A Carlton development site has overshot its reserve price by $4 million as competition in Melbourne's heated property market intensifies.
Vinci Carbone agent Frank Vinci said the single-storey brick building at 4-12 Leicester Place attracted six bidders and two fought it out in final $100,000 bids.
The property with significant development upside – the potential to build a structure up to 40-metres tall – sold for $9.1 million.
Carlton's proximity to Melbourne and RMIT universities was a significant driver, he said.
Another development site in Box Hill sold for $4.6 million to a Chinese buyer after aggressive bidding, CBRE's Scott Orchard said.
The auction of 757 Station Street attracted a 100-strong crowd. Six local and offshore parties were involved in the bidding.
The final sale price reflected about $115,000 per unit for the site and was evidence of continuing demand from Asian buyers, he said.
