Purchase Recommendation · Step 2 of Sourcing

121 William Street

ST ALBANS VIC 3021 · 767m² · MAIN HOUSE + GRANNY FLAT

A five bed two bath property already set up as two separate tenancies: a three bed main home at the front and a fully self contained two bed granny flat at the rear, both separately metered. Combined rental sits in the mid $700s a week as an estimate only, and will vary with the standard of finish once the work is done. Priced at $840k negotiable with a value estimate of $815k, on a 767m² block with further development potential subject to council. It has been on the market 52 days, which reflects the work required.

$840k neg

Asking

~$815k

Value estimate

5 bed · 2 bath · 6 car

Combined

767m²

Block

Mid $700s/wk

Combined rental estimate

Status Shortlisted, pending inspection Location St Albans, near Sunshine Hospital

The call

Two rents from day one, on a 767m² block

William Street is a different kind of play to the Sunshine North pair. What it offers is dual income from a property that has already done the granny flat work and is separately metered, on a 767m² block with further optionality down the track. It does need a medium amount of work, inside and out, before both dwellings present at their best.

The main house is a three bed, one bath. The rear granny flat is a fully self contained two bed, one bath, one living, one kitchen, one laundry. Combined rental is estimated in the mid $700s a week. That is an estimate, not an appraisal, and the final number will move with the standard of finish. It has sat on the market for 52 days because of the work required, which is the opening for a buyer prepared to do it.

Our position: a shortlist candidate as an income first play with a medium works program. The value is in the existing dual configuration, the separate metering, the block, and the 52 days of market fatigue behind the price.

The property

Main three bed home plus self contained two bed granny flat

At a glance

Configuration5 bed · 2 bath · 6 car

Main house3 bed · 1 bath

Granny flat2 bed · 1 bath, self contained

Land767m²

MeteringSeparate for the granny flat

Asking$840,000 negotiable

Value estimate~$815,000

Rental estimateMid $700s/wk combined

Days on market52

Work requiredMedium, interior and exterior

UpsideFurther development STCA

Initial observations (pre-inspection)

Fully self contained second dwelling. The granny flat has its own kitchen, living, laundry and bathroom. Not a bungalow, a full second dwelling.
Separately metered. One of the harder pieces to add later. Tenancies can be billed and managed independently.
Medium work required, interior and exterior. From the listing material the property needs a solid cosmetic and maintenance program across both dwellings, plus exterior attention. Scope looks salvageable rather than structural, to be confirmed on inspection and building and pest.
767m² of land. Sits at the upper end of the shortlist for block size and keeps optionality open for further development subject to council.
Six car parking. Rare on a rental brief, useful for tradie tenants or a household with multiple vehicles.

121 William Street floor plan showing main dwelling and separate granny flat

Tap to expand

Why it's on the shortlist

Income now, land later

Two tenancies once the work is done. The dual configuration is already built and metered, so income comes from two households rather than one.
Diversified income. Two households instead of one. If either lease turns over, the other still covers a meaningful share of the loan.
767m² block. Sits well above minimum lot sizes in the pocket and keeps future development optionality on the table subject to council.
52 days on market. The work required has thinned the buyer pool, which is leverage on price for a buyer who can price the scope properly.
Separately metered. A finished piece of infrastructure that would cost real money and time to retrofit if it wasn't already there.

The trade-offs

What you're not getting

Medium works program, inside and out. Budget and time need to be set aside before both dwellings present and rent at their best. Scope reads as salvageable, but it is real work.
St Albans, not Sunshine North. A step down in pocket from the Walsh and Gresford catchment. Long term capital growth profile is different, backed more by land and dual income than by street appeal.
Rent is an estimate. Mid $700s a week combined is indicative only and will move with the standard of finish and the market at the time of leasing.
Two tenancies, two sets of admin. Two leases, two condition reports, two turnovers when they happen. Property manager scope is a touch broader than a single household.

The numbers

Yield and cashflow, on the ask and on target

Line	On $840k ask	On $815k target
Weekly rent, estimate	Mid $700s/wk	Mid $700s/wk
Annual rent, indicative	~$39,000	~$39,000
Gross yield	~4.6%	~4.8%
Stamp duty (VIC est)	~$45,000	~$43,000
Loan @ 6.2%, IO indicative	~$52,080/yr	~$50,530/yr
Interest, weekly	~$1,001/wk	~$972/wk
Rent vs interest	Short ~$250/wk	Short ~$220/wk

Rental figures are estimates only, not a formal appraisal, and will vary with the standard of finish delivered through the works program. Reno spend is not included in the loan figures above until scope is priced.

Read: at current rates a dual income in the mid $700s a week does not fully cover interest, but the shortfall is materially smaller than a single household lease on a comparable price point, and the 767m² block carries the long term story.

Suburb and location

What supports the rent and the hold in St Albans 3021

Measure	Figure	Why it matters
Nearest train station	St Albans Station, ~1.2 km	Sunbury line services, Ginifer Station ~2.6 km as a second option
Distance to Melbourne CBD	~16 km	Middle ring, direct Sunbury line services
LGA population, 2025	198,181 (Brimbank)	Established council area, demand driven by household formation rather than land release
Demand drivers	Sunshine Hospital precinct, Victoria University St Albans campus, Ginifer and St Albans stations on the Sunbury line, St Albans and Alfrieda Street retail strips	Hospital, education and transport employment underpin tenant demand year round
Land supply	No greenfield land release in St Albans	New rental supply comes from infill and granny flats only

Supply and fundamentals, St Albans

Measure	St Albans	Why it matters
Stock on market	0.26%	Share of dwellings listed for sale, lower means tighter supply
Inventory	0.77 mo	Months of stock at the current sale rate, under 3 months is a sellers market
Buyer to advertiser ratio	0.16%	Demand pressure against advertised stock
Average hold period	11.45 yrs	How long owners hold, longer means less stock turns over
Renters as share of households	36%	Depth of the local tenant pool
Units as share of dwellings	26%	Lower unit share means more houses and land content
Distance to Melbourne CBD	17 km	Commute and middle versus outer ring positioning
Population	38,042	Size of the local market
Dwellings	16,205	Total dwelling stock in the suburb
Infrastructure spend per resident	$289	Committed public investment flowing into the area

Sources: distances measured straight line from the property to the station and to the Melbourne CBD. Local government area population is ABS Estimated Resident Population 2025 (via economy.id). Suburb level rental vacancy is not published by SQM Research, which reports vacancy by region rather than by postcode, so no suburb vacancy figure is quoted here.

Next steps

How we play it

Confirm and offer. Formal rental appraisal in writing on both dwellings, quick building and pest, and a title check to confirm the granny flat is compliant and permitted. Then work the offer from the $815k value estimate up, not from the $840k ask down.

Sit alongside Walsh. William is not an either or with Walsh. It is a different profile: income and land now, versus scarcity and long term growth. If the Walsh number stretches beyond budget, William becomes the practical income play.