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Auctioneer Oliver Burton at a Mosman home that sold $875,000 over reserve.

A Mosman family selling a home they’d owned for more than 50 years got a welcome surprise after the hammer fell at $875,000 above their reserve at auction.

The seller had set a $3.7 million reserve for their four-bedroom house on Mandalong Rd but sold under the hammer for $4.575 million.

“We wouldn’t have dreamt we’d get that price,” said selling agent Adam Vernon of Vernon Partners.

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“We knew there would be a lot of interest but this was way beyond what we expected … the vendors are absolutely delighted.”

Auctioneer Oliver Burton of Cooley Auctions received an opening bid of $3.6 million.

Four of the 14 registered bidders submitted offers and a total 17 bids were made. “The offers went up very quickly,” Mr Burton said.

The Mandalong Rd house attracted 14 registered bidders.

“It was a very realistic reserve but it is hard to predict what will happen in this market. The vendors would have been very happy to accept ($3.7 million).”

Mr Vernon said the registered bidders were a mix of families with children and downsizing couples. The main appeal of the property was its location close to Balmoral Beach.

“It was a reasonable parcel of land but it’s only a few minutes’ walk from the beach so we had a lot of families coming through to look at the home.”

Mr Burton said the result made him “excited for spring”. “It just shows what happens when there are multiple buyers who see value,” he said.

The terrace was one of more than 600 properties to go under the hammer across Sydney this week – a mild increase on the number of auctions held last week.

On the Central Coast, the family behind the world-famous and known royal hotspot The Goring Hotel in London sold their stunning Central Coast hideaway for $3.225 million at auction.

The price was $325,000 over the reserve and six bidders registered for the auction. The buyers were a family from the north shore.

The Endeavour Dr home in Avoca Beach.

The home with stunning views was used as a holiday home.

The Goring family bought the Endeavour Drive property in 2012 from London without inspecting it. Then it was a “two-bedroom shed”.

They renovated it to use as their holiday home before putting it on the market this year. The home was listed with McGrath-Avoca Beach agents Chris Andrews and Ashlea Borland.

The Goring Hotel is the favourite hotel of the Queen and the Duchess of Cambridge who, with the Middleton family, spent the days leading up to the 2011 Royal Wedding there.

The post Sydney real estate: Mosman house sells for $875,000 over reserve at heated auction appeared first on realestate.com.au.

Two dilapidated inner-city homes fetched big bucks in Sydney today, while ‘powerful’ virtual auctions scored solid results for Melbourne vendors.

Latest realestate.com.au auction data shows New South Wales has a clearance rate of 72% for the week to date, while Victoria’s preliminary clearance rate currently stands at 71%.

Here’s what happened in the auction capitals today.

This house at 8 Raleigh St in Thornbury sold above reserve at auction today. Picture: realestate.com.au

Melbourne

A semi-detached Edwardian, in the thriving inner-north suburb of Thornbury, sold for $1.275 million at an online auction this morning, well above the reserve of $1.15m.

Three bidders vied for the renovated three-bedroom home at 8 Raleigh St, which garnered attention for its location and elegant blend of period and contemporary style.

Robert Enes, of Nelson Alexander Northcote, said the return to virtual auctions has been no deterrent to buyers, who are in fact “really embracing the concept”.

8 Raleigh St was well renovated and presented for auction. Picture: realestate.com.au

“It’s an extremely transparent process and they appreciate there’s not a large crowd of peering eyes watching them, so it’s actually been really powerful,” Mr Enes said.

“At an onsite auction, the crowd usually expects a halftime break but [online] we’re just getting down to it. It’s over and done with quickly and vendors are getting a good result.”

Remarkable bidding from six groups pushed a 1990-built Canterbury house to sell $420,000 above the reserve price today.

The Canterbury property sold an eye-watering $420,000 beyond vendor expectations.

While in Ascot Vale, four groups placed more than 100 bids on 159 Kent Street, which eventually sold to a young couple for $1,332,500 – securing the seller a premium of $82,500.

About 50 bids were placed before the four-bedroom house at 53 Alexandra Avenue fetched $3.17 million for its vendors.

Read here for more of today’s Melbourne auction coverage.

Sydney

A historic but derelict Waterloo terrace, listed as “not for the faint hearted”, sold at auction today for an $1.01 million.

