Images and floorplans are provided for illustrative purposes and remain the property of their respective copyright owners.

9 Milners Road, Yarra Junction VIC 3797

$1,000,000 - $1,100,000

Search Band Search Visibility Band

$1M - $1.05M Transparent Transparent Listing Based on an openly advertised listing price.

House 3 Beds 2 Baths 2 Cars 2006 m²

Listed: yesterday

Updated: 7 hours ago

Overview

This property at 9 Milners Road in Yarra Junction represents an exceptional opportunity, particularly for developers and investors seeking flexibility in a popular township. Sitting on approximately 2000 square meters of land zoned NRZ2, the site is enhanced by an existing three-bedroom, two-bathroom residence that has been recently updated and offers separate lounge, dining, and meals areas.

The property's standout appeal lies in its current planning permit enabling an 8-lot subdivision through a joint venture with the adjoining parcel of roughly 4000 square meters total. This planning approval considerably reduces the usual hurdles, such as expense and wait times, associated with subdivision projects. Alternatively, there is potential to submit a new application individually for a 4-lot subdivision (subject to council approval), offering development flexibility that can suit different investment or lifestyle objectives.

While the home presently accommodates tenants with a solid rental return of $32,240 annually, buyers could leverage this as a dual-purpose asset—benefiting from rental income during planning or development phases. The combination of an established dwelling alongside vacant lots further broadens its appeal, accommodating those looking to either renovate, reside, or redevelop.

The sizable land area provides ample scope for future enhancements or extensions, catering to a diverse range of needs from families to small-scale developers. Its location within the established Yarra Junction community places it within reach of local amenities while benefiting from the semi-rural lifestyle the area is known for.

Local Market Insights

In Yarra Junction, Quiet Listings observed 7 new houses entering the market over the last 30 days, up from 6 during the previous 30-day period, with an average advertised asking price of $1,272,143. The property type mix of listed properties is predominantly Houses at 70%, followed by units (30%). The most active agency for houses in the Yarra Junction area is currently Elementor, representing 71% of new listings, followed by Frank Dowling Real Estate with 14%. 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.