Knockdown property in Aspendale hits the market for $1.2m-$1.25m

A tumbledown bayside house, listed for $1.2 million to $1.25 million, has a future far grander than its present.

The two-bedroom house at 8 Eulinga Avenue in Melbourne’s Aspendale is past its prime and likely beyond saving, but buyers are on waiting lists for homes just like it that are destined for the wrecking ball.

The paint is peeling, the kitchen is simple and old-school, and the old rear sunroom has seen better days, but buyers are looking more closely at its land value ahead of the December 20 auction.

The property is one of the limited opportunities in the suburb, close to the beach, for a knockdown and rebuild. It is a sign of the times in an upwardly mobile suburb that is emerging from the shadow of prestigious neighbours.

“It’s definitely a one of a kind,” says agent Mathew Cox of Buxton Real Estate Mentone. “Nothing similar has been for sale for some time.”

Cox says there is a “bank of buyers” waiting for properties like this aged weatherboard. “It’s rare, also in the fact that the buyers won’t be competing with anybody looking to potentially renovate the home, because it is so far gone. It is pure land in the truest sense of the word.”

Its likely future is as a trophy home site, without the price tag associated with more in-demand bayside suburbs.

“Aspendale is definitely one of those suburbs that’s appealing … because it offers a rare opportunity to live that close to the beach at a medium-level entry price,” Cox says. “If you were to pick up that property, at that distance from the beach, and put it in Beaumaris or Black Rock, you could actually double the price.”

The corner block provides scope for a duplex or townhouse development, all with street frontage.

Cox says Aspendale used to be a suburb that people just drove through. However, the market has woken up to its lifestyle and prices.

The suburb, which sits south of Mordialloc, about 36 kilometres from the CBD, is attracting prospective buyers who have been looking in bayside suburbs closer to the city, but are priced out of those areas, he says. However, they still have cash to splash.

Aspendale’s median of $1,253,500 is significantly lower than nearby Parkdale ($1,453,500) and more upmarket Beaumaris ($2 million), according to the latest Domain House Price Report.

$1,200,000 - $1,250,000

8 Eulinga Avenue, Aspendale VIC 3195

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“They’re bringing the sort of money that they would normally have spent in Beaumaris, Blackrock, Mentone and Parkdale, down to Aspendale, and they’re competing with the local bidders,” Cox says.

The address is moments from the beach, but state government infrastructure improvements will make it even easier. The removal of the level crossing at the Aspendale train station and the construction of a sky bridge, due to be completed in 2026, will enable residents of Eulinga Avenue to walk across the road to the sand.

Absolute waterfront homes in Aspendale, on the high-end foreshore side of the Nepean Highway, are scarce. A cluster of listings on the market, at the time of publication, are asking between $2.95 million and $5 million.

Houses for sale right now in Aspendale

$1,950,000 - $2,180,000

7/200 Nepean Highway, Aspendale VIC 3195

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“Uninterrupted horizons over the entirety of Port Phillip stretch forward in a cinematic sweep of light and tide, with an immaculate canvas of vintage style ready for its renewed lease on life,” the listing says. This home has stood for several decades, but what will never get old is its water view.

$4,500,000

2 Bayview Lane, Aspendale VIC 3195

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A grand, curved window in the circular living room of this house is designed to provide a dress-circle view of the changing tide. The impressive waterfront home is asking $5 million, and includes a swimming pool and self-contained guest pavilion.

$1,550,000 - $1,630,000

33C Sixth Avenue, Aspendale VIC 3195

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This slick, four-bedroom townhouse, with a study, is the work of Avant Townhomes. The property sits near the beach, train station and shopping, and backs onto parkland.