Melbourne auctions: ‘Uninhabitable’ Port Melbourne terrace sells for just under $1 million
An “uninhabitable” deceased estate sold on Saturday for $995,000 after a drawn-out auction in which builders went head to head.
The three-bedroom terrace at 70 Clark Street, Port Melbourne, had been dubbed the worst house on the best street.
In need of a complete renovation, the 146-square-metre property mostly drew interest from builders, Biggin and Scott’s Fraser Lack said. It was quoted with a price range of $800,000 to $850,000.
“We had five bidders put up their hands, we had potentially three or four people who didn’t get to bid but said they wanted to,” Mr Lack said. “It sold to an owner-builder family.
“[The buyer] used to build houses back in the day, and he bought it for his son to renovate.”
Mr Lack said the result showed the Melbourne market was back in a big way.
“The last property to sell in that area in that condition sold in February, and it sold for $891,000,” he said. “So that’s about a 10 per cent difference, before and after the election.
“It’s really strong. It’s only up from here.”
It was one of 1013 auctions scheduled on Saturday. By Saturday evening Domain Group had recorded a preliminary clearance rate of 69.5 per cent from 719 reported auctions.
Earlier in Fitzroy North, an apartment in a converted fire station had a hot auction, with five bidders weighing in to secure the home.
The top-floor unit had been popular for its park views, Nelson Alexander agent Arch Staver said.
“[People loved] that you could look out at treetops and greenery and the city no less from every room in the house. In fact, the only room that doesn’t have a view is the powder room,” he said. “You don’t feel like you’re part of a development. I think that’s what made it special.
“You feel like you’re sort of just floating above this park.”
The unit at 9/301 St Georges Road had an odd, triangular floor plan and two bedrooms with rounded outer walls.
Bidding started at $750,000 and quickly climbed past the reserve price of $800,000. It sold to an investor for $910,000 – $110,000 more than what the vendor was asking.
Mr Staver said he had sold the Metropolitan Fire Brigade building at auction back in 1996 for $449,000, less than half of the sale price of just one apartment today.
At the time the sale was the subject of community outcry.
“I’ll never forget that auction because one of the protesters encouraged a young child to come up and kick me in the shin during the auction,” Mr Staver said.
Later in Northcote, a double-fronted Victorian house sold under the hammer for $1,313,000 – $113,000 more than the top of its quoted price range.
Wakelin Property Advisory director Jarrod McCabe said the sale of 19 Claude Street was particularly strong when compared with recent sales in the street.
“The place opposite sold last weekend for $1.45 million, with about [an extra] 80 square metