Buying a 1960s house in Toorak in the mid-1980s was a relative bargain, with 45 Hopetoun Road selling for $545,000.
Some three decades later, it turned out to be a wise investment for its owners, with the Realestate.com.au reporting that the property on 1083sq metres has sold for an undisclosed price, believed to be between $8-9 million.
The original asking price was $9.5 million-plus, with hopes that it might top eight figures, so Melbourne’s property downturn may have played a part is the lower value, but even then, it was all about the land with the new owners planning to knock down the single-story house and rebuild, Kay & Burton South Yarra director Michael Gibson told Realestate.com.au.
Designed by architect Joe Fudge, who’s responsible for quite a few of the mid-20th Century homes around the city’s most expensive suburb, the sale price is approaching double the previous record for a 2-bedder in Toorak with 22 Heyington Place changing hands two years ago for $5.5 million.
You can read more about the house on Realestate.com.au here.