A Preston residential property owned by the Royal Children’s Hospital Foundation has sold at a massive 34 per cent over the reserve at auction.

Teska Carson Director, George Takis, who marketed the 82 St Georges Road property, said four bidders had quickly pushed the property past the $670,000 reserve with the hammer finally falling at $900,000.

``This was a great result for the Royal Childrens’ Hospital based largely on the prime location in a suburb which, while still comparatively affordable, has gained ground as one of the most sought after inner suburbs in Melbourne.

``St Georges Road offers a relatively quick, nine kilometre, trip into Melbourne CBD as does the train and trams, while Preston also offers the very popular fresh food market, a vibrant strip shopping precinct, and Northland Shopping Centre.

``All in all it’s a suburb which will continue to benefit from new development, population growth and gentrification, providing owner-occupiers, investors and developers with strong growth potential,’’ Mr Takis said.  

The property comprises a 110 square metre, three bedroom, Californian Bungalow style residence in original condition with a large rear yard, lock-up garage, and shed. The 503 square metre site, zoned General Residential, has 14 metres street frontage. 

Mr Takis said, while the purchaser’s plans were not known, the property offered enormous potential as a residence, investment, or development opportunity.

The property was sold with vacant possession.