I'm not sure what city you are in Simon but I can give you endless examples like the one below. Like SL you may want to consider do some reading/ research before cutting people down.
Glen Waverley Dump on 800m2 40 minutes from the city sells for $5 million after last selling for $2.2 million 20 months ago. MASSIVE HOUSING BUBBLE!!!
A HUMBLE Glen Waverley home on a block earmarked for development broke the $5 million mark at auction on Friday.
The property 54 Montclair Ave achieved the stunning $5.105 million price after a competition between more than 10 bidders.
The 808sq m block contains a four-bedroom house but is zoned Commercial 1 use and borders Glen Waverley’s buzzing Kingsway precinct.
A development site at 54 Montclair Ave, Glen Waverley, sold for $5.105 million at auction
It was advertised as a potential site for a mixed use, 8-10 level development.
Ray White, Glen Waverley, agent Ryan Trickey said the buyer had “exciting plans” for the property, but he could not reveal the details.
The bidding opened at $2 million and escalated in $100,000 bids, leaving some potential buyers on the sidelines.
“We ran over the top of the reserve price with some momentum,” Mr Trickey said.
“It’s the only Commercial 1 zone development site within a stone’s throw of Kingsway.”
The 808sq m block at 54 Montclair Ave, Glen Waverley, is close to the Kingsway retail pre
Glen Waverley was its own micro-economy, with buyers lining up to get into the retail precinct, he said.
“That whole area is just alive with activity,” Mr Trickey said.
“There is no supply out there so there are seldom opportunities to buy.”
Friday’s auction was recorded as a commercial sale. The property last changed hands in November 2013 for $2.2 million, according to CoreLogic RP Data.
