Coveted Balwyn and Bayside blocks fetch mega sums

Investors and buyers seeking dream home sites are splashing top dollar on blocks in eastern suburbs and bayside locations. 

A city developer recently paid $9.1 million to combine two large blocks at 5 and 7 Parring Road, Balwyn, where 14 townhouses are being proposed.

No. 7 Parring Road, which had permits for four townhouses, fetched $3.75 million for an investor who had purchased it in 2021. 

The 1169sq m block is positioned in one of the suburb’s highly desired pockets within the Balwyn High School zone.

“During the campaign for this property, the owner of No. 5 saw the opportunity to sell as well,” Buxton Oakleigh agent Rohan Cleary said. The 1599sq m block sold off-market for $5.35 million to the same developer.

“The prices are exceptional for land alone and shows that top-end homes including townhouses can fetch good money,” Mr Cleary said.

He noted that Balwyn was popular with homebuyers and investors, as well as  international buyers, especially from China. 

The agency’s sellers notched strong prices recently, with 21 Delgatty Street, Oakleigh, selling for $2.11 million before auction. And two homes in Murrumbeena sold for a combined $5.83 million. 

Meanwhile, beachfront properties in bayside suburbs along iconic Beach Road have changed hands for stellar prices.

The July 29 auction of 50 Beach Road, Hampton, which occupies just 315sq m, gave the seller a $2.005 million windfall.

“It was a terrific result with two buyers bidding and both looking to build a new home,” Buxton Sandringham auctioneer Adam Saunders said. 

The agency also sold a large block at 235-237 Beach Road, Black Rock, for a strong seven-figure sum. The buyer intends to build a home on the 933sq m property, which takes in views of Half Moon Bay. In July, a buyer was also found for 136 Beach Road, Sandringham. 

In Caulfield North, a 1930s house listed for the first time, at 30 Malvern Grove  attracted four bidders who pushed the price up to an outstanding $1.625 million on July 29. 

Another four-bidder contest saw 20 Crimson Avenue, Blackburn South, sell to a family who moved from China. They splashed $2.625 million on the property.

“The seller built it five years ago and gave us the listing after seeing the way we serviced potential buyers at another property,” Buxton Box Hill agent Tabinda Naaz said.

Bidding started at $2 million and the property was called on the market at $2.45 million to give the seller a $175,000 premium.

On the same day in Mulgrave, a Cape Cod New Colonial-style house at 2 Le Gallienne Crescent drew five bidders. 

Featuring whimsical gardens created by former owner, the notable botanic artist Helen Burrows,  the property with a  $1.27-$1.39 million asking price sold for $1.635 million. This was $185,000 beyond when the house was called on the market.

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