The chance to build a dream holiday home with panoramic bay views led six buyers to a Sunday auction on the Mornington Peninsula.
The prize was 115 Point Leo Rd, Merricks, a 19ha property with a hefty $3.85-$4.2 million price guide.
But the May 19 auction saw the property sell well above expectations for $4.9 million, a result that thrilled the family who had owned it since the 1970s, listing agent Michael Parker, of RT Edgar Flinders, said.
As an indication of the keen interest, the result was $700,000 more than the top of the price guide. The property was called on the market when bidding reached $4.5 million, Mr Parker said.
The auction dragged on for 40 minutes with four of the six potential buyers jumping in with bids.
“It was very competitive, but we knew that from the interest shown by buyers for a special piece of land with secure water views,” he noted.
“There is a market for quality properties like this, especially from Melbourne buyers looking to redevelop the block for a holiday home.”
A five-bedroom, five-bathroom house, which needs a major renovation or could be knocked down, sits on the block which was once used for cattle grazing.
The suburb is tightly held and the $4.9 million result is among the six most expensive sales for the area, according to CoreLogic data.
The Point Leo Rd block has serene, uninterrupted views to Western Port Bay, Phillip Island and the Nobbies and is adjacent to Point Leo Estate winery.
It is also close to beaches and surf breaks and comes with a large dam, creek, water tank and mains water connection.