The two-bedroom house on Morehead St had gone to market with an $850,000 guide and $900,000 reserve but sold for $110,000 over expectations after 15 buyers registered to bid.

The derelict terrace in Waterloo sold for $110k above reserve. Picture: realestate.com.au

The terrace was built in the 1880s and held by the same family for close to 80 years.

Another rundown property had a successful auction today – a burnt inner west home and alleged former drug lab sold for nearly $500,000 over the reserve price.

The fire-damaged house on The Parade in Enfield had no roof and went under the hammer with a $920,000 reserve. It was secured for $1.38 million in front of a crowd of about 70 people.

5 Manchester St, Dulwich Hill sold for $1.43m under the hammer. Picture: realestate.com.au

Elsewhere in the inner west, a beautifully presented three-bedroom home sold under the hammer for $1.43 million, above the $1.35m reserve.

David Diamantopoulos, from Devine Real Estate Marrickville, said it was a “steady” auction of three bidders, which reflected the current climate of keen and organised buyers.

“There was no waiting for an opening bid, but not fast and furious, just reasonable, steady bids. Strangely enough, despite everything that’s going on, we’re finding it’s just business as usual,” he said.

“Whoever is out there looking, they’re proper, deadset buyers and are ready to go.”

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Ray White agent Jack McGhee registers buyers for a rundown Waterloo terrace. Picture: Darren Leigh Roberts

A historic Waterloo terrace listed as “not for the faint hearted” because of the derelict condition sold at auction Saturday for an unexpected $1.01 million.

The two-bedroom house on Morehead St had gone to market with an $850,000 guide and $900,000 reserve but sold for $110,000 over expectations after 15 buyers registered to bid.

Held by the same family for close to 80 years, the terrace built in the 1880s was uninhabitable and required significant work.

Rooms were cordoned off with caution tape and part of the ceiling at the back of the house was propped up by an old cabinet to stop it from collapsing.

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There were no indoor bathrooms and the only toilet was a small outhouse in the garden that was roughly the size of a portaloo. One of its “walls” was the perimeter fencing.

A nearby informal structure of corrugated iron had been used as the shower facilities. Also in the garden was an exposed bathtub filled with grass and other debris.

There were about 60 people at the auction spread on both sides of the street.

There was a bathtub in the yard.

Selling agent Jack McGhee of Ray White-Surry Hills said all the interested parties at auction were builders.

He estimated the property would require between $250,000 and $500,000 in works to restore it and said it was the most rundown property he had ever sold.

“It was a good price considering the condition,” Mr McGhee said. “The market is pretty patchy at the moment. Some homes are selling well, some are struggling. Most buyers are prepared to wait until the right property comes along but this property was rare.

Auctioneer James Keenan dropped the hammer $110,000 over reserve.

“There are not many opportunities to buy properties like this, not many are left, so there was a lot of interest.”

The property was understood to have once been housing commission before it was bought by the MacDonald family and held for decades.

Sue MacDonald lived in the property as a child and was one of the relatives of the deceased owner. She said she would be interested to see what the new architect owners did with the home.

“I was pretty melancholy about selling at one point but we had to,” Ms MacDonald said, adding her relative’s will stipulated the property had to be sold.

The rear yard outhouse was the only toilet.

“It was a good time to sell. We were concerned about squatters because it was vacant … and I thought it was better to sell while all the stimulus packages were still there.”

Considerable work was done to the property to clear it out and make it presentable for buyers, with the items inside the house filling up five skips, Ms MacDonald added.

The terrace was one of more than 600 properties to go under the hammer across Sydney this week – a mild increase on the number of auctions held last week.

Sue MacDonald grew up in the home. Picture: Darren Leigh Roberts

Auctioneer James Keenan received an opening bid of $780,000 and six of the registered bidders submitted offers. The bids went up in a mix of $10,000, $20,000 and $50,000 increments.

Earlier in the day, an inner west house used as an alleged drug lab before it went up in flames four years ago sold at auction for nearly $500,000 over reserve.

The fire-damaged house on The Parade in Enfield had no roof and went under the hammer with a $920,000 reserve but sold in front of a crowd of about 70 people for $1.38 million.

The roof in a back room was held up by an old cabinet.

