Airport West block sells for $1.175m

Six bidders chased a humble Airport West home, but it wasn’t the house that sparked a million dollar frenzy.

The Airport West home sold for $1.175m — more than $275,000 above reserve — as buyers scrambled for its prized 630sq m landholding.

A modest brick home in Airport West has sold for a staggering $1.175m — a full $275,000 above reserve — with six bidders vying for a rare land parcel on the cusp of Niddrie.

Offered for the first time in 65 years, 16 Peters St, Matthews agency director John Matthews said the home was always going to be a “land-value play”, but the scale of the result shocked even seasoned agents.

“This was a classic generational sale, liveable, but really it was all about the land,” Mr Matthews said.

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”The buyer plans to knock it down and build two townhouses.”

The 630sq m site with a wide 17-metre frontage had $875,000-$950,000 price hopes and drew a fierce mix of developers, home builders and renovators.
Mr Matthews said there was serious depth returning to the market amid expectations for another rate cut at the next Reserve Bank meeting.

The front lounge room of 16 Peters St remains in original condition, highlighting the sale’s focus on land rather than interior features.

A sunlit rear sitting room opens to the north-facing backyard, a key drawcard for developers eyeing dual occupancy potential.

“There’s serious depth returning to the market,” he said.
“We had six strong bidders.

“Some underbidders came with million-dollar budgets and still missed out.”

The Matthews agency director said the result has confirmed Airport West’s growing appeal among developers chasing land in tightly held pockets.

The kitchen has been modestly updated, but buyers were far more interested in the block’s size, frontage and redevelopment potential.

A generous backyard and 17-metre frontage helped drive intense interest from builders and developers keen to maximise the Airport West site.

“It shows confidence is back, and with rate cuts on the horizon, I think this is just the start,” Mr Matthews said.

“The sellers were “ecstatic, it’s a huge reward for their decades-long hold,” he said.

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Originally published as Airport West block sells for $1.175m