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Plenty couple Greg and Mirella Stovell bought the unfinished 967 Drummond St in Carlton North at auction on the weekend. Picture: Sarah Matray
A CARLTON North house with an Edwardian facade at the front and a construction site out the back has fetched $2.718 million under the hammer.
Plenty couple Greg and Mirella Stovell had pursued the unfinished 967 Drummond St for months before finally winning the keys on Saturday, and will turn it into a family home for themselves and their three children.
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The Edwardian facade of 967 Drummond St will be kept intact when the Stovells build their dream home.Source:Supplied
Ray White Manningham auctioneer Frank Perri on Drummond St. Picture: Sarah MatraySource:News Limited
Mr Stovell, a building designer, said they planned on creating a single-storey, four-bedroom house that kept the red brick facade and a three-storey townhouse at the rear intact. They’d also consider putting in a plunge pool, which the previous owner’s plans allowed for.
Ray White Manningham selling agent Michael Moretti said the vendor had been unable to complete the house, which he estimates will be worth about $4 million once finished.
Three bidders contested the auction.
It was one of just 333 scheduled for Melbourne this week as the Labour Day holiday slowed the market, with CoreLogic recording an early clearance rate of 80.68 per cent.
The long weekend also produced a jawdropping $8.73 million price for a 2664sq m development site in Hawthorn East.
531-535 Tooronga Rd, Hawthorn East soared $1.23 million over reserve.Source:Supplied
Developers found more affordable parcels of land in East Gippsland.Source:Supplied
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Advantage Property Consulting director Frank Valentic said six developers pushed the property at 531-535 Tooronga Rd $1.23 million over reserve.
The site, sold by Woodards Camberwell, contains nine dated villa units and apartments which Mr Valentic said the buyer would likely demolish and “replace with something better”.
“Developers are flexing their muscles — they’re chasing land in Melbourne like never before,” he said.
They were also active in East Gippsland, where 170 people gathered to watch four sites auctioned back-to-back on Saturday.
Castran director John Castran three sold, and negotiations were continuing with three parties for the fourth — a 8778sq m land holding at 21 Kalimna Jetty Rd containing the Kalimna Hotel, which passed in at $1.9 million.
A Chinese buyer snapped up a vacant 2050sq m site suitable for up to 12 dwellings at 47-51 The Esplanade in Paynesville for $405,000.
Two Melbourne developers also bought two separate properties at 595 and 601 The Esplanade, Lakes Entrance, which offered 1579sq m of land between them. The former fetched $310,000 and the latter, $365,000.
“More developers are moving into this area because sites are so expensive in Melbourne,” Mr Castran said.
3 Pennell Ave, St Albans also sold to a developer.Source:Supplied
Ray White St Albans director Shaun Marijanovic said affordability was also bringing developers to his suburb in droves.
Five competed for a 739sq m block with a basic three-bedroom house at 3 Pennell Ave, pushing the sale price $12,000 over reserve to $762,000.
“That price for a development site 20km from the city is great value in this market,” he said.
Originally published as Half-built home, development site earn big