It was reported the two-level home had previously been used to grow marijuana but it was not known how the fire was started.

The post Terrace with no bathroom and ceiling propped up by cabinet sells for $110,000 over reserve appeared first on realestate.com.au.

A former drug lab with no roof sold at auction.

An inner west house used as an alleged drug lab before it went up in flames four years ago sold at auction Saturday for nearly $500,000 over the reserve price.

The fire-damaged house on The Parade in Enfield had no roof and went under the hammer with a $920,000 reserve but sold in front of a crowd of about 70 people for $1.38 million.

It was reported the two-level home had previously been used to grow marijuana but it was not known how the fire was started. Police called to the scene had identified it as “suspicious”, according to 2016 media reports.

There was no roof over much of the single-level, front section of the home and the upstairs rooms at the back were caked with smoke stains.

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Soccer ball sized ventilation holes were scattered throughout the house which were understood to have been used for the cultivation of the marijuana.

Other parts of the home were covered with debris and vandals had tagged some of the walls after breaking in.

The house sold for slightly above the median price for the area, despite the condition.

It is not known how the fire started. Picture: Bill Hearne

With 23 buyers registered to bid for the home on a 638sqm block, the price was marginally higher than the $1.32 million median price of houses in Enfield, according to realestate.com.au data.

Selling agent Aaron Papadimatos of Devine Real Estate said the property had been left vacant in the years following the fire and was well-known among the local community.

The landlord owner had been renting out the property at the time of the fire and the marijuana was alleged to have been grown by the tenants, Mr Papadimatos said.

“We heard the tenants were using a lot of electricity,” he said.

The auction attracted a crowd of about 70 people.

The owner became bankrupt in the years after the fire and the property was sold by receivers.

Many of the active bidders were builders and some wore high visibility vests during the auction. Attendees were not permitted to go inside the home before the auction due to the damage.

Bidding started at $800,000 and more than 20 bids were placed.

The buyers were a family hoping to move into the property after restoring the house or knocking it down and replacing it with something new.

The front section of the house had no roof.

The house was uninhabitable.

Some 60 buyers requested contracts of sale for the house.

They told the Sunday Telegraph they had yet to decide which option to take but had a larger budget than many of the builders because they didn’t need to make a profit.

Mr Papadimatos was required by law to disclose the property’s history as a “material fact” but said this failed to dissuade any of the keen buyers.

Neighbours had to evacuate their homes when the house was ablaze.

The house pictured before the fire.

The agent said he had drove past the property many times before getting the listing and had always been curious what price it would get.

“The market is pretty steady at the moment … this price was unexpected.”

The post Sydney auctions: burnt inner west house used as drug lab sells for nearly $500,000 over reserve appeared first on realestate.com.au.

Remarkable bidding from six groups pushed a 1990-built Canterbury house to sell $420,000 above the reserve price.

About 50 bids were placed before the four-bedroom house at 53 Alexandra Avenue fetched $3.17 million for its vendors.

The buyer plans to move into the property before ultimately developing, Marshall White Boroondara agent Kathy Malcolm said.

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Six groups vied for the keys to 53 Alexandra Avenue, Canterbury.

The Canterbury property sold an eye-watering $420,000 beyond vendor expectations.

Sky lights and an open fire place in the four-bedroom house.

Ms Malcolm said there had been a few nerves in the office ahead of the virtual auction, but the decision to conduct the online sale had paid off handsomely.

Elsewhere, Cabbage, broccoli and winter leaves were the healthy icing on the cake for a young couple that secured their new Ascot Vale home under the hammer.

Over 100 bids were placed by the pair and three other groups at 159 Kent Street, which sold for $1,332,500.

Vendor Olivia McKirdy said it felt “fantastic” to fetch an $82,500 premium for the well presented three-bedroom house. Ms McKirdy, who is upsizing locally to a home with more space for her three kids, said the property had been “special” to her family.

Veggies in the front of 159 Kent Street will be ready for the new owners when they move in.

Buyers appreciated the interior styling at the Ascot Vale house.

Contemporary cool in the living room.

“My husband and I bought that (house) back in 2007 — it was our first home together and it really meant something to us,” she said.

The interior designer, who styled the home herself, will also leave behind a parting gift for the North Melbourne-based new owners.

