$1.65m for an empty block?!

PHOTO: 6 Merrilli Place, Port Elliot. Supplied

“That is an absolutely insane price. I can’t believe it – no one can believe it!” Find out how much this 383sqm vacant allotment sold for and why it’s so special

A 383sqm vacant allotment in Port Elliot has sold for an eye-watering amount, bagging its seller a sale price not even its agent could have possibly expected.

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The empty block at 6 Merrilli Place, Port Elliot recently sold for $1.65 million – equating to a staggering $4308 per square metre – all the more incredible when you consider it isn’t even a waterfront allotment.

South Coast Realty’s Ken Ninnis sold the block and said he had been blown away by the price obtained.

“I had about five contracts on the property before auction and the vendor wanted to take it to auction because that was going to be the most transparent way of doing it – because I told them we’d probably have a hell of a lot of interest on this one – and I was quite right,” Mr Ninnis said.

“It hit the internet at about 3pm on the Thursday and within five minutes I was getting emails and calls and within an hour or so I’d received about 20 inquiries.

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“I haven’t had a property that’s just exploded like this straight away – that was incredible really.

“I never thought we’d get anything like this, it just went through the roof.”

6 Merrilli Place, Port Elliot. Supplied

Mr Ninnis said there was some to-ing and fro-ing with offers over the next few days, before one buyer dropped the “crazy” offer on a Sunday.

“The offers were between $1.1m and $1.2m at that point, which was probably about where the vendor thought it might go for, and in the end there were two of them fighting for it under auction conditions and one ended up paying $1.65m for it,” Mr Ninnis said.

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“That’s crazy. That is an insane price.

“It’s an absolutely brilliant location, but that is an absolutely insane price. I can’t believe it, no one can believe it.

6 Merrilli Place, Port Elliot. Supplied

“The vendor is more than over the moon – I sold the block to the owner with a house on it in 2007 and they’ve owned it ever since.

“They intended to put a house on it so they bowled it over about eight years ago but never got around to putting one on it.”

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In comparison to the $4308 per square metre the home brought in, Linda Van Hooff of Ouwens Casserly Real Estate, who specialises in Henley Beach, said non-waterfront homes in the metro suburb sell for between $2000 and $3000 depending on position and street, with waterfront blocks usually attracting a bit more than double that.