Not-for-profit organisation Baptcare has set a new price record for Melbourne’s west with the purchase of a property in Albion for more than $3 million.
The faith-based organisation bought 11-13 King Edward Avenue, a sprawling block of almost 3700 square metres and directly opposite Barclay Reserve, for $3.135 million to build affordable rental housing for people struggling to make ends meet in the western suburbs.
A Baptcare spokeswoman said the King Edward Avenue property, which is over two titles, was purchased by Baptcare subsidiary Baptcare Affordable Housing to build private and affordable rental housing, “but no concrete plans have been developed yet”.
“Baptcare Affordable Housing purchased the property in Sunshine in line with its vision to become a significant provider of affordable housing that’s well located and well-built for the community,” the spokeswoman said.
This arm of Baptcare was established three years ago to provide affordable housing for people and families on low-incomes, the aged and the sick.
The sale more than triples the record price ever paid for a residential property in Albion.
The suburb broke into the $1 million club in April with the sale of 4 Dubbo Street, a three-bedroom house on 1550 square metres that sold for $1.06 million.
The second-highest price paid is $840,000, a record shared by two properties, at 34 Forrest Street and 48 Sydney Street, which sold in March and November this year respectively.
The median price for a house in Albion is $594,375, according to CoreLogic RP Data.
Selling agent Peter Kay, of Douglas Kay Real Estate, said about six interested parties had offered expressions of interest in the King Edward Avenue sale process. “But the vendor preferred to sell it to Baptcare. It’s amazing to have properties sell in the $3 million mark and impressive that that value is placed on the western suburbs. It’s very positive for the area.”
