Lysterfield seller set to turn $33,000 into millions
A Lysterfield land owner is hoping to turn a $33,000 purchase into a record $5 million payday.
The 24 Rathgar Rd site of 7107sq m, with a single four-bedroom house, has permits for 16 luxury townhouses.
The sale, with price hopes of $4.8-$5.2 million, is expected to attract plenty of developer interest.
Barry Plant Rowville director Brenton Wilson said this was because Lysterfield had very few townhouses being built or for sale.
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If it sells within the price guide, it will set a new record, well above the $3.75 million fetched for 124 Kerrs Lane, a hobby farm site on 13.72ha.
“There is a huge demand especially for single-level townhouses from downsizers looking for modern, low-maintenance living.” Mr Wilson said.
“The plans are to build nine single and seven double-storey townhouses on blocks above 300sq m and up to 463sq m.”
Mr Wilson noted that new townhouses could fetch strong prices, with recent sales of older three-bedroom townhouses in adjoining Rowville changing hands for $820,000.
Sales records indicate the owner paid $33,000 for the property in 1981 when it was part of the suburb of Ferntree Gully.
The townhouses approved for the Rathgar Rd site would have house-like spaces and quality fit-outs to meet the demand for prestige homes in the sought-after suburb, Mr Wilson said.
“There will be three or four bedrooms with two bathrooms with a study and double garages and it will be not a high-density development,” he added.
He said the price reflected the development potential with permits for the site.
There were only four unit sales Lysterfield in the 12 months to May, CoreLogic data shows, compared with 54 house sales.
Its median house price was $962,500 after falling 7.5 per cent over the period.
Lysterfield is one on the smaller suburbs in Knox, with over 6000 residents and 95 per cent of properties classified as houses.
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