Tap here for Saturday’s auction resultsTap here for the market snapshotUnliveable Newport dump sells for more than $1 million’Renovation opportunities’ selling for more than $1 millionA run-down Richmond house sells for $1.2 million
A rundown Toorak house that struggled to sell for about four years has fetched more than $5.8 million ??? less than what the vendors paid for it seven years ago.
Only one would-be buyer made a bid for the six-bedroom Victorian house at 177 Kooyong Road on Saturday, and it was passed in at $5.8 million. A young family secured the keys for an undisclosed price just above that figure.
It was one of 937 properties listed to go under the hammer Saturday. By the evening, Domain Group had collected 752 results to put the clearance rate at 78.3 per cent. “Positive budget initiatives this week have helped keep the Melbourne market ticking over nicely for sellers,” said the group’s chief economist Andrew Wilson.
The vendors re-employed the services of RT Edgarauctioneer Jeremy Fox, after he sold them the 1482-square metre block seven years ago.
Back in 2010 ??? before Stonnington council slapped a heritage overlay on the house ??? it sold for $6.19 million, Domain Group data shows.
But with the imposed limitations, it only appeals to buyers who are looking to restore the house, rather than developers.
So while house prices have more than doubled across the city over the past decade, time has stood still for the late-Victorian home.
The property had been on the market for the past four years with four different agencies, said Mr Fox, who recently took over the listing.
He believed the vendor originally planned to develop some townhouses on the site, before the council placed a heritage overlay on the property.
“I think [the council] wanted to preserve these beautiful old houses, and I think that’s probably right too, rather than getting them all knocked down,” Mr Fox said.
The measure would stop the repeat of controversies such as the shock demolition of a Toorak landmark Queen Anne-style mansion at 18 St Georges Road, torn down by the buyer who paid $18.5 million in 2013.
The purchaser of the Kooyong Road house, who wanted to be known only by his first name Adam, said he was excited about the project to restore the home to its original beauty.
He said he liked the property’s history, large block of land and thought it was a great opportunity to create a nice family home.
“I don’t think people usually associate [above $5.8 million] with a bargain, but I think I’ve bought well,” he added.
In Carlton North, it only took two eager buyers to tango at the auction of a grand four-bedroom Edwardian house. The two pushed the price $250,000 over reserve.
A lack of interest for the 512-square metre property at 235 Amess Street during the first few minutes of the auction made it seem like a pass-in was almost inevitable.
But after a trip inside to consult the vendors, Nelson Alexander auctioneer Tom Roberts was fielding bids left and right from the two men, including a buyer’s advocate bidding on behalf of a family. The home was declared on the market at $3.26 million, and Mr Roberts brought down his hammer at $3.45 million.
He believed the buyer was from the eastern suburbs and wanted a single-level home “ready to go”.
On the opposite end of the spectrum, a “borderline derelict” house at 158 Cecil Street, Fitzroy sold for $1.15 million to a builder wanting to create his own home.
Nelson Alexander’s Rick Daniel said the house passed in on a vendor bid of $900,000, but two parties showed interest afterwards.
The three-bedroom house on 268-square metres, with a backyard seemingly filled with junk, was being rented for $380 a week.Continue Reading →