An original waterfront property in Altona set a new price benchmark for the suburb after fetching $2.25 million at auction.
Over 100 onlookers watched five keen bidders – developers and owner-occupiers – battle for the two-storey, five-bedroom house at 123 Esplanade, but it was a family who came out on top.
Hocking Stuart Altona auctioneer Gus Anile said the ’60s property needed “a lot of work” and was currently tenanted.
The buyer, a local family, had plans to move in next year and eventually build a new home on the site in coming years, he said.
Bidding for the 696-square-metre corner block started at $1.8 million and rapid-fire bids launched it on the market at $1.95 million.
The sale eclipsed the previous record of $2.1 million, achieved last October by a nearby four-bedroom house at 85 Esplanade.
By Alistair Walsh, Domain.
