Worst house in one of the best suburbs? Inside an eerie $15.4 million fixer-upper

“The whole thing about an A-grade property like this in South Yarra is that it doesn’t come up every day,” he said.

The property has already received a lot of attention from buyers, including those looking to develop it, and those wanting to build their own family home.

That was despite the eerie state of the block, which has half finished concrete pillars and scaffolding still in place – as well as the broader delays faced by the building industry, amid a shortage of materials and labour.

“Even in an uncertain market, when an opportunity like this comes along, we get lots of interest,” he said.

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While other inner-city suburbs have recorded falling house prices as interest rates rise, South Yarra has bucked the trend.

South Yarra house prices have risen by 4.7 per cent across the year to September to a median $2.1 million, compared to the previous year, Domain data shows.

Big ticket sales in the local area include Askew House, at 62 Park Street, which sold for $12.5 million in May.

Burger mogul and founder of Grill’d Simon Crowe sold a family home in the suburb for $15 million, before snapping up another in Toorak.

One of the biggest sales in the suburb happened pre-COVID-19, when entrepreneur Owen Kerr quietly bought a mansion in Marne Street for $36 million. The deal was settled under Georgia Kerr’s name, records show.

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