A Balwyn North knockdown has sold for $3.13m, with buyers paying purely for land to secure a prized school zone and city views.
A young buyer has paid a “wild” $3.13m for a Balwyn North knockdown that was marketed as being “absolutely land value” just to get into a prime school zone.
The 1199sq m landholding at 33 Stephens St was Saturday’s weekend result, with the block in the Balwyn High School zone and attracting buyers who saw it as a knockdown-rebuild.
Fletchers Bawlyn North director Daiman Kane said the sale was “absolutely land value”.
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The home was marketed at $2.9m and had been quiet early, Mr Kane said, until a second buyer emerged late.
“We had one buyer showing consistent interest throughout, then another came out of the woodwork on the Friday before auction day,” he said.
“From there it became a genuine two-horse race.”
The property sold under the hammer for $3.135m, paid for the 1199sq m block, with the successful purchaser the young buyer who had made a prior offer.
The four-bedroom home at 33 Stephens St, Balwyn North, was sold as a knockdown-rebuild on a 1199sq m block.
Buyers viewed the Balwyn North property as a land-only opportunity, with plans to demolish the existing house.
Mr Kane said every serious buyer was looking at the site as a rebuild opportunity.
“Every buyer was planning a knockdown rebuild,” he said.
He said the standout feature was the uninterrupted city view, paired with the school zone and the scale of the landholding.
“The standout was the city view, without question,” Mr Kane said.
“You’ve also got the Balwyn High School zone, which is hugely sought after, and then the land component.
The property sits within the sought-after Balwyn High School zone, a key driver of buyer demand.
The 1199sq m site attracted strong interest from local upgraders seeking scale, views and schooling.
“The block was just under 1200sq m at 1199sq m, which is substantial for this pocket.”
Mr Kane said blocks of that size were rare in the area, where many landholdings were closer to 900sq m to 1000sq m.
“They don’t come up very often,” he said.
At this end of the market, he said buyers were arriving better prepared for build costs after the upheaval of recent years.
“Both buyers were very across the current construction landscape,” he said.
Fletchers Balwyn North director Damian Kane said the $3.13m result was driven entirely by land value.
“They’d done their due diligence and understood what it would cost to build a new home.
“The key factor is the quality of the location. In a spot like this, you’re not going to overcapitalise.”
The bidders were upgrading locally, and Mr Kane said schooling remained the biggest non-negotiable for prestige family buyers.
“Schooling is number one,” he said.
“Views are another major factor, along with location.
“This particular pocket has a lot of high-quality homes on large blocks and single-dwelling covenants, so you’re not going to see townhouses or unit developments next door.”
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