The Block expert sells $1.74m above reserve
The Block expert Frank Valentic has shown why he's risen to become one of Melbourne's best-known buyer's advocates, by selling his family home for an Elwood price record.
The Advantage Property Consulting director collected about $6.8 million for his Art Deco mansion at 20 Normandy Rd, at a private auction that soared $1.74 million above reserve.
Mr Valentic said the lounge room auction "went crazy" between six bidders who had already made early offers on the six-bedroom property.
"The previous record was held by a $6.6 million house in Byrne Ave, and we have smashed that out of the park," Mr Valentic said, referring to chef Teage Ezard's home that sold earlier this year.
"It goes to show the top end of the market is very sheltered from coronavirus … there are a lot of young families looking to upsize into their forever homes."
Industry Insider director Andrew Date said the result was "kind of crazy".
"It was almost like I had to double check it was true," Mr Date said.
"I think 70 per cent of the value in that particular purchase was in the land."
The grand house on 1000sq was named Normandy after its prestigious street when built in about 1948.
Original features include marble-topped fireplaces, etched glass doors, curved windows and a cocktail cabinet.
The Valentics added resort-style flair, including modern living rooms, a large kitchen with Smeg appliances, a pool and a self-contained studio containing a bedroom, bathroom, sauna and gym.
It comes as Mr Valentic also sold a Glen Huntly investment property at 140 Neerim Rd for an undisclosed price.
He said that sale in the vicinity of $950,000 had prompted him to list another one next door at No. 142.
The three-bedroom clinker brick house has a $870,000-$950,000 price guide for its expressions of interest campaign, closing July 21
"We've listed next door to keep capitalising on the market at the moment, which is still very solid," he said.
Originally published as The Block expert sells $1.74m above reserve