“We left nice big veggie patches,” Ms McKirdy said. “The winter crop will be ready for them next month.”

The property fetched an $82,500 premium.

Wide hallways and internal timber lattices.

One of three bedrooms at the home.

Nelson Alexander Ascot Vale agent Jayson Watts said the competitive auction was “testament to the vendor in the way they presented the property”.

“It also showed there’s activity in the marketplace — the buyers are still there,” Mr Watts added.

Also in the west, a much-loved three-bedroom house at 7 Garden Street, Williamstown, sold for $1.213 million. Local Dallas Henderson said the property had been in her family since at least the early 1900s.

Location was the key selling point for 7 Garden St, Williamstown.

Ms Henderson’s grandmother built the home in the 1950s.

“As far as I’m concerned it’s always been in the family,” Ms Henderson said. “It was the house I never knocked on the door, I always walked in and helped myself to a cup of tea. It’s always been our second home.”

Compton Green Williamstown director Adrian Butera said nine bidders vied for the keys to the home, just a moment’s walk from Williamstown beach. A local family with long-term plans to downsize to the property placed the final bid.

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jack.boronovskis@news.com.au

@jackboronovskis

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Steve Loeffler with wife Lucy Loeffler, and their daughter Olivia Loeffler, are selling their North Bondi Home. Picture: John Appleyard

Homes in Australia’s hottest suburbs have boomed in value by as much as 680 per cent over the last two decades – underlying the belief in the Great Australian dream of property ownership.

Property data compiled by realestate.com.au illustrates the tremendous capital growth savvy, and in some instances lucky, home buyers have enjoyed in the years between the Sydney Olympics and the COVID-19 pandemic in metropolitan areas.

The spread of the suburbs and even regions that have enjoyed such unprecedented capital growth cover a variety of terrain, from exclusive enclaves to the gentrified inner city, through the metropolitan ring suburbs and to the bucolic surrounds beyond.

Prices have boomed in Harrington Park.

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In lists compiled of the biggest growth suburbs of the last 20 years in Adelaide, Brisbane, Sydney and Melbourne those who owned or bought property at the turn of the millennium and have kept it, have cashed in big time.

From Harrington Park in Sydney’s south-west whose median house price has skyrocketed from $148,000 to $960,000 over the last 20 years for an incredible capital growth of 549 per cent, to Kilburn in Adelaide’s inner north where home values have leapt 683 per cent from $55,000 to $434,400.

Then there’s Windsor in Brisbane’s inner north which had grown 492 per cent from it’s median value of $183,000 in 2000. And in Melbourne, Tyabb on the Mornington Peninsula has led the way with average house prices growing 682 per cent from $121,5000 to $950,000.

Steve Loeffler with wife Lucy Loeffler and their daughter Olivia Loeffler. They are selling their North Bondi Home. Picture: John Appleyard

Kilburn and Windor have illustrated the growing demand for inner city living in that time, while Harrington Park and Tyabb are evidence of growth of Australia’s two biggest cities into areas that were formerly rural.

Realestate.com.au chief economist Nerida Conisbee said suburbs that had undergone urban renewal or become substantially more desirable because of a shift in buyer preferences had recorded strong price growth.

“Twenty years ago, it wasn’t as popular to live so close to the beach,” Ms Conisbee said.

“People also wanted bigger homes on big blocks and wanted to live further out, but there’s been a real shift towards wanting to live close to amenities and to be within walking distance of everything.”

Ms Conisbee said the gentrification of certain suburbs had also created a ripple effect, which pushed up prices in neighbouring suburbs.

“A lot of old people have moved out of these suburbs in the past 20 years and a lot of younger people have moved in,” she said.

Inner city Elsternwick in Melbourne has enjoyed very strong growth. Picture: Andrew Henshaw

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“Because young people tend to renovate and demand better services, that gives a lot of areas renewed energy, which tends to lead to some big changes in prices.”

At the other end of the list of the best performing 100 suburbs, but by no means the poor cousin sits inner city Elsternwick in Melbourne, where average house prices have moved from $397,000 in 2000 to today’s median of $1,927,500, an increase of 386 per cent. In Prestons, very much in the geographic heart of Sydney, prices have moved up by 281 per cent from $193,000 to $735,500.

