Property Overview: 512 Melbourne Avenue, Winnipeg

Key Characteristics & Appeal

This 882 sqft bungalow, built in 1955, sits on a generous 5,000 sqft lot in Munroe West. Its core appeal lies in its strong positioning within its immediate context. While its living space is modest compared to the citywide average, the property stands out on its own street and neighbourhood for its above-average assessed value ($287K), larger-than-average lot size, and relatively newer construction date. This suggests a well-maintained or updated home that holds its value well in the local market.

The property would suit practical, value-conscious buyers—such as first-time homeowners, downsizers, or investors—who prioritize a established neighbourhood over maximum square footage. It offers the advantage of a sizable yard for its area, a solid assessment that indicates good standing among nearby homes, and a price point that sits below the Winnipeg average, potentially offering more manageable property taxes. A thoughtful perspective is that this home represents a "best-in-class" option for its specific street and area, rather than competing with newer, larger suburban builds. Its last known sale was in 2016, so a buyer has the opportunity to establish new equity in a home with a stable recent history.

Frequently Asked Questions

1. How does the assessed value compare to likely market value?
The assessed value of $287K is for municipal tax purposes. Market value is determined by current sale prices, which can be higher or lower. This home's assessment is above the street and neighbourhood averages, suggesting it is viewed favorably compared to its direct peers.

2. Is the 882 sqft living area a concern?
It depends on your needs. The living area is typical for the street but below the city average. It suits efficient living and may indicate lower utility costs. The significant lot size (5,000 sqft) offers potential for expansion, a garden, or outdoor space that many newer homes lack.

3. What does the 1955 build year mean for maintenance?
Built in 1955, the home is newer than many on its street. While still an older home, this suggests potentially fewer age-related issues than some neighbours and the possibility that major systems (like wiring or plumbing) have been updated over the years. A thorough inspection is always recommended.

4. How stable is the property value in this area?
The home's assessed value ranks in the top 22% on its street and top 41% in Munroe West, indicating it has historically held value well within its core market. Its last sale was nearly a decade ago, pointing to a period of stability with the previous owner.

5. How can I get the exact historical sale price?
The provided data shows the home sold in April 2016 for between $200K-$250K. Due to data licensing rules, exact sale prices are not published online. You can request the precise figure by emailing the site directly for a manual lookup, as noted in the data disclaimer.