Melton home listed for $4.75m set to smash median house price
It’s a price tag you’d normally associate with the suburbs of the leafy east or pockets along the bay, but a multimillion-dollar property in Melbourne’s west is set to smash the suburb’s median house price.
The four-bedroom home, with a $4.75 million asking price, sits on an expansive 12.57-hectare block in Melton, where the median house price is $385,000.
The owners paid $92,500 in 1997, records show, and could be set to make a tidy profit if a buyer can be secured.
The property sits on a parcel of land with frontage to Kororoit Creek. Construction of the 302-square-metre family home, completed in early 2000, was done by its owner-builder vendor and boasts pine-lined cathedral ceilings throughout, a large gym/study zone and a three-car garage.
The kitchen with stainless steel appliances and a butler’s pantry adjoins a dining area with polished timber floors and sliding doors opening to a decked verandah.
A spacious living area has a warming wood fire and views out across the garden and land beyond.
The vendor also installed solar hot water and electricity, three large water tanks, a machinery shed and facilities for keen horse riders.
Why such a high price? Aside from its oversized block, the site sits in the Green Wedge Zone and the primary land use is currently classified as mixed farming and grazing but there is opportunity for the land to be rezoned as residential, Ms Lu says, vastly improving the likelihood of future development.
“There’s a lot of interest in developing this area,” Ms Lu said.
At only 35 kilometres to the CBD, seven kilometres to Melton town centre and a 10-minute drive to Melton railway station, Ms Lu said the property was close to all essential amenities.
“The site is close to primary and secondary schools, Melton’s High Street shopping area, park and entertainment.”
Ms Lu has so far seen interest from a local prospective buyer and two interested parties from China, all keen to unlock the potential of the sprawling block.
Ref: JESSICA DALE, DEPUTY EDITOR, MAGAZINES (on 25 Jun 2020). Melton home listed for $4.75m set to smash median house price. Retrieved from https://www.domain.com.au/news/melton-home-listed-for-4-75m-set-to-smash-median-house-price-964739/?fbclid=IwAR1k_ljAB6nkDh7ATWiYOixqMBIqXpGw4Ei8fJrZainHfSwHAo7AqmwQ4RA.
Images from internet