Melton mega block could break suburb house record by $1 million
A Melton homeowner is hoping to become a multi-millionaire with their super-sized property poised to smash the suburb’s house price record by more than $1 million.
The 6070sq m allotment at 63-65 Barries Rd has been in the same family for almost 20 years, but they moved out a few years ago after the suburb’s growth made life around the five-bedroom house too busy for their taste.
CoreLogic records show they paid just $207,000 for the double-storey house and its expansive surrounds in late 1999.
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They now live on an even bigger property further out of town.
But their former home only hit the market this week with a $2.7-$2.9 million asking price.
Ace Real Estate’s Ravish Sharma said he’d received estimates the property could house upwards of 20 townhouses or units, and there were already builders and developers showing interest.
“It’s hard to find a block of that size, this is one of the last in that area,” Mr Sharma said.
Developers have previously turned neighbouring blocks into up to 15 units.
“Though they were done quite some time ago,” Mr Sharma said.
Records show the home has been on and off the market with other agencies since October with expectations now reduced from a $3-$3.3 million asking price early on.
While multi-hectare farms in Melton have sold at higher prices, the previous high-water mark for a house is the $1.2 million paid for a 1780sq m double block at 25 O’Neills Rd in 2017, according to CoreLogic records.
A standard house block in the area is closer to 400sq m today, but townhouses and units are also in demand as affordability-driven first-home buyers help keep Melbourne’s market correction at bay in the suburb.
“Even in a tough market, Melton is getting a lot of interest, because most of the buyers are first-home buyers and can get finance for something under $600,000,” Mr Sharma said.
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The super-sized block at 63-65 Barries Rd is slated to go under the hammer on May 18 at 1pm.