a rare chance to secure a property combining immediate rental return and significant development upside in one of Lakes Entrance’s sought-after areas.

Local Market Insights

In Lakes Entrance, Quiet Listings observed 18 new houses entering the market over the last 30 days, up from 17 during the previous 30-day period, with an average advertised asking price of $825,222. The property type mix of listed properties is predominantly Houses at 70%, followed by units (15%), and land (7%). The most active agency for houses in the Lakes Entrance area is currently First National, representing 39% of new listings, followed by East Gippsland Real Estate with 33%. These insights are based on agencies currently monitored by Quiet Listings and are updated as the local market changes.

While every effort is made to ensure the accuracy and completeness of the property information provided, no guarantee is given. Buyers should independently verify all details, inclusions, availability, pricing, and other relevant information directly with the listing agent before relying on this information.