Unrenovated premium Albert Park terraces yield 21% higher than 2008, with three consecutive weekend offerings

The sale of three adjoining terraces on the exclusive St Vincent Place in Albert Park has yielded $12,278,000 over the past three weekends, a 21.5% jump on their sale in-one-line five years ago.

The most recent sale was $4,008,000 yesterday.

The highest priced three-bedroom terrace fetched $4.3 million on April 13 comprising a 492-square-metre block and with no bathroom, is a renovator's opportunity.

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Another had fetched $3.97 million.

The three recent sales should not be interpreted as prices haveing risen by 21% as there would have been a limited number of buyers when offered in one line, so the prices are not necessarily comparable.

The offerings was originally part of a three-terrace property owned by the Loreto Sisters, who bought them in 1969.

They sold them in 2008 when acquired by Fiona Olney-Fraser, wife of corporate raider Darren Olney-Fraser, for $10.1 million, who then split the property up into three empty shells.

The sister's departure in mid-2008 marked an end to over 100 years of involvement in the South Melbourne/Albert Park parish by the Catholic religious order.

Having arrived in Australia in 1875, the Loreto Sisters’ work began in 1888 in a small school in a rented house in Merton Crescent called Mononia. 

By the end of 1889 the sisters were looking for another site and land was purchased in Albert Road. While the three storey convent and school was being built, the Sisters lived at 51 Cantebury Road, Albert Park.

The Albert Road Convent and school opened in late 1890 and in 1906 the Central Catholic Training College was opened on the same site.  Both continued until 1924 when most of the students and Sisters moved to establish Loreto Mandeville Hall Toorak. 

The triple fronted property, Loreto House, at 73 -77 St Vincent Place, was bought by the Loreto Sisters in 1969 having previously been a Christian Brothers Boys' Hostel which closed in 1967. The houses were redesigned to make them appropriate as province office, residence and novitiate accommodation.

A recent Catholic Religious Australia survey revealed the total number of nuns of all orders in dramatic decrease  since the mid-1970s, and almost 70%since their peak in the mid-60s.

There were 4765 nuns in Australia last year compared with 12,619 in 1976 and a peak of 14,622 in 1966. In 1901, there were 3622.

Westpac took control of the Olney-Fraser properties in 2010.

The bank made $2,178,000 more than the last combined purchase price.

Buyers agent Mal James said the most recent sale of 77 St Vincent Place, Albert Park was considered to be the weakest of the properties in terms of its orientation and its condition, but it sold under the hammer - again with five bidders - for $4,008,000, surprising many experts. 

Listing agent Michael Szulc of Cayzer Real Estate Albert Park told Property Observer there were mutiple bidders at all of the auctions along with an audience of around 200.

Szulc says the sales provided an opportunity for those wanting to turn the property into their dream home.

75 St Vincent Place, Albert Park, VIC, 3206, three-bedroom house, sold at auction on April 13 by Cayzer Real Estate Albert Park for $4.3 million.

73 St Vincent Place, Albert Park, VIC, 3206, three-bedroom house, sold at auction on April 20 by Cayzer Real Estate Albert Park for $3.97 million

The last terrace 77 St Vincent Place was auctioned Saturday April 27 selling at $4,008,000 through Cayzer Real Estate Albert Park which sold after 39 bids.

Mal James of James Buyer Advocates has previously ranked St Vincents Place as equal second as Melbourne's highest land value street at approximately $6,000 per square metre - not far behind Brighton's absolute waterfront streets of $9,000 per square metre.

James says the successful buyers will face a renovation bill of between $2 million to $3 million depending on their wishes.