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A home on Brighton’s Golden Mile has hit the market with a price guide of $23.5 million to $25 million, but the new owner might need even deeper pockets.
The total cost to the buyer of 5 St Ninians Road could be close to double that, depending on their vision for the property.
The seven-bedroom residence set on a large block of 1800 square metres was recently updated by its owner, a developer, and is liveable, with a tennis court, lift access to each level, bay and city views and parking for four cars.
But the buyer may wish to renovate or even knock it down and rebuild their dream home, Marshall White Bayside selling agent Ben Vieth said.
“For big builders, the rule of thumb is what you buy the land for, you spend on the build, or close to it,” he said.
He thought rebuilding costs to the new owner would cost at least $10 million to $15 million, and could be as much as the same price as the cost of the block.
The home has views of the bay and the city.Credit: Marshall White
The home is set within Brighton’s Golden Mile – the streets between St Kilda Street to the east, Head Street to the north, the Brighton Yacht Club to the south and the beach.
He said it used to be rare that homes on the water came up for sale, but a handful of opportunities had recently emerged.
A five-bedroom Seacombe Grove residence set the Brighton record when it sold for at least $22 million late last year.
Its neighbour at 16 Moule Avenue is also for sale, with a price guide of $39.9 million to $43.89 million.
He said buyers for this type of estate swoop in when the opportunity arises – they were not necessarily looking to move or upsize, and are undeterred by rising interest rates or building cost blowouts.
He said the broader Brighton market is inconsistent, and turnkey homes are fetching better results than unrenovated properties among homes below this price point.
“There is high competition for these [turnkey] properties, which means the price goes up,” he said.
Melbourne’s house price record stands in Toorak, where crypto king Ed Craven bought a knockdown-rebuild for just over $80 million last year.
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