Lockett and Co Real Estate owner Garry Lockett said a two-bedroom house on the 2500-square-metre block would likely be demolished. “(Considering the home will be demolished) it is a record for a vacant block,” he said.

“Now that this one has gone it will set the benchmark for others and push the prices up. Anything that comes up with another house on it will come at a higher price.”

Lockett and Co Real Estate sales manager Paula Dwyer said there had been a lot of interest in the property.

“The view from it is probably the most spectacular in the East Beach area,” Ms Dwyer said. She said the block offered plenty of room for a subdivision, but the owners had no immediate plans to build.

Ms Dwyer said the owners received a number of offers after the property was listed for sale in March last year. The property was listed for sale at $2 million.

“It wasn’t far off it,” she said of the price it sold for.

She said the property market in the coastal village was booming.

“The demand is incredible,” Ms Dwyer said.

“There is very little stock.”

Ms Dwyer said the owners of the property, located at 226 Griffith Street, were extremely pleased with the sale price.