A VACANT block of land in Belmont’s riverside precinct has hit the market only seven months after it last sold.
The bare patch of dirt at 8 East View Parade sold for $900,000 in July last year but due to changing circumstances the 902sq m site is now back up for sale.
Whitford, Newtown agent Peter Fort said the land could be used for a luxury home or multi-unit development, subject to council approval.
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In 2016 the property sold for $685,000 and had an original, but dated, house on it.
The house was then demolished and removed with the owners planning on building a new house but eventually backtracked on building plans and sold the property last year.
“It was undervalued with the house that was on it, and its removal makes it a lot easier for builders and developers,” Mr Fort said.
“It has a great view and is in a really good spot.”
The vacant block has views over parkland to the Barwon River and beyond and is walking distance to the Newtown end of Pakington St and Belmont’s High St.
The property will be going to auction on March 2 at 11am. Price hopes are $840,000-$924,000.