554 Melbourne Avenue

Property Overview: 554 Melbourne Avenue, Winnipeg

Key Characteristics & Appeal

This home at 554 Melbourne Avenue in Munroe West is a well-situated, post-war bungalow built in 1955. With 924 sqft of living space on a 4,499 sqft lot, its size is very typical for its immediate street and neighborhood, offering a comfortable footprint without being oversized. The appeal lies in its strong positional value within a established community. The assessed value of $281k ranks above average for Melbourne Avenue itself, suggesting it is a solid performer on its block. For its wider area and the city overall, it presents as a more affordable option, positioned below the citywide average for both size and value.

This property would suit first-time buyers or downsizers seeking a manageable home in a mature neighborhood without a premium price tag. It also appeals to the value-conscious buyer who prioritizes a good standing on their specific street over having the largest home in the city. A thoughtful perspective is that a home of this era on a good-sized lot may offer more potential for updates or expansions compared to newer, denser developments, provided the structure is sound.

Frequently Asked Questions

1. How does this home compare to others on the street?
It holds its own very well. Its assessed value is in the top 27% on Melbourne Avenue, meaning it is valued higher than most of its direct neighbors. It is also a newer build compared to many homes on the street.

2. Is the living space small compared to Winnipeg averages?
Yes, at 924 sqft, it is below the citywide average living area. However, it is very much in line with the typical home size in the Munroe West neighborhood, making it a standard offering for this area.

3. What can the 2021 sale price tell me?
The home sold between $200k-$250k in March 2021. This historical data shows a significant increase to its current $281k assessed value, highlighting market appreciation. For exact sale figures, you can request a manual lookup from the site.

4. The home was built in 1955. What should I consider?
While newer than many homes on its street and in Munroe West, a 71-year-old home will likely have systems (like plumbing, electrical, roof) that are at or beyond their typical lifespan. A thorough inspection is essential to understand the condition and any needed updates.

5. How does the lot size impact potential?
The lot is just under 4,500 sqft, which is standard for the area. It provides a good backyard space for a city lot but is not unusually large. Any future expansion, like an addition or garage, would need to consider standard setback requirements.