The property offers potential as a new home site or as a renovation opportunity.
An ordinary house in need of work was helped to a strong auction result by the rare horse-friendly landholding it sits on.
The sale of 309 Coolart Rd, Tyabb for $1.205 million was more than $200,000 above its price guide and the vendor’s expectations, Baywest Real Estate director Sean Crimmins said.
“We had two bidders on the day and probably three more in the crowd who didn’t bid,” he said.
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The five-bedroom, single-bathroom house on the acreage needs a bit of work.
“The house was ordinary but horse properties on a large 10 acres (about 4.05ha) are in short supply. The result was rare in this current market where there is strong demand but prices have fallen.”
The property, with a five-bedroom house in need of an update, had a price guide of $990,000 during its campaign.
It was listed as a “blank canvas on a sizeable block or a renovation or new build opportunity”.
Bidding in front of a crowd of 60 started at $850,000 and was followed by $50,000 increments and $5000 rises towards the end.
The 10-minute November 10 auction saw two locals competing, with the highest bidder looking to improve the house and keep horses on the allotment.
The home with a single-bathroom is near the shops, schools, highways and transport and also features three paddocks and a large dam.
“This result certainly bucked the trend with another 10-acre property with a house in need of work selling for $1 million last year,” Mr Crimmins said.
The large allotment is ideal for keeping horses or as a hobby farm.
He noted listings in Tyabb had been consistent this year and the market was seeing more Melbourne-based buyers looking to buy in the area.
The Mornington Peninsula suburb is tightly held with just 39 house sales in the 12 months to August this year, CoreLogic data shows.
The suburb had a median house price of $561,000 over the period, which had risen 45.7 per cent over a three-year period.
The peninsula had a clearance rate of 50 per cent from 10 auctions for the week ending November 11, according to the Real Estate Institute of Victoria.
In July, 5 Flood St, which has a large luxurious home on a well-maintained 4ha allotment, sold for $2.5 million, records show.