Last week, a derelict, completely unliveable, house in Melbourne sold for a casual $2 million. For property investors, there are three extremely valuable insights and lessons that can be gleaned from this sale. This dilapidated Melbourne property sold at auction for more than $400,000 above the reserve price. · DomainThat's right…almost half a million above reserve, and multiple buyers were competing hard for just a 250 sq m block of land that would wind up with a value of $2 million. What's more, this very same property sold for just $400,000 three decades ago.