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As seen in the Source link, written by on 2019-11-06 06:23:47

A block that’s one of the last undeveloped home sites in Highton’s riverside precinct has sold more than $100,000 above expectation at auction.

Stockdale & Leggo, Belmont agent Jan O’Connor said the 854sq m block at 4 Jellindale Court attracted five bidders, who pushed the sale price to $706,000.

Ms O’Connor had quoted between $550,000 and $600,000 for the block in a court near the eastern end of Barwon Blvd.

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The last sale in Jellindale Court came in August, 2018, when the four-bedroom house at number 7 sold for $800,000.

“There were over 21 bids and five people bidding and it came down to the last two buyers,” Ms O’Connor said.

“The buyer was from the area who is going to sit on it and plan to build further down the track.”

That was also the goal of the previous owner, who paid $65,000 for the block in 1986.

After 33 years, the property has earned about 7.6 per cent a year in capital growth.

“I think the vendor had the idea of building their home, but it just got out of hand — it became too hard,” she said.

Ms O’Connor said some buyers had been waiting years for the property to come on the market, only to miss the opportunity.

Just four blocks remain vacant in Highton’s riverside precinct stretching north from Mt Pleasant Rd and Barrabool Rd to Pinnacle Close.

Highton’s median house price is $670,000, according to CoreLogic.

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