Lysterfield: Secure family property for around $2 million with bulldozer and redevelopment plans – realestate.com.au

11 Cornish Rd, Lysterfield, proved popular with buyers at Saturday's auction.

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A Lysterfield property with two dilapidated dwellings nestled in the hills sold for $320,000 on Saturday, exceeding expectations.

Ten bidders have registered for the auction of the 3ha address located in the south-eastern suburbs of Melbourne.

Formerly used as a short-term rental, the site has a cottage-style, three-bedroom house and residence including a combined stable and loft studio, riding arena, feed and storage room.

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A partially constructed infinity pool shell has also been installed on the grounds.

Barry Plant Wantirna director Daniel Cripps said the property, which boasts spectacular mountain views, is a mortgage sale.

It is listed with an asking range of $1.5 million to $1.65 million.

“During the campaign we had 120 groups, most of them coming in groups of two or more, so it turned out to be about 200 people,” Mr Cripps said.

He described the property as “in a state of disrepair with an incredible opportunity”.

Although 10 bidders registered in the auction, only three buyers had a chance to participate.

Mr Cripps said the $1.6 million bid for the opening was “very close to reserve”.

The Lysterfield property has two accommodation units, one with an open-plan living, dining and kitchen area, three bedrooms, a study or fourth bedroom, two bathrooms and a laundry.

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The combined residence and barn has a rustic charm.

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The stable building has a loft studio, kitchen and balcony, while the ground floor has a bathroom, a central storage area, three stables, a feed and storage room and an arena suitable for dressage.

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The two bidders finished the auction in a fierce competition, with the home selling for $1.97 million, six figures above the high end of the advertised range.

“The buyers plan to rent it out for a few years, then bulldoze it down and build their dream home,” Mr Cripps said.

“They loved the view from the main house at the top of the block, with incredible views over the Lysterfield Valley.”

The stables for the kids with the horses were an added bonus feature.

80-100 people watched the auction.

Cape Cod-style cool at 4 Wendy St, Forest Hill. The house was sold at auction on Saturday.

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There are four bedrooms, two bathrooms and a double garage, plus an open-plan living and dining area with lots of sunlight.

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Also on Saturday, a Cape Cod-style home sold for $1.405 million.

Ray White Mt Waverley's Max Turner said two of the four registered bidders bid for the four-bedroom.

“This property has always fascinated many passers-by with many locals who know the family, it's a very nice house,” Mr Turner said.

“Bidding started at $1.15 million and then quickly went up in front of over 100 people.”

The sellers, who have lived there since 1999, were over the moon with the result.

“After 25 years they're moving to the country and a young couple are moving in too,” Mr Turner said.

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