Hot property sells for $4.5 million

A DANDENONG real estate company last week sold a parcel of land for a record $4.55 million on behalf of the Education Department.
Cameron Industrial Commercial Real Estate in Dandenong conducted the auction of the 3.1 acre site on the corner of Nettle and Saffron Drives in Hallam last Wednesday.
The infill site attracted a 102 potential buyers, most of them local, but the property was eventually knocked down to an interstate buyer.
Listing agent John Guastella said it had been a strong auction attended by Melbourne’s most high profile developers.
“Everyone wanted it,” Mr Guastella said. “At one stage there were six buyers in the ring but this was only because the other potential buyers couldn’t get a bid.
“If this is a residential property low I’d hate to see a residential boom,” he laughed.
Mr Guastella said he and colleague Sue Landy had worked hard on the campaign to sell the property for the Education Department and it had paid off.
He said most of the local buyers had dropped off at around $3.5 million and the final buyer had said he had paid $1 million more than he had wanted to.
“It’s a very good price. I wasn’t expecting anything like it,” Mr Guastella said.