Stockdale & Leggo has achieved the highest sale price in Victoria for the month of May, with a sale of $8.6 million for a “knockdown property” in the prestigious suburb of Kew. The sale abundantly showcases the strength and resilience of the Victorian real estate market, especially for the savvy renovator.
Tim Romeril, the Craigieburn Director responsible for the listing, expressed his view about the current market dynamics. “The market is going absolutely crazy,” he remarked, highlighting the excitement and competition among buyers for prime properties.
The property, located at 10 Lytton Street, Kew, is a sprawling estate spanning approximately 1,189 square metres. Its prime location near some of Melbourne’s most prestigious schools, including Xavier College and Methodist Ladies’ College, was a significant draw for potential buyers. The allure of Kew’s leafy streets and proximity to Melbourne’s central business district further enhanced the property’s appeal.
“While the property boasts 5 bedrooms, 4 bathrooms, and 4 car spaces, most buyers were interested in knocking it down and starting anew,” said Mr Romeril. Despite the existing home’s extensive features, the true value was found in the land and its prime location. “We received feedback from buyers who saw this as an opportunity to create their dream home from the ground up.”
The campaign attracted over 100 groups of buyers during its four-week duration. This high level of interest underscores the strong demand for premium properties in Melbourne. “We had multiple offers prior to the auction date,” Mr Romeril noted, “but our instructions were to proceed to auction.”
On auction day, the bidding was fierce, reflecting the buoyant market conditions that saw the home sell for a massive 8.6 million.”There is certainly a strong level of confidence among buyers in the higher price bracket, whether they are looking for a project or a completed home across Victoria.”
“This sale represents the hot market we are seeing all across Victoria, particularly given that there’s not a lot on the market that presents this kind of opportunity. Anyone looking to sell in these higher price points should feel confident bringing their homes to market now, while the demand is there.”
Stockdale & Leggo’s achievement with this sale is a testament to their expertise and dedication to providing exceptional service to their clients. As the Victorian market continues to thrive, the agency remains committed to helping buyers and sellers navigate the real estate landscape.
