Toorak lawn in Melbourne set to earn FOUR TIMES the average Australian wage
>
The modest patch of grass that probably earned FOUR TIMES what you did in the last 18 months – and you can now snap it up IF you can afford it
- A 712sqm lawn in Melbourne 5km from the CBD has soared in value in 18 months
- It last sold for $5,725,000 but is now on sale again for between $6.3-6.9million
- Price has potentially risen by between $575,000 and $1.175million in 18 months
- The average Aussies would have earned just $135,000 in the same timespan
<!–
<!–
<!–<!–
<!–
<!–
<!–
The grass growing in an unused lawn 5km from a bustling CBD is set to earn four times the cash most average Aussie salary earners have done in the past 18 months.
The 712sqm land in upmarket Toorak, east of Melbourne’s city hub, was sold for $5,725,000 in March last year and is now on sale for $6.3-6.9million.
The sale guide price would give a potential profit of between $575,000 and $1.175million in 18 months.
That is at least four times what an Australian on the average full-time annual salary of $92,029.60 would have made in the same timespan, according to latest ABS figures.
And at the top end of the estimated sale price, it’s almost 10 times the $135,000 an average hard-working Aussie would have earned in those 18 months.
The 712sqm land is in Toorak, 5km from Melbourne’s city hub and was sold for $5,725,000 in March last year (pictured)
The plot of land (pictured) could hold two townhouses or a modern home depending on who snaps it up
RT Edgar Toorak agent Max Ruttner said the owner bought the empty land planning to build on it but saw another opportunity – so the plot has been sitting idle.
‘They bought it extremely well,’ he said. ‘They just bought it at a time when the previous vendors wanted to sell,’ Mr Ruttner told Nine Newspapers.
The land is now worth between $6.3million to $6.9million, increasing in value of up to $1,175million.
It has approved plans and permits for a modern home or two townhouses and the agent said there are developers and locals interested.
But he said developers are wary of investing in new builds given the rise of construction costs plaguing the sector.
A wave of devastating collapses has seen firms go under across the country sunk by the high costs and supply issues.
Meanwhile, the Toorak plot is priced at $8800 to $9700 per square metre while other parts of the suburb are at $10,000 per square metre.
David Morrell, a Prestige buyer’s agent said property buyers could fork out $7500 to $14,000 per square metre in Toorak depending on position.
‘Land is still sought after and still going up,’ he said. ‘They are just not making any more of it.’