Airport West block sells for $1.175m
Offered for the first time in 65 years, 16 Peters St, Matthews agency director John Matthews said the home was always going to be a 'land-value play', but the scale of the result shocked even seasoned agents.
'This was a classic generational sale, liveable, but really it was all about the land,' Mr Matthews said.
Where Melb homes sell in 22 days
Where Melb homes cost less than five years ago
'The buyer plans to knock it down and build two townhouses.'
The 630sq m site with a wide 17-metre frontage had $875,000-$950,000 price hopes and drew a fierce mix of developers, home builders and renovators.
Mr Matthews said there was serious depth returning to the market amid expectations for another rate cut at the next Reserve Bank meeting.
'There's serious depth returning to the market,' he said.
'We had six strong bidders.
'Some underbidders came with million-dollar budgets and still missed out.'
The Matthews agency director said the result has confirmed Airport West's growing appeal among developers chasing land in tightly held pockets.
'It shows confidence is back, and with rate cuts on the horizon, I think this is just the start,' Mr Matthews said.
'The sellers were 'ecstatic, it's a huge reward for their decades-long hold,' he said.
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