In Brisbane, the former freehold settlement of Logan Village sits at the bottom of the top 100 suburbs, having grown 289 per cent from a median of $158,000 to $615,000. And in Adelaide’s centre Old Reynella, named after an early South Australian winemaker has jumped 251 per cent from a media of $114,000 to $400,000.

Top 10 growth suburbs over the last 20 years (median house prices)

Adelaide

1. Kilburn: $55,500 to $434,400 (683%)

2. Greenacres $85,400 to $462,500 (442%)

3, Northfield $85,000 to $447,000 (426%)

4. Blair Athol $97,500 to $500,000 (413%)

5. Windsor Gardens $96,000 to $477,500 (397%)

6. Clearview $90,000 to $447,500 (397%)

7. Henley Beach $201,000 to $940,000 (368%)

8. Willunga $125,000 to $582,500 (366%)

9. Rosewater $84,000 to $389,000 (363%)

10. Christies Beach $80,000 to $365,500 (357%)

Brisbane

1. Windsor $183,000 to $1,082,500 (492%)

2. Bulimba $240,000 to $1,395,000 (481%)

3. Coorparoo $185,000 to $1,050,000 (468%)

4. Grange $206,000 to $1,160,000 (463%)

5. Sandgate $140,000 to $782,500 (459%)

6. Salisbury $115,000 to $625,000 (443%)

7. New Farm $295,000 to $1,600,000 (442%)

8. Rocklea $76,500to $408,000 (433%)

9. Hawthorne $265,000 to $1,410,000 (432%)

10 Deagon $91,000 $480,000 (427%)

See Queensland’s top 100 growth suburbs

If you bought in Brisbane’s Bulimba 20 years ago you would be pretty happy.

Sydney

1. Harrington Park $148,000 to $960,000 (549%)

2. Currans Hill $96,000 to $605,000 (530%)

3. Hamlyn Terrace $101,500 to $618,000 (509%)

4. Rouse Hill $164,000 to $938,000 (472%)

5. Beaumont Hills $207,000 to $1,158,000 (459%)

6. West Hoxton $159,250 to $835,000 (424%)

7. Canley Vale $168,000 to $830,500 (394%)

8. Lisarow $150,000 to $725,000 (383%)

9. Erina $180,000 to $857,500 (376%)

10. North Bondi $600,000 to $2,850,000 (375%)

See NSW’s top 100 growth suburbs

Melbourne

1. Tyabb $121,500 to $950,000 (682%)

2. Somers $144,000 to $970,051 (574%)

3. Clayton $182,000 to $1,200,500 (560%)

4. Springvale $125,000 to $762,000 (510%)

5. Malvern $465,000 to $2,800,000 (502%)

6. Box Hill $270,000 to $1,623,500 (501%)

7. Mont Albert North $263,000 to $1,540,500 (486%)

8. Crib Point $90,000 to $525,000 (483%)

9. Rye $121,000 to $702,500 (481%)

10 Tootgarook $104,000 to $600,000 (477%)

See Victoria’s top 100 growth suburbs

Homes in NSW”s top suburbs

37 Governor Drive, Harrington Park, NSW 2567

$1,179,000

43 sq m custom built home family home with 4 bedrooms, all with walk in wardrobes and ensuites, contemporary kitchen, state-of-the-art outdoor entertaining area and 2 car spaces aside a nature reserve.

602/8 Roland Street, Rouse Hill, NSW 2155

$895,000

Two level, 3 bedroom apartment in modern security complex with a swimming pool and tennis court. Spacious northeast facing indoor/outdoor open plan living on 144 sq m with floating timber floors and floor to ceiling glass windows with area views.

8/127 Hastings Parade, North Bondi, NSW 2026

$1.8 million

Two-level, 3 bed, 2 bath, Art Deco beachside unit offering the idyllic Bondi beachside lifestyle on sought-after Ben Buckler point. Water views and only steps to the sand.

33 Lansdowne Street, Surry Hills, NSW 2010

$1. 9 million

3 bedroom, 2 bathroom terrace house on 120 sq m. Offers ideal inner-city lifestyle with northeast facing backyard entertaining area. Quiet location just minutes to some of Sydney’s best dining and easy walk to the CBD.

