Property Overview

This home at 504 Melbourne Avenue presents a compelling mix of established neighbourhood character and above-average investment in its immediate area. Built in 1956, the 882 sqft house sits on a 5,000 sqft lot in Munroe West. The key data reveals a property that stands out on its own street, particularly in terms of its assessed value, which ranks in the top 10% compared to its neighbours. This suggests a home that has been maintained or updated to a standard that exceeds the local norm. While its living space is modest by city-wide standards, it is perfectly in line with the scale of homes on Melbourne Avenue, offering a comfortable footprint for its setting.

Key Characteristics & Appeal
The primary appeal of this property lies in its strong positional value within a well-established community. With an assessed value significantly higher than the street and neighbourhood averages, it indicates a premium offering for the area, potentially due to renovations, additions, or superior condition. The lot size is also generous for the street, providing ample outdoor space uncommon in newer developments. This home would suit a first-time buyer or downsizer seeking a manageable-sized house in a mature neighbourhood without compromising on yard space. It also appeals to the value-conscious buyer who recognizes the advantage of owning one of the more substantially built or improved homes on the block, offering a sense of relative stability and investment within the local market. A less obvious perspective is that its 1956 build date, while older, is actually newer than most homes in Munroe West, potentially meaning fewer immediate concerns with some aging infrastructure common in pre-war houses.

Frequently Asked Questions

1. How does the assessed value compare to likely market value?
While the assessed value of $306k is for municipal tax purposes, its ranking in the top 10% on its street suggests it is considered a higher-quality asset in its immediate context. Market value can be higher or lower, but this assessment indicates a solid foundation of value relative to neighbours.

2. Is the living area too small?
At 882 sqft, the living area is typical for Melbourne Avenue and the Munroe West area. It is a practical size for individuals, couples, or small families who prioritize low-maintenance living and a larger lot over expansive indoor square footage.

3. What does the 1956 build year imply for maintenance?
Built in 1956, the home is newer than many in the neighbourhood, which may be an advantage. However, as a 70-year-old house, a prospective buyer should still budget for and investigate the age and condition of major systems like roofing, plumbing, and wiring.

4. Why is the lot size an important feature?
The 5,000 sqft lot is above average for the street. This provides valuable outdoor space for gardening, recreation, or future expansion (subject to zoning), which is a premium feature in established neighbourhoods and adds to the property's long-term value.

5. How can I verify the past sale price mentioned?
The site notes a sale between $250k-$300k in 2016. For fully verified and exact historical sale figures, you must request a manual lookup via email, as this data is not sourced from the MLS system.