Lysterfield: Family secure property for almost $2m, with plans to bulldoze and rebuild
A 3ha property in Melbourne’s southeast labelled as “dilapidated with incredible opportunity” sold for $320,000 above expectations on Saturday, after 10 bidders registered for the auction.
A Lysterfield property home to two dilapidated dwellings, set among rolling hills, sold for an impressive $320,000 above expectations on Saturday.
Ten bidders registered for the auction of the 3ha address at 11 Cornish Rd, in Melbourne’s southeastern suburbs.
Previously used as short-term rental accommodation, the site features a cottage-style, three-bedroom house and a combined horse stable and residence including a loft studio, equestrian arena and feed and storage room.
RELATED: Lysterfield entertainer hits the market for the first time in more than two decades
Forest Hill: home seller advertises reserve in move that gets six bidders, $100k premium
Family sell Fawkner house after more than six decades, buyer faints in shock
A partially-built infinity pool shell has also been installed on the land.
Barry Plant Wantirna director Daniel Cripps said the property, boasting spectacular mountain views, was a mortgagee sale.
It was listed with a $1.5m-$1.65m asking range.
“We had 120 groups through during the campaign, which turned out to be about 200-and-something people as most came in groups of two or more,” Mr Cripps said.
He described the property as “dilapidated with incredible opportunity”.
Although 10 bidders registered for the auction, only three buyers had the chance to take part.
Mr Cripps said the opening $1.6m bid was “very close to the reserve”.
Two bidders ended the auction in the fierce competition with each other, with home selling for $1.97m, six figures above the advertised range’s upper end.
“The buyers plan to rent out it for a couple of years, then bulldoze and build their dream home,” Mr Cripps said.
“They loved the outlook from the main house at the top of the block, the incredible views over Lysterfield Valley.”
With children who own horses, the stables were an extra bonus feature.
Between 80 to 100 people watched the auction.
Also on Saturday, a Cape Cod-style house at 4 Wendy St, Forest Hill, sold for $1.405m under the hammer.
Ray White Mt Waverley’s Max Turner said two out of four registered bidders participated in the auction for the four-bedroom pad.
“This property has always captivated many passers-by with many locals knowing the family, it’s a very cool house,” Mr Turner said.
“The bidding started at $1.15m and then it jumped up quickly in front of a crowd of more than 100 people.”
The sellers, who have lived there since 1999, were “over the moon” with the result.
“After 25 years they are moving to the country, and a young couple are moving in,” Mr Turner said.
Sign up to the Herald Sun Weekly Real Estate Update. Click here to get the latest Victorian property market news delivered direct to your inbox.
MORE: Thornbury: Family won over by house less than 300m from the world’s coolest street
Netwealth billionaire Matthew Heine behind super fast $20m McGann, McConnell Toorak sale
Australian rental crisis: 22 Aussie areas where renters now have a lot more choice | PropTrack
Originally published as Lysterfield: Family secure property for almost $2m, with plans to bulldoze and rebuild
Wild scenes of flames approaching tanker as fire warnings downgraded
Several emergency evacuation orders have been downgraded after a cool change swept across the Grampians but residents remain on high alert.
‘Act immediately to survive’: Grampians towns evacuated as winds change
Residents in multiple Grampians towns have been urged to take shelter as a matter of survival as firefighters battle an “uncontrollable” bushfire.
‘Horrendous’: Andy Lee, Bec Harding infuriate neighbours
One of Australia’s much loved comedians Andy Lee has managed to get on the nerves of locals over something that is only going to get bigger and noisier.