Property Deep-Dive — 24 Manningham Road, Bulleen VIC 3105

Date: 2026-10-15 · Desk: Eva · Brief: live listing assessment as an investment (yield + capital growth; note budget context below) Follows: Richmond & Fairfield corridor study + Thornbury Shop 5 + Fairfield 1/306 (all 2026-10-15)

🎯 Headline: the only HOUSE in the set near budget — but the reserve sits above $700k

24 Manningham Road, Bulleen — 3 bed, 1 bath, 3 parking on 576 m² easement-free with 22.5m frontage, neat original condition. RESERVE $785,000, auction Sat 17 Oct 10:00am (Barry Plant Manningham; Mark Di Giulio 0407 863 179, Emily Baldi 0474 193 900). Listed 30 Sept 2026.

That reserve is ~12% above the $700k ceiling — $85,000 over before buyer's costs. Everything below is assessed on whether it is worth stretching for, because at guide it does not clear the stated budget.

1. The specific property

The zoning is the story. RGZ2 explicitly contemplates multi-dwelling outcomes; Manningham precedent on the same road corridor includes townhouse/apartment-style approvals (e.g. 7 townhouses in 3-storey form at 185–187 Manningham Rd Templestowe Lower, via VCAT). The listing itself pitches: live in it, renovate, lease while planning, redevelop, or commercial-style operation — all STCA. On 576 m² easement-free with 22.5m frontage, a side-by-side duplex or 3-townhouse scheme is the natural shape to test with council — but nothing is approved, and STCA means the uplift is speculative until a permit exists. Price it as a house, treat the zoning as option value, not value.

2. Price vs comparables — is $785k fair?

Read: $1,363/m² sits at or below the Yallambie 4-bed comparable band ($1,405–1,655/m²) — the reserve is fairly set against recent settled sales, arguably slightly cheap per square metre because the dwelling is original and Bulleen's pocket off Manningham Road carries main-road discount. One automated estimate puts it ~26% below a $1.07M model value — treat that as directionally supportive, not as a valuation.

Bulleen medians for context: house $1.30–1.38M (Barry Plant/SuburbsFinder/Heatmaps; realsearch est $1.525M), growth +1.7% to +6.2% — a gently rising market, not a falling one. This house at $785k is ~40% below the suburb median because it is small and original, not because the suburb is cheap.

3. Rental & yield

Suburb house yield benchmarks cluster 2.9–3.4% on medians — this house yields above the suburb benchmark because the price is below-median while rents are not. That is the classic below-median investment arithmetic, and it works here.

Costs against it: land tax (site value will exceed the $50k threshold), rates, insurance, maintenance on an original-condition dwelling, vacancy. New rental laws effective 13 Oct 2026 (bond-claim notice, provider obligations) add compliance load.

4. Risks & checks

1. Over budget. $785k reserve vs $700k ceiling + ~$40k stamp duty/costs = ~$825k all-in. The stretch needs justifying.
2. Main road. Manningham Road is a declared arterial — noise, and resale discount vs quiet-street stock. The 22.5m frontage and RGZ2 mitigate via development optionality, but an investor holding for yield owns the discount the whole way.
3. North East Link works. Tunnelling Watsonia→Bulleen is >80% complete with ongoing day/night works around Bulleen Road (Apr–May 2026 notices). Confirm no direct construction impact, vibration claims, or compulsory-acquisition history on this parcel — and note the completed link (15,000 trucks/day off local roads, −35 min travel) is a medium-term amenity positive for the suburb.
4. Original condition. Neat but original = capex clock ticking (roof, wiring, plumbing, bathroom). Get a building inspection before auction — auction = unconditional.
5. Auction dynamics. Reserve $785k with $750–820k guides; 3-bed Bulleen stock at this level will draw developers (RGZ2) as well as homebuyers. Set a walk-away before the room, not in it.
6. STCA is not a permit. Do not pay developer prices for unapproved potential; the comparable sales support ~$785k as a house, which is the correct basis.

5. 🎯 Eva's Read

Verdict: the strongest residential candidate assessed — worth stretching the budget for, capped at a number.