* This data is provided by licence from realestate.com.au Pty Ltd and is current at the time of publication. realestate.com.au Pty Ltd does not make any warranty as to the accuracy, completeness or reliability of the data nor accept any liability arising in any way from omissions or errors.

The post Australia’s hottest growth suburbs revealed appeared first on realestate.com.au.

Mornington Peninsula enclaves have reeled in some of Melbourne’s largest house price gains of the past 20 years.

Coast and country suburbs Tyabb, Somers, Rye and Tootgarook dominated Greater Melbourne’s top performing price growth suburbs since 2000.

Realestate.com.au data shows Tyabb topped the list, with the suburb’s median house price shooting up 682 per cent over two decades, from $121,500 to $950,000.

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Katherine Rossetti and her son Dominic at their Rye beach house for sale at 121 Golf Parade. Picture: Nicole Cleary

93 Jones Road, Tyabb sold for a massive $2.8m this year.

Somers’ median house price skyrocketed 574 per cent since the start of the century, from $144,000 to $970,051, and in Crib Point, 560 per cent from $90,000 to $525,000.

Other peninsula pockets to make the citywide top 20 were Rye (up 481 per cent to $702,500), Blairgowrie (464 per cent to $924,000) and Hastings (461 per cent to $505,000).

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Belle Property Blairgorwie agent Mal McInnes said the former “sleepy hollows” had sparked more buyer demand than the likes of blue-chip Sorrento and Portsea because they were far more affordable.

1 Henty Grove, Somers sold for $1.2m.

1/148 Disney Street, Crib Point sold for $442,000

“We get excited about the prices we achieve, but buyers from Melbourne still perceive it to be quite cheap given how much values are up in the city,” Mr McInnes said.

“These areas have gone from being sleepy hollows to quite cosmopolitan seaside suburbs … and there’s a trend for more people to reside down here permanently.”

Katherine Rossetti’s family bought its first Rye house for $350,000 in 2010 — a price she said “doesn’t exist” in the suburb anymore.

121 Golf Parade, Rye is for sale.

Inside the impressive beach house.

Her second property in postcode 3941, at 121 Golf Parade, is for sale with a $1.05-$1.15m price guide via Belle Property Blairgowrie.

“Rye has always been gloriously daggy, family oriented and not pretentious,” Ms Rossetti said.

“But it has changed a lot, with more architectural homes and renovations being done to old beach shacks.”

The Rosetti family beach house boasts impressive views to the city, a wide open living domain and modern appliances in the kitchen.

Views across the Mornington Peninsula.

A modern kitchen is part of the package.

Clayton was Melbourne third best performer of the past 20 years, according to realestate.com.au, with its median house price jumping 560 per cent to $1.2m.

Other notable growth suburbs were Springvale (up 510 per cent to $762,000), Box Hill (501 per cent to $1.624m), Chadstone (475 per cent to $1.116m) and Box Hill North (473 per cent to $1.26m).

Realestate.com.au chief economist Nerida Consibee also attributed Clayton’s boom to the fact it was home to Monash University.

59 Harlington Street, Clayton sold for $980,000.

1 Alexander Street, Box Hill sold for $1.459m.

“The university has gone from strength to strength,” she said.

Ms Conisbee said many of the growth stars had also benefited from a ripple effect that had pushed entry-level buyers, who had been priced out of gentrified inner suburbs, further from the city centre.

This applied to western suburbs Laverton and Braybrook — both a few postcodes over from trendy Seddon and Yarraville — where the median house prices had soared 471 per cent to $542,500 and 464 per cent to $680,000 respectively.

30 Lee Avenue, Springvale sold for $805,000.

21 Jackson Avenue, Mont Albert North sold for $1.84m

She noted traditional blue-chip suburbs had also performed well since 2000.

Malvern led the way, with 502 per cent gains to a whopping $2.8m median, followed by Mont Albert North, up 486 per cent to $1,540,500.

“Well-maintained homes in well-located areas have always done well,” she said.

