A Pakenham property with its own man-made lake has sold for more than triple the suburb’s previous house price record.
The “private resort” at 35 Leppitt Rd rewrote the record books with a $5.5 million sale.
This was almost 3.5 times the previous residential price record of $1.65 million, set by a four-bedroom house on 16.77ha at 240 Pakenham Rd.
It was also more than 10 times the outer-east suburb’s median price of $512,000, according to CoreLogic data for the 12 months to January.
The stunning Leppitt Rd property, on almost 9ha, had been created from a vacant block just four years ago.
The landmark property was listed early this year with a $4.9-$5.4 million price, Kaye Charles Real Estate selling agent Jeanine Presley said.
It hosted private inspections for just six potential buyers, with a couple of them making offers and a family living nearby paying $5.5 million, she added.
“It was the overall quality of the property that saw it sell for above the top of its price guide,” Ms Presley said.
“It is both a beautiful and usable property, with a home that is warm and spacious without being too large and with botanical-like gardens.”
Ms Presley added paddocks and shedding offered potential for multiple uses.
Vendors Phil and Cheryl Harman had turned the block into one of Pakenham’s finest homes and reluctantly listed it to move interstate to their other home.
To create the amazing property, they installed fencing and sheds, created 2ha of landscaped gardens and built a four-bedroom house and a lake that sprawls over 0.4ha.
The suburb borders up-market Beaconsfield Upper, and the Leppitt Rd sale beat that suburb’s $3.27 million record held by a five-bedroom mansion at 60-62 St Georges Rd.