Forums / Property Investing / Help Needed! / Mt Eliza home sells $900,000 over reserve on Australia's most desirable street

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    ‘Beach and prestige locale boost Kunyung Rd into most viewed streets (15 NOV 2018)
    ‘With the beach for a playground, it is little wonder that Kunyung Rd properties are among the nation’s most viewed listings.

    The Mt Eliza stretch joins two other Mornington Peninsula roads on a list of most popular streets with homes for sale on realestate.com.au.

    Kunyung Rd’s tightly held properties, with just four sales so far this year, also make it sought-after among house hunters.

    The realestate.com.au data was collected from a three-year period.

    “The road has some beautiful homes, well-known owners and landmark properties which would account for the interest on the street,” RT Edgar Mt Eliza director Vicki Sayers said.

    RT Edgar sold a home located towards the end of the street near the water at No. 6 which had drawn huge interest.

    The long-held property attracted 300 people on auction day in April and sold for almost $900,000 above the reserve for $3.59 million.

    “This property would have driven a lot of traffic online,” Ms Sayers said. “And there was also the publicity around the former Ansett Estate.”

    The well-known estate on 22.3ha sits on four titles at the corner of Kunyung Rd and Albatross Ave and fetched about $33 million when it sold last year. A retirement-living operator bought it.

    A similar business also paid about $40 million for the former University of Melbourne Business School campus along Kunyung Rd. The 8.9ha site with beach frontage features conference facilities, offices, dining facilities plus a bar, vineyard, tennis and volleyball courts and residential accommodation.

    “Kunyung Rd has some of the best properties in Mt Eliza,” Ms Sayers said.

    “Kunyung Primary School is very popular and would have led many family buyers to check out the street’s properties.”

    It is a long street with modest and very expensive homes, with properties without water views costing considerably less and entry-level home prices starting from $800,000, TJ Sparks Mt Eliza director Terry Sparks said.

    “Homes closer to the water probably start at $2.5 million,” Mr Sparks said.

    He cited one client who paid $2.5 million for a block to demolish the existing dwelling and build a new home.

    There were four houses listed on realestate.com.au as of November 13. They included No. 43, which has a price guide above $1.6 million and comes with panoramic water views.

    That immaculately maintained four-bedroom home with a pool has been held for almost four decades by the same family.

    The street had one outstanding sale this year, with a street record price of $4.5 million set by 2-4 Kunyung Rd. It was sold in January by Nicholas Lynch.

    The stunning clifftop home was on the market for the first time and features luxury details and finishes, resort-style facilities and an elevator.’

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