Worst House Best Street in Toorak
The boutique agency claimed the home, at 6 Irving Road, was “without doubt one of the most compelling opportunities Toorak has seen for a significant time”.
A bit of a stretch we think – unless you consider four months “significant”.
That was when the property was last put to the market – selling for around $2.2 million, and smashing the rate per square foot record of land for the booming suburb to $450.
In a testament to how quickly the Toorak market has moved since April, the house sold again on the weekend – this time for $2.6 million, or just under $550 per square metre – smashing its own record.
As one insider put it, the sale of the tired house reflects the truism that buying the worst house in the best street can be a lucrative investment strategy. Though we at Secret Agent think it better reflects the truism that the rich are getting richer.