In a sale that has left the real estate world utterly astounded, a remarkably ordinary three-bedroom bungalow in Melbourne's unassuming Carnegie suburb has sold for an eye-watering $2,020,000 – a full $420,000 above its initial price guide.
The Property That Defied All Expectations
Nestled at 15 Myrtle Street, the post-war home presented as the ultimate 'fixer-upper' project. Featuring dated interiors, worn carpets, and a distinct lack of modern amenities, it stood in stark contrast to the multi-million dollar price tag it ultimately commanded.
"It's absolutely mind-blowing," remarked one local agent, capturing the sentiment of an entire industry trying to comprehend the sale.
A Bidding War For The Ages
The auction unfolded like something from a property thriller. With six determined bidders vying for the keys, the price soared past the $1.6 million reserve in a matter of minutes. The fierce competition didn't relent until the hammer finally fell at that extraordinary seven-figure sum.
The new owners, whose identities remain private, have secured not just a house, but a 697sq m block of land in a highly coveted location. This significant parcel of earth, just 12km from Melbourne's bustling CBD, represents the true value in what experts are calling a 'land bank' purchase.
Location, Location, Land Size
While the dwelling itself might be modest, the property's winning formula combined three powerful elements:
- Prime positioning within the Murrumbeena High School zone
- Walking distance to Carnegie's vibrant shopping precinct and train station
- A massive north-facing rear garden offering unparalleled development potential
These factors created a perfect storm of desirability that ultimately justified the astronomical sale price to the determined buyers.
The Future of 15 Myrtle Street
Industry insiders unanimously agree the property's fate lies in redevelopment. The combination of the large block, ideal orientation, and zoning regulations makes it prime territory for a substantial new family home or even a strategic subdivision project.
This sale doesn't just represent a transaction; it serves as a powerful indicator of Melbourne's fiercely competitive property market, where land value continues to dramatically outpace the worth of the structures upon it.
The Carnegie community – and indeed the entire Australian real estate sector – will be watching closely to see what emerges from this extraordinary $2 million plot of potential.