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TOP 20 PRICE PERFORMERS SINCE 2000

(Suburb, median price in 2000, median price now- June 2020, percentage increase)

1. Tyabb $121,500 to $950,000, 682%

2. Somers $144,000 to $970,051 574%

3. Clayton $182,000 to $1,200,500, 560%

4. Springvale $125,000 to $762,000, 510%

5. Malvern $465,000 to $2,800,000, 502%

6. Box Hill $270,000 to $1,623,500, 501%

7. Mont Albert North $263,000 to $1,540,500 486%

8. Crib Point $90,000 to $525,000 483%

9. Rye $121,000 to $702,500 481%

10. Tootgarook $104,000 to $600,000 477%

11. Bonbeach $152,750 to $880,000 476%

12. Chadstone $194,000 to $1,116,000 475%

13. Box Hill North $220,000 to $1,260,000 473%

14. Laverton $95,000 to $542,500 471%

15. Braybrook $120,500 to $680,000 464%

16. Blairgowrie $163,750 to $924,000 464%

17. Hastings $90,000 to $505,000 461%

18. Doveton $83,500 to $467,500 460%

19. Lysterfield $170,000 to $945,000 456%

20. Ashburton $315,000 to $1,750,000 456%

Source: realestate.com.au

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Motor racing legend Alfredo Costanzo in the trophy room of the Doncaster home he lived in throughout his car racing career. Picture: Jake Nowakowski

Forty years ago, Australian motorsport champ Alfredo ‘Alfie’ Costanzo tapped the brakes on a shot at an international racing career to do the right thing by his family.

That decision might be about to provide him with his biggest prize yet.

Costanzo won a record four consecutive Australian Drivers’ Championships, appeared in the Australian Grand Prix 11 times and had tilts at Bathurst before retiring in 1998.

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He placed fourth in 1980 and 1984, just before the Grand Prix was given Formula 1 status.

But today the “dream home” at 5 Eden Court, Doncaster, he designed, built and lived in throughout his career is on the verge of a $2m sale. He stands to make a whopping windfall, having paid just $8000 for the block of land 47 years ago.

But selling the Spanish Mission-style house might mean downsizing the collection of trophies and memorabilia that are his “pride and joy”.

The Spanish Mission-style flair of the home is a rarity in the suburb.

It includes the cockpit cover of a Formula Mondial car he raced for Porsche in the 1980s, given to him as a 40th birthday present by his former boss Alan Hamilton — the man who first brought the luxury sports cars to Australia.

“My success came pretty late in my career,” Costanzo said.

“I thought about trying my luck overseas. But the only place I could go was America, because I was too old for Formula 1, and taking my family there was a decision I never took.

“But I think I made the right decision.”

The home’s living room comes complete with a grand staircase and a bar.

By staying put, he wound up equalling Aussie motorsport legend Bib Stillwell’s 1960s Championship record.

It also gave him a chance to appreciate the home be built with skills learned watching his brother and father renovate and flip houses in Fitzroy North, where he grew up after immigrating from Calabria in Italy.

“I did a lot of the work myself,” he said of the Doncaster house.

“When you put something in your mind you want to do, you find a way. You learn from an expert — and when I was finished, I was a bit of an expert myself.”

Pictured: the right decision.

The four-bedroom house has plenty of European flair including a backyard pizza oven that will get Italian-food lovers’ pulses racing.

A tranquil water feature adjoining the pool, and a pool house with a kitchenette and bathroom, ensures a relaxed atmosphere for guests.

Step inside the house and a grand entry hall is set between a games room and sprawling lounge room with a bar and eye-catching decor.

The pizza oven has been popular at Costanzo family gatherings over the years.

Marble tiles imported from Italy appear throughout the home, notably in its bathrooms.

The large kitchen features a plantation window as well as granite benchtops and splashbacks.

“There are a lot of nice features — the garage has space for at least three cars and a lot of workshop space,” Costanzo said.

He plans to downsize to a more modest abode nearby.

The home’s marble tiles were imported from Italy.

Noel Jones Doncaster’s Daniel D’Assisi said he had “never sold anything like this” in his 26 years in real estate.

“It’s certainly sparked interest and inquiry due to its uniqueness,” Mr D’Assisi said.

Built on multiple concrete slabs with then-uncommon in-floor heating added in, the brick house is still “solid”.

“I will miss the whole house, I designed it for my family,” Costanzo said. “But my wife has gone to God and the house is too big.”

It has a $1.9-$2.09m price guide.

The home’s timber kitchen is topped with polished granite.

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