46 Jackson St, Niddrie, last sold for $1.4m when it looked like this. Fast-forward three years and the owner got $1.68m for the block after bulldozing the house.
A Melbourne home seller has made an incredible $280,000 windfall by bulldozing the house they bought less than three years ago and selling the land left behind.
A $1.68m sale for 46 Jackson St, Niddrie, yesterday left agents and owners stunned, even as the wider city’s clearance rate struggled to a relatively weak 55 per cent from 653 results.
PropTrack senior economist Anne Flaherty said while yesterday’s preliminary result was “to be expected” in the current climate, there was a chance it would get worse if interest rates rose again in May.
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Ms Flaherty said this would be challenging news for many of the sellers who went under the hammer yesterday, or who intended to do so next week, as most would have planned their sale before the global uncertainty that had emerged alongside the conflict in Iran.
Barry Plant’s Walter Mahch handled the Niddrie sale and said nobody had seen it coming, with the same block sold in 2023 for just $1.4m.
The block of land left behind after the demolition was completed.
A leafy back yard for the house in 2023, when there was still a home on the block.
In the years in between the owner had demolished the older house that stood on the site, intending to build a new one, but changed their mind and listed the bare block for $1.38m-$1.49m.
With two people bidding, and others not getting a chance, the property was on the market in two bids at $1.5m.
While Mr Mahch said it was one of Niddrie’s best streets, and the buyer was considering turning the address into two new homes, he noted the price was “crazy” in the current market.
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