Would you pay $3 million for this?

The vendors of a tired Templestowe Lower house are testing the water to see if they can reel in a big fish for their nondescript four-bedroom property.

No. 5 Airds Rd was recently listed with a price guide of $3 million, but Domain agent Vic Sarov said the home was only likely to stay on the market for two weeks.

The property last sold in 1996 for $289,250.
The property last sold in 1996 for $289,250.
The driveway into the 1600sq m property.
The driveway into the 1600sq m property.

"They said, 'if there's anything floating around, we'll look at offers' - it's more of a test of market," Mr Sarov said.

Neighbouring 1-3 Airds Rd, on a similarly sized block of land at 1600sq m, sold for $2.242 million in April 2018.

The median price then was $1.288 million for the suburb.

It has since fallen 15 per cent to $1.1 million.

The four-bedroom home at 5 Airds Rd is listed with a price guide of $3 million.
The four-bedroom home at 5 Airds Rd is listed with a price guide of $3 million.

With the vendors relocating interstate, Mr Sarov said they were more likely to lease the property out, but wanted to see if they could attract a godfather offer first.

"I checked the planning on it - there's no overlay except for the Victorian Aboriginal heritage overlay, which is obviously to do with being close to the Yarra," Mr Sarov said.

"You've got to get permission before you can do anything with the land, but I can't see why it couldn't be a subdivide."

The home is listed as a forthcoming sale, after last selling for $289,250 in December 1996.

The home does have multiple parking options.
The home does have multiple parking options.

jack.boronovskis@news.com.au

@jackboronovskis

Originally published as Would you pay $3 million for this?

A kitchen at the Templestowe Lower home.
A kitchen at the Templestowe Lower home.

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