Real Estate

Maribyrnong house price record smashed by riverside pad

Written by The ReReport

A riverside pad has smashed Maribyrnong’s house price record by $750,000 to notch the northwestern suburb’s first ever sale worth more than $4 million.

The four-bedroom abode on a substantial 1890sq m block at 96 The Esplanade fetched $4.15 million at auction late last month.

Two bidders pushed the property well beyond its $3.9 million reserve — and Maribyrnong’s $3.4 million residential price benchmark, which CoreLogic records show was set last year by the nearby 88 The Esplanade.

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Nelson Alexander Ascot Vale selling agent Ryan Currie said the two properties were on similar sized blocks along the Maribyrnong River, where houses rarely came up for sale.

“They simply don’t change hands,” he said.

“There’s real scarcity factor.”

CoreLogic suggests No. 96’s last sale was worth just $330,000 in 1994.

Mr Currie said the owners had done “quite a lot of work to it” since then, including expanding the house from two bedrooms to four.

It was also “almost as riverfront as you can get in Melbourne”, meaning it offered uninterrupted views, he said.

Two of the double-storey house’s bedrooms featured spa ensuites, complimented by a “luxurious main bathroom”, according to the online listing.

It also offered multiple living areas, including a family room with walls of windows and a rumpus room, plus a “dedicated spa room” and covered alfresco deck with granite benchtops and a barbecue kitchen.

Landscaped gardens, dual street frontage and instant access to the river were also part of the package.

Mr Currie said the sellers had “raised two or three kids” at the house but were now downsizing, while the buyers had “quite a brood of children” themselves.

He said the sale was “a little bit out of the box” amid Melbourne’s market downturn.

“Good properties are still getting good prices, especially things like this with that scarcity factor,” he said.

“Maribyrnong is still quite affordable too — once you go over the river to Essendon and Moonee Ponds, prices tend to go up.

“It’s got growth left in it, it’s got upside.”

The lifestyle perks the suburb offered were also drawing buyers, including some shifting from seaside Williamstown and Altona to riverside Maribyrnong, he said.

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