A rare large offering in a Golden Mile precinct in a sought-after suburb has stunned the market with a $700,000 premium for the seller.
The 4-5 Landy Court, Wheelers Hill property fetched $3.6 million in a five-bidder contest on April 9 with the seller setting the reserve at $2.9 million.
The five-bedroom home on 2458sq m has a swimming pool and tennis court but the new owners plan to demolish the property and build a new home.
“It was a non-stop auction from the opening bid of $2.5 million, and we had 63 bids with the smallest increment of $5000,” Barry Plant Mt Waverley agent Kathleen Kuang said.
“We did not get a chance to stop the auction as the buyers were keen to buy the property.”
The home’s large size, location and elevated views towards the Dandenong Ranges attracted plenty of interest, Ms Kuang noted.
“There are very few big blocks left and the buyer will demolish and rebuild,” she added.
Ms Kuang estimated it would cost at least $2 million to build a quality lifestyle home on the block.
In a quiet neighbourhood, the property features spacious interiors, an outdoor entertainment area, a heated pool, a pool room plus a tennis court.
On the same day, another multiple-bidder contest saw 4 Nauru Court, Doncaster, deliver a $510,000 windfall to the seller.
The property changed hands for a whopping $2.71 million from a seller’s reserve of $2.2 million.
“It was a vibrant auction with an outstanding result because of the quality of the build and design,” Barry Plant Doncaster east agent Isabella Kou said.
“The result surprised everyone.”
Ms Kou noted the property was sought-after because of its rarity.
“There isn’t a house like this for sale in Doncaster and this was why it was popular,” she said.
The new five-bedroom house with a French Provincial design has opulent features, multiple living areas, a showpiece kitchen and luxurious finishes.
A young couple who migrated from China snapped up the property as their first home in Australia.
“There is still strong demand for such properties and as long as sellers focus on what buyers want they will get good prices,” Ms Kou said.