A savvy family has broken Aspendale’s residential sales record at auction, without even selling their entire beachfront property portfolio.
It was a massive payday for the vendors of 32-33A Nepean Highway, as three houses they once bought for a total of $307,000 sold for a whopping $6.7 million.
Despite smashing the suburb record by nearly $700,000, only part of the entire package for sale along the Aspendale foreshore changed hands.
Buxton Mentone director Wesley Belt said a local family bought three of the four houses on
the 3031sq m block of land, which all had separate titles.
“The buyers only wanted to buy two blocks during negotiations before auction, but we ended up getting them to buy three,” Mr Belt said.
“They’re going to set it up for retirement by building somewhere for themselves and other family members to live.”
The couple vied against a developer for the entire 3031sq m block before it passed into them after 17 bids for $7.1 million at auction.
They negotiated a sale behind closed doors that carved the house at 3 Hearle Ave off the contract.
The remaining block would go to auction sometime in May with a price point around $1.3 million, Mr Belt said.
The vendors, adult children acting on behalf of their mother and deceased father, were ecstatic with the result, he added.
All four properties had been acquired by the married couple in ‘70s and ‘80s for the princely sum of $331,000.
They inherited No. 32 in 1976 and lived at the address, which boasts 19m of beach frontage. A year later they acquired the property behind at 3 Hearle Ave for $24,000. In 1989 they added 32A and 33 Nepean Highway to their portfolio for $172,000 and $135,000.
Apart from their family home, all the other houses were rented out over the decades.
Mr Belt said it had been a clever investment, as sought-after seaside positions rarely dipped in price.
“The block sold for $2824 per square metre, which is about the same as all the other beachfront sales in the past few years,” he said.
“It shows the strength of buying on premium beachfront land and that demand will always be there.”
The vendors could still add extra cash to the bank if they sell 3 Hearle Ave next month.
The previous record in Aspendale was held by 185 Nepean Highway, which sold for $6.01 million in December 2017.
SUBURB PROFILE: Aspendale