It’s still under construction, but that didn’t stop a young family purchasing a half-built house for a whopping $2.13 million at auction on Saturday.
The five-bedroom half-finished home includes three bathrooms, a guest suite, ensuite, living room and plans for a pool.
Located just 400m from the beach and 20 minutes from the city’s central business district, the property can be found 23 Beaumaris in Melbourne’s South East.
This half-constructed home sold for a massive $2.13 million in Melbourne’s South East
The large block of land sold for just $1.27 million in 2015 when the old run-down house had only three bedrooms, one bathroom and two parking spaces.
Real Estate agent Jack Broadhead told Domain ‘Beumaris has just gone off lately’.
The high price for the property is a sign Melbourne’s property market is catching up to Sydney.
Mr Broadhead told Domain six bidders battled it out at the auction on Saturday.
The home, in a luxurious beachside suburb in Melbourne, sold for just $1.27 million in 2015
‘One was a bloke who wanted to knock it down and build two houses on it,’ he told the publication,’ he said.
The property halted construction due to unfortunate circumstances according to Mr Broadhead.
Plans for the half-built home on realestate.com.au reveal a pool, guesthouse, deck, living room and kitchen on the ground floor.
The previous owner had to sell in ‘unfortunate circumstances’ providing an opportunity for a young family to purchase in a suburb 400m from the beach near schools
The top floor is ideal for a large family boasting a bedroom with an ensuite and four additional bedrooms plus an ensuite.
Perhaps the schools were a motivating factor for the family, given the suburb boasts three primary schools and a new high school which opened in 2018.
The affluent suburb of Beaumaris, Victoria, has a median house price of $1.7 million for four bedrooms
Located near the historic Brighton beach and Sadringham, it is served by four bus routes and 75 per cent of residents were born in Australia.
The median house price in Melbourne hit $1 million in one third of Melbourne suburbs as of December according to Real Estate Institute data.
Plans for the property reveal a guest room with ensuite on the ground floor, a pool, deck, and five bedrooms on the top floor.