A house in the Dunbar neighbourhood in Vancouver that sold for over $3 million dollars after just 24 hours on the market is likely heading for a teardown according to the realtor that sold it.

The 2950 square foot property, located at 3981 West 35th Avenue, was originally listed at $2,848,000. Less than 24 hours later, with multiple offers — and not one single viewing — the vendor accepted $3,038,000.

The massive price tag is a record for a lot in the west side neighbourhood, ReMax realtor Wayne Hamill told CBC.

Hamill told CBC News, the value of the house increased a whopping 410 per cent since it was last purchased for $739,000 in 2000, noting that since that purchase the house has been tenanted.

He says there were multiple offers on the house and all them came from buyers who are interested in developing the property.

dunbar $3m house

A house sold for over $3m in Vancouver's Dunbar neighbourhood could be heading for a teardown. (ReMax)

The huge lot — 66 x 130 feet — may have been more of a temptation to buyers than the five bedrooms and five bathrooms the 1930s house boasts.

The current renter of the house, Kleanza Bennett says she fully expects it will meet the same fate as many others nearby.

"It's just typical of houses in this neighbourhood," she said. "They are just torn down and this monster house goes up in its place."

With files from CBC's Kirk Williams