Albert Park terrace tops 10 most expensive sales for second week

The neighbouring property of last week’s most expensive sale has topped the list for the third week of April, selling at auction for $3.97 million, according to RP Data.

Located at 73 St Vincent Place Albert Park, the three-bedroom, one-bathroom property is situated on a 481-square-metre allotment. 

The property was originally part of a three-terrace property owned by the Loreto Sisters, who bought it in 1969.

Prior to the Loreto Sisters purchase, the property had been a Christian Brothers boy's hostel, which closed in June 1967.

The property changed hands four years ago when acquired by Fiona Olney-Fraser, wife of corporate raider Darren Olney-Fraser, for $10.1 million, who then split the property up into three empty shells.

Westpac took control of the properties in 2010.

75 St Vincent Place topped last weeks top 10 most expensive sales list having sold at auction for $4.3 million.

Listing agent Michael Szulc of Cayzer Real Estate Albert Park says the auction was almost a carbon copy of the week before, with a strong attendance rate of around 200 people and five bidders.

Szulc says the slightly lower price was expected due to the structure of the building.

The last terrace 77 St Vincent Place will go to auction Saturday April 27.

Mal James of James Buyer Advocates ranks St Vincents Place as equal second as Melbourne's highest land value street at approximately $6,000 per square metre - not far behind Brighton's absolute waterfront streets of $9,000 per square metre.

James says the successful buyers will face a renovation bill of between $2 million to $3 million depending on their wishes.

If number 77 sells for over $3 million this weekend, it will represent a 20% increase on the 2008 sale price of just over $10 million for all three terraces. 

New South Wales continues to dominate the top 10 most expensive sales list with six properties listed.

Victoria is securing more spots on the list as we bid farewell to the school holiday period, having four properties listed this week – two more than last week.

The top 10 most expensive sales across Australia last week were

73 St Vincent Place, Albert Park, VIC, 3206, three-bedroom house, sold at auction on April 20 by Cayzer Real Estate Albert Park for $3.97 million

43 Willis Street, Hampton, VIC, 3188, four-bedroom house, sold at auction on April 20 by R T Edgar Real Estate Brighton for $2.555 million

20 Pemberton Street, Strathfield, NSW, 2135, five-bedroom house, sold at auction on April 20 by Raine & Horne Burwood for $2.35 million

123 Beach Road, Parkdale, VIC, 3195, four-bedroom house, sold at auction on April 20 by Hodges Real Estate Mentone for $2.28 million

3/37 Wolseley Road, Point Piper, NSW, 2027, four-bedroom unit, sold at auction on April 20 by McGrath Estate Agents for $2.165 million

40A Brown Street, Newtown, NSW, 2042, four-bedroom house, sold at auction on April 20 by Raine & Horne Double Bay for $2.125 million

6 Worcester Place, Turramurra, NSW, 2074, four-bedroom house, sold at auction on April 18 by L J Hooker Wahroonga for $2.025 million

8 Gregory Street, South Coogee, NSW, 2034, three-bedroom house, sold at auction on April 20 by McGrath Estate Agents for $1.91 million

36 Chapman Street, North Melbourne, VIC, 3051, four-bedroom house, sold at auction on April 20 by Nelson Alexander Carlton North for $1.901 million

3/57 Lauderdale Avenue , Fairlight, NSW, 2094, three-bedroom unit, sold on April 20 by Bergelin Estate Agents for $1.75 million