385 Waverley Road, Mount Waverley, VIC 3149 | House for sale | OnTheHouse
 
FOR SALE
$1,500,000

385 Waverley Road
Mount Waverley VIC 3149

Bedrooms: 4
Bathrooms: 3
Car spaces: 2
Land area: 807m2
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HIGH-YIELD INVESTMENT OPPORTUNITY WITH ROOMING HOUSE POTENTIAL!

Privately accessed via 50-52 Albert Street, this substantial double-storey residence presents an outstanding opportunity for astute investors seeking strong rental returns and long-term growth in the heart of Mount Waverley.
Offering generous accommodation, multiple living zones and excellent versatility, the property has exciting potential to operate as a rooming house and generate an attractive rental yield, subject to council approval, registration and all relevant compliance requirements. Its spacious layout is well suited to individual room leasing, shared accommodation, or other flexible rental arrangements.
Bathed in natural light, the home features a modern kitchen appointed with stainless-steel appliances, overlooking the meals area and connecting seamlessly with the formal lounge and dining spaces. Sleek timber flooring adds warmth and character throughout the main living zones.
Positioned on an expansive allotment of approximately 807sqm, the property also offers significant future potential. Investors may choose to maximise the existing accommodation, hold as a high-income rental asset, explore redevelopment for luxury townhouses (STCA), or create a landmark family residence in this highly desirable location.
Zoned for Mount Waverley Secondary College and Mount Waverley Primary School (STSA), the property is also conveniently located near public transport, local shopping, Valley Reserve, and the M1 Freeway. Combining potential high rental returns, a substantial landholding and excellent redevelopment prospects, this is a compelling investment opportunity in one of Mount Waverley's most sought-after locations.
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Property Details for 385 Waverley Rd, Mount Waverley

385 Waverley Rd, Mount Waverley is a 4 bedroom, 3 bathroom House with 2 parking spaces. The property has a land size of 807m2. The place is currently for sale with Biggin & Scott - Glen Waverley.

Building Type
House
Land Size
807m2
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About Mount Waverley 3149

The size of Mount Waverley is approximately 15.2 square kilometres. There are 41 parks, covering nearly 11.6% of the total area. The population of Mount Waverley in 2016 was 33611 people. By 2021 the population was 35340 showing a population growth of 5.1% in the area during that time. The predominant age group in Mount Waverley is 40-49 years. Households in Mount Waverley are primarily couples with children and are likely to be repaying over $4000 per month on mortgage repayments. In general, people in Mount Waverley work in a professional occupation.In 2021, 73.40% of the homes in Mount Waverley were owner-occupied compared with 74.20% in 2016.

Mount Waverley has 18,021 properties. Over the last 5 years, Houses in Mount Waverley have seen a -5.14% decrease in median value, while Units have seen a 4.39% increase. As at 31 July 2026:

  • The median value for Houses in Mount Waverley is $1,505,420 while the median value for Units is $1,071,521.
  • Houses have a median rent of $770 while Units have a median rent of $720.
There are currently 79 properties listed for sale, and 35 properties listed for rent in Mount waverley on OnTheHouse. According to Cotality's data, 659 properties were sold in the past 12 months in Mount waverley.

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Lindsay Xu
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Biggin & Scott - Glen Waverley
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