81 Pinelands Road, Sunnybank Hills Source: Supplied

A buyer forked out $5.8 million for the Sunnybank Hills home, which he plans to knock down.

The home was Australia’s top residential sale for the week.

The four-bedroom house at 81 Pinelands Rd was not in first class condition but it was the property’s 1.05ha block close to shops, schools and public transport that attracted a flood of developers.

LJ Hooker Sunnybank Hills sales agent Alexander Stevenson said he received 33 tenders for the property, with the successful local development company signing the contract the day after tenders closed.

81 Pinelands Road, Sunnybank Hills Source: Supplied

“The property sold for $1 million above expectation and there were four or five developers who would have bought in or around this price,” Mr Stevenson said.

“This sale goes to show how strong the market is in this area and how good development land with close proximity to shops is coming so hard to find.”

Built in 1958 and untouched since then, the lowset home attracted interest from architects keen to explore its classic design.

81 Pinelands Road, Sunnybank Hills Source: Supplied

However, the developers now plan to demolish the home and build a mixed use apartment and townhouse development on the site.

“They hope to make it a landmark for the area and are looking to lodge their application with council very shortly,” Mr Stevenson said.

The property was owned by the late Bert Theiss of Thiess Bros, a construction and development company which was later absorbed into Leighton and now CIMIC.