FOUR developers eyeing a generous Forest Hill block have given the vendors a windfall.
No. 10 Davy Lane on 921sq m fetched $1.265 million — $55,000 more than reserve.
The result also meant the four-bedroom property had gained $1.1 million since it last sold in 1988 for $165,000. This equates to an annual price rise of $36,666 for 30 years.
The property can be subdivided to accommodate a second house with its own street frontage.
Related: Skinny Box Hill shop snapped up for $8.8 million
$120,000 investment turns into $4.5 million
The home is in a quiet pocket close to shops and schools.
The kitchen and meals area are well presented.
An opening bid of $1 million kicked off the action at the October 6 auction, which rose to $1.21 million where it was announced on the market.
It sold to an experienced buyer who did not hesitate to bid strongly each time until he won it, Ray White Forest Hill auctioneer Hugh Francis said.
The property had attracted a few more buyers in the crowd who were left behind by the strong opening bid, Mr Francis noted.
Ray White Forest Hill director High Francis seeks more bids from buyers at the backyard auction.
Instead of being held at the front, the auction took place in the rear garden among the flowering plants.
“We held it in the backyard to take advantage of the spring flowers and the buyer is going to retain the home and build another at the back,” Mr Francis said.
The auction went on for 12 minutes with 24 bids.