Toorak block of land for sale could increase $575,000 or more in value in 18 months

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Of course, it’s not all paper profits.

Stamp duty on a transaction of that size would cost about $315,000, plus transaction costs.

But the listing illustrates the top prices buyers will pay for land in the exclusive suburb. The block of 712 square metres is priced at roughly $8800 to $9700 per square metre.

As a rule of thumb, Toorak land is often priced at $10,000 per square metre, but it can vary depending on position.

A recent blockbuster $80 million sale of a St Georges Road ghost mansion to crypto king Ed Craven – who plans to build a new home on the block – was priced about $11,100 per square metre.

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Prestige buyer’s agent David Morrell said buyers could pay from $7500 to $14,000 per square metre in Toorak depending on whether they were buying an A, B or C-grade position.

The smaller the block of land, the higher per square metre it should cost, he said, adding that values can vary by as much as $2000 a square metre from one side of the street to the other.

“Land is the ultimate litmus test of the market,” he said. “Land is still sought after and still going up.

“They are just not making any more of it.”

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