Real Estate

Melbourne developer secures large Leopold parcel

Written by The ReReport
As seen in the Source link, written by on 2018-12-12 08:05:04

A MELBOURNE developer has used his lucky numbers to secure a huge parcel of land in a residential growth zone in Leopold at auction.

The buyer outbid one other party, also a developer, to secure 66-68 Christies Rd for $1,075,378, with the last three numbers being his lucky numbers.

Buxton, agent Matt Plunkett said the property sold about $95,000 above the reserve of $980,000.

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“Both of the bidders wanted it for the same purpose — to develop and put townhouses on it,” Mr Plunkett said.

“You would be able to put approximately 12 townhouses on it, it is a big block and the zoning (residential growth zone) allows it.”

The 2440sq m property currently has a four-bedroom house on it that has been partly renovated.

Mr Plunkett said the buyer didn’t even look at the house, it was all about the land.

The day before the auction eight two and three-bedroom units were listed for sale off-the-plan on the vacant block next door at 62-64 Christies Rd.

The block sold for $470,000 in 2013, according to CoreLogic, and the off-the-plan units start from $349,000 and go up to $479,000.

Units are also found on the other side of the property that went to auction on Saturday.

The median house price in Leopold has increased 12.3 per cent in the past year to $485,000, according to CoreLogic.