The case for:

• Only house near the budget in the entire set (everything else at $700k is a unit or a thin-yield shop)
• Fairly priced per square metre against settled Yallambie comparables, in a gently rising suburb (+1.7–6.2%)
• 4.2–4.5% gross at plausible rents — above the suburb benchmark, competitive with the unit alternatives, on a house with land
• RGZ2 + 576 m² easement-free + 22.5m frontage = genuine development optionality (duplex/triplex STCA) that units and strata shops can never offer
• North East Link completion is a structural tailwind for Bulleen access values

The case against:

• $85k over the stated ceiling before costs (~$825k all-in) — the stretch is real
• Main-road position with a permanent resale discount if held as-is
• Original condition = near-term capex; auction = no conditions, so inspection must happen before Saturday
• Thin 3/1/3 configuration limits tenant pool vs 4-bed stock; 1 bathroom caps rent growth

What I'd do:

1. Inspect Thu 15 Oct 3:30pm (last open before auction) + book a building inspection for Fri
2. Confirm North East Link parcel history (no acquisition/vibration claims) via conveyancer s32 review
3. Set walk-away at $820k — at $820k the yield compresses to ~4.0% and the development option is what you're paying for; beyond that the Yallambie settled stock ($915–950k for renovated 4-beds on bigger blocks) becomes the better value
4. If passed in, negotiate post-auction with the building report in hand — original-condition vendors often meet the market after a pass-in

Across all four assessments, ranked: Bulleen house (stretch-worthy, land + optionality) > Subway Fairfield (best covenant, rent-dependent) > Thornbury Shop 5 (rent too thin) > Bridge Rd/Victoria St (avoid). This is the first one where the asset itself — land, zoning, suburb trend — does work instead of just the tenant or the yield.

Sources

1. Barry Plant — 24 Manningham Road Bulleen, reserve $785,000, auction Sat 17 Oct 10am, 576 m², RGZ2/DDO8-1: https://barryplant.com.au/for-sale/24-manningham-road-bulleen-vic-3105-209669
2. Real Search — 24 Manningham Road Bulleen listing detail (open Thu 15 Oct, FAQs): https://realsearch.com.au/house-24-manningham-road-bulleen-vic-3105
3. Soho — 24 Manningham Road auction record: https://soho.ai/properties/auction/24-manningham-road-bulleen-vic-3105-australia
4. Soho production PDF — 24 Manningham Road price/median record (indicative $935,000; Bulleen June-qtr median $1,275,000): https://assets.soho.com.au/production/uploads/document/attachment/5989779/attachment_e7947505-da44-4f41-a756-325d8b3d3046.pdf
5. Ray White Macleod — 55 Allima Ave Yallambie sold $940,000 (18 Jul 2026, 669 m²): https://raywhitemacleod.com.au/properties/sold-residential/vic/yallambie-3085/house/3531803
6. Ray White Macleod — 1 Debra Ct Yallambie sold $950,000 (14 Mar 2026, 673 m²): https://raywhitemacleod.com.au/properties/sold-residential/vic/yallambie-3085/house/3457320
7. Ray White Macleod — 7 Lowan Ave Yallambie sold $918,000 (17 Jul 2026): https://raywhitemacleod.com.au/properties/sold-residential/vic/yallambie-3085/house/3526857
8. View.com.au — 9 Moola Cl Yallambie sold $915,000 (18 Jul 2026, 553 m²): https://view.com.au/property/vic/yallambie-3085/9-moola-close-17996224
9. Barry Plant — 10 Jindalee Ave Yallambie sold $1,070,000 (20 Aug 2026, 2,638 m²): https://barryplant.com.au/sold-properties/10-jindalee-avenue-yallambie-vic-3085-203590
10. Morrison Kleeman — 16 Amaroo Way Yallambie sold $950,000 (May 2026, 595 m²): https://www.morrisonkleeman.com.au/listing-detail?listing_id=976262
11. SuburbsFinder — Bulleen 3105 profile (median house $1,335,000 +1.69%; unit $800,000): https://suburbsfinder.com.au/suburb-profile/bulleen-vic-3105
12. Barry Plant — Bulleen suburb profile (house $1.3M; unit $800k): https://barryplant.com.au/suburb-profile/melbourne/manningham-east/bulleen
13. Heatmaps — Bulleen 3105 profile (2025 median $1,380,000 +6.15%): https://heatmaps.com.au/suburbs/vic/bulleen-3105
14. StMate — 18 Amaroo Way analysis (rent $640/wk, 4-bed medians): https://www.stmate.com.au/properties/18-amaroo-way-yallambie-vic-3085-964356175003600
15. Melbz — Bulleen rental market 2026 (3-bed house $599/wk): https://melbz.com.au/bulleen/rental-market
16. Victoria's Big Build — North East Link Bulleen works (tunnelling >80%, day/night works): https://bigbuild.vic.gov.au/library/north-east-link/work-notices/bulleen-work-notices/bulleen/day-and-night-works-in-bulleen-may-2026
17. AustLII — Bulleen Pro Pty Ltd v Manningham CC 2025 VCAT 142 (planning precedent context): https://www.austlii.edu.au/cgi-bin/viewdoc/au/cases/vic/VCAT/2025/142.html
18. Premium REA — Victorian land tax rates & thresholds 2026: https://premiumrea.com.au/guides/land-tax-victoria