In a wild example of Australia’s sky-high property prices, a single plot of land with a tennis court as its only amenity is expected to fetch up to $8.2 million at auction next month.
The 3,576-square-metre plot on Caraar Creek Lane in Victoria’s upmarket suburb of Mornington went on sale on the open market for the first time last Wednesday.
The vacant property, located between Beleura Foreshore and Mornington Golf Club, is due to go up for auction on September 8 with a guide price of between $7.5 million and $8.2 million.
No property restrictions and an open view of Port Phillip Bay are key features for listing agent Quentin McEwing.
The property listing describes the plot as “a unique opportunity for discerning buyers to own a prestigious cliff-top address in Mornington.”
A buyer will also be able to purchase one or two adjacent plots, with homes, to increase their land to approximately 10,205 square meters.
Having been initially acquired by Sir George Tallis in 1916, the property has been “safely maintained” in the intervening years.
It is now being sold by the estate of Cecile Mangon, widow of AFL player turned Carlton and United Breweries CEO Lou Mangon, following his death in 2022.
A single plot of land in Mornington, south-east of Melbourne, on Port Phillip Bay, which boasts a tennis court as its only amenity (pictured), is expected to fetch up to $8.2 million at auction next month.
The property is set amongst exclusive homes on Victoria’s Mornington Peninsula (pictured) and is being offered on the open market for the first time in its history.
The listing also shows the property line running along the cliff and ending just a few feet from the sandy beach.
“Set on an esteemed stretch of Mornington’s premier clifftop, this extraordinary piece of history stands as a truly exceptional property,” the property’s listing reads.
‘With a rich history and no heritage restrictions, this property presents an attractive proposition to preserve its legacy or embark on a new architectural project.’
However, a buyer could be shelling out more than seven times the average cost of a home in Mornington, approximately $1.1 million, according to Real estate.com.au.
The market has grown by around four percent over the past 12 months, having peaked at $1.2 million in August 2022.
The exorbitant price of the land is relative when you consider that a six-bedroom house in Portsea, further down the peninsula, sold for $30 million in 2022.
The clifftop mansion, called Westbank, was built in 1910 along a popular coastal route now called ‘Millionaire’s Walk’ and previously sold for just $8.5 million in 2009.