No. 137 Victoria Road, Bellevue Hill, has a price guide of $10m.

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This 100-year-old home has been in the same family for four decades, but now it’s likely to sell for more than $10m – and then be knocked down.

As always, it’s location, location, location. And a very particular location — a site that offers both harbour and ocean views.

The market in Bellevue Hill is THAT strong because of the scarcity of properties — agents have got as many as 70 or 80 groups turning up to open homes.

It’s not as if there’s anything wrong with this beautiful old charmer. It’s been well-loved by owners Jeremy Rhodes, a retired lawyer, and his wife Kay. There are even harbour glimpses.

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It’s been owned by the same family for four decades.

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But as Ray White Double Bay’s Richard Faludi — who is selling the five-bedroom, three-bathroom home with double garage at 137 Victoria Road with principal Elliott Placks — says:

“The overwhelming majority will want to start again.”

Many may wonder about the logic of paying a double-digit sum for a perfectly liveable home, but in this case, it’s the potential of the 961 sqm block that’s likely to win hearts.

Most likely a new designer residence will rise in its place that will better capitalise on the north-facing views to the harbour and also east to Bondi Beach and the golf course.

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There are harbour glimpses.

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And a good-sized back yard.

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“There are a lot of people out there looking to build their dream home in that position,” Faludi said.

“As time progresses, there are less and less opportunities to build from the ground up; a lot have been developed previously.”

The property offers a range of living and dining zones; soaring decorative ceilings with chandeliers; an alfresco in the garden; and a large backyard with lawns.

The site is already DA-approved for two semi-detached properties.

Says Faludi: “There’ve been so many strong results in Bellevue Hill and the numbers we are getting through open homes is unprecedented.”