BUYERS have competed at a multimillion-dollar auction for an Albert Park property that offered the rare opportunity for a knockdown-rebuild.

The property at 1 Dinsdale St earned a hefty $2.72 million at auction after it sailed more than $200,000 beyond its reserve price.

Hocking Stuart Albert Park director David Wood said the home on almost 260sq m had been owned by the one family for close to 50 years and offered a rare opportunity in the area.

“Its so rare because you can actually build a new house on it, and that’s like hens teeth to find in Albert Park,” he said.

As the property went under the hammer, a vendor bid of $2.4 million kicked things off.

Soon three bidders were in competition, and pushed the property well beyond its $2.5 million reserve price.

Bids continued steadily until the hammer fell at $2.72 million.

Mr Wood said the buyer, from Brighton, would look to build a new home on the site, and the underbidders had similar plans.

He said demand for opportunities like it was strong, and that buyers were prepared to pay more than $2 million for a blank canvas in what was once largely a working-class area.

“Now, it's the most expensive real estate in Melbourne,” he said.

Read on for more auction action across Melbourne.

NORTH

132A OGILVIE ST, ESSENDON

SOLD FOR $1.75 MILLION

A local buyer secured the keys to this french provincial-style home amid competition from two out-of-area bidders.

Bidding reached the $1.7 mark, before the property was passed in and sold via negotiation.

Nelson Alexander Essendon agent Mark Giardina said the style of home was a rarity for the area. “The design was exceptional,” he said.

EAST

16-18 BASTOW RD, LILYDALE

SOLD $1.169 MILLION

Families from across the outer east led the charge for this ultra-modern home with sweeping views.

Hocking Stuart Ringwood director Lee Fenech said five bidders fought it out from a start of $900,000.

The home was called on the market after the $1 million mark, and a lengthy contest continued until the hammer fell. A family from Monbulk won the keys, while buyers from Croydon North and Kilsyth South also competed.

WEST

13 SYDNEY ST, ALBION

SOLD: $870,000

Heritage homes are rare on the Albion market and this one sold strongly.

Barry Plant, Sunshine, agent Jason Allen said the three-bedroom property was popular for its period style and 835sq m block.

Two homebuyers took the price about $20,000 more than reserve. “There’s pockets of heritage-listed homes (in Albion) but not many come up,” Mr Allen said.

— Scott Carbines

Originally published as Blank canvas sold for multimillion-dollar price at Albert Park auction

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