The five-bedroom residence at 1088 Burke Road is now listed with a price guide of $2.6 million to $2.86 million, down from an initial $3.3 million to $3.6 million.
1088 Burke Road, Balwyn North VIC 3104
Agent Neil Wang from The Neighbourhood Property Collective said the property had been heavily reduced as the current owner was eager to return overseas.
Wang said the extended campaign reflected changing market conditions and higher interest rates, which were weighing heavily on buyers, including developers.
Leafy Balwyn North is only 13 kilometres east of Melbourne’s CBD and home to one of Victoria’s most highly ranked government secondary colleges.
“Two years ago, this property would have sold quickly in the range of $3.3 million to $3.5 million, but it is a very different market now,” Wang said.
Set on nearly 1000 square metres opposite Stradbroke Park, the 1930s residence features a curved facade and circular driveway.
Its renovated kitchen, with an oversized stone island and walk-in pantry, overlooks the large rear garden, while the outdoor area includes a covered entertaining deck and swimming pool. Two rooms with independent side access provide options for a study, gym, games room or additional bedroom.
Wang said the property could appeal to a family keen to embrace a period home close to shops, transport and parkland.
Alternatively, he said, it represented a strong development opportunity.
The property comes with approved plans and permits for eight large apartments, while alternative townhouse or residential projects may be possible, subject to council approval.
He said many comparable family homes in Balwyn North had already been demolished and redeveloped.
Allison Harding Allison Harding is a freelance Melbourne writer. She was a news and features journalist for 15 years, and now specialises in writing on property, community, health, research and infrastructure.
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