Mornington Peninsula: House bought for $36,000 in 1980s sells for $4.55m in ‘ripper’ auction

The house at 69 Bass St, Flinders smashed price expectations.

A Mornington Peninsula house backing onto a golf course scored a massive windfall for its owners with a $4.55m sale on Saturday, a jaw-dropping sum compared to what they paid in the 1980s.

CoreLogic records show the house at 69 Bass St, Flinders, last sold for $36,000 in 1983.

The sale was one of the strongest results in a quiet week of about 463 auctions held across Victoria in the week leading up to the Queen’s birthday public holiday on Monday.

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A preliminary clearance rate of 72 per cent was recorded from 196 results available, according to realestate.com.au.

Kay & Burton Flinders agent Ruth Williams said the Flinders house had been in the same family for 39 years.

Ms Williams said the “hotly contested ripper auction” saw three bidders compete for the keys to the four-bedroom coastal retreat.

The auction kicked off with a $3.5m vendor’s bid and was declared on the market at the same price before selling a whopping $1.05m above this amount.

“The buyer is a keen surfer and will enjoy the property as a weekend holiday house with his family looking out over Mushroom Reef,” Ms Williams said.

An aerial view of the house.

The light-filled interior.

Set on 1002sq m, the property features native gardens, a pool and alfresco entertaining area.

She said the home boasted spectacular views of Flinders Golf Course and Bass Strait and also had a pool.

“I think, for that particular property, it was all about the location which is pretty stunning and about 30 seconds from the shops,” she said.

Ms Williams said while was surprised by the abode’s sales price, good homes in the Mornington Peninsula were always popular.

“It’s very much about supply and demand down here,” she added.

“If you don’t buy something like this when it comes along, you could be waiting another 39 years for another one like it.”

Relax at home or enjoy the nearby beaches.

A great view.

One of four bedrooms.

Real Estate of Victoria president Richard Simpson said while this week was a quiet one there were 1460 auctions scheduled next week and about 1000 auctions the week after.

Mr Simpson said although the Reserve Bank of Australia lifted the cash rate from 0.35 per cent to 0.85 per cent this week interest rates were “still at historically low levels”.

“I don’t think there will be a massive price correction (in the market) because of interest rates rises,” Mr Simpson said.

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The post Mornington Peninsula: House bought for $36,000 in 1980s sells for $4.55m in ‘ripper’ auction appeared first on realestate.com.au.

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Mornington Peninsula: House bought for $36,000 in 1980s sells for $4.55m in ‘ripper’ auction

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