If it sells for that price, it would mark the highest house sale for the suburb and quite possibly the entire inner north of Canberra.

Located on a corner intersection diagonal to the O'Connor shops, 42 David Street, Turner is zoned as an RZ1 block, making it suitable for low-rise residential only.

An original red-brick home still stands on the 1166 square metre property and has been updated internally since the owners purchased it in 2011 for $900,000.

Records show the four-bedroom house was built in 1949, however it has no heritage value.

A similar RZ1 block, 7 Spencer Street, Turner, sold over the weekend for $3.25 million. The block was larger at 1823 square metres and also featured an original red-brick house.

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Listing agent Tim Russell of LJ Hooker Kaleen said the sellers of 42 David Street are hoping someone with a vision will see the potential of the block.

"At the moment you can only build a house there, as under normal RZ1 rulings," he said.

"Should somebody put a pretty strong case to town planning, we would think there would be a good opportunity to put some sort of commercial style venture there into the future.

"But even as it stands, to be able to build a house on that site, in that location would be spectacular."

To put the price into perspective, the highest sale on record for a Turner home is $4.15 million.

Sold in May, the contemporary house at 64 Boldrewood Street featured five bedrooms, a four-car garage, a theatre room, wine cellar and outdoor swimming pool, all on a 1392 square metre block.

Despite the $5 million price tag, there has been some interest on the property.

"We're getting a mixed bag of inquiries from people who are thinking about putting their own estate there and professionals who have been contacting us around what they might be able to do, to build a residential/commercial [development]," Mr Russell said.

While Mr Russell admits it is a high figure even in today's market, the sellers are not in a rush to let go of the property.

"They're waiting for the right person to come along that's really going make the most of it and we're hoping we'll see that person."

The median sales price for houses in Turner is $1,896,250, CoreLogic data shows.

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