The dated property at 42 Draper St, Albert Park, sold for $3.85 million.

BUYERS of an Albert Park house in the same family for about 60 years have forked out $3.85 million just so they can knock it down and build their dream home.

The plain brick three-bedder at 42 Draper St eclipsed its reserve by $650,000 at the weekend as four bidders vied for the rare 333sq m block in the blue-chip ‘burb.

Greg Hocking Holdsworth, Albert Park, agent Shane Siemers said all participants planned to bowl the property over and rebuild.

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The rare block was sought-after by families looking to build their dream home.

The house had been in the same family for about 60 years.

Albert Park is one of Melbourne’s most popular suburbs.

“We kicked it off on a vendor bid of $2.9 million and were given instructions to put it on the market at $3.2 million,” he said.

“It was pretty competitive bidding until that point and right through.”

Mr Siemers said the buyers were living in London and would build their dream home on the site, which was a deceased estate being sold by the children.

He was not sure what the family had paid about 60 years ago but “it certainly would have been a lot less” than the huge sale price.

The property smashed its reserve by $650,000.

“There’s a lack of stock in the area. Albert Park is so tightly held. While the clearance rate across the whole of Melbourne is around 65 per cent, Albert Park is probably closer to 90 per cent because of the low numbers,” he said.

The A-grade suburb’s St Vincent Place was just voted Melbourne’s best street by property professionals.

Albert Park’s median house price rose 17.3 per cent $2,122,500 in the 12 months to January, according to CoreLogic.

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