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New record for highest price paid for a Mr Fluffy block: $2.75 million

Asbestos workers prepare to remove Mr Fluffy loose-fill asbestos from a home in Kambah in April 2016.Asbestos workers prepare to remove Mr Fluffy loose-fill asbestos from a home in Kambah in April 2016. Photo: Rohan Thomson

The highest auction sale for a former Mr Fluffy block from Colliers International was recorded on Tuesday with a Deakin land parcel selling for $2.75 million

The 1821-square metre block at 5 Normanby Crescent in Deakin smashed the previous record price paid for a Mr Fluffy block by $848,000 and was one of 60 blocks on offer at Suburban Land ACT’s public auction at the Hellenic Club Woden.

The former highest recorded sale for a Mr Fluffy block was set in March 2017 with the sale of a 1156sq m block $1.902 million at 258 La Perouse Street in Red Hill.

5 Normanby Crescent, Deakin sold for $2.75 million.5 Normanby Crescent, Deakin sold for $2.75 million. Photo: Colliers International ACT

Colliers International ACT has recently taken over the contract of the ACT government’s asbestos buyback scheme.

Colliers International ACT director of residential land marketing Shane Radnell, said the large block of about 1800sq m is ideal to be divided into two luxury homes.

“There was a good mix of family buyers looking to purchase blocks for their own dream house, but also developers looking to purchase large blocks for dual occupancies,” he said.

Out of the 60 blocks, 28 sold under the hammer at the auction and the remaining mostly under negotiation. Five blocks cracked $1 million, including two blocks in Deakin.12 Galway Place, a 784sq m block sold for $1.025 million and 12 Gormanston Crescent, a 739sq m block sold for $1 million.

“We had really good sales in the Inner South and we also sold a lot of product in Macquarie,” said Mr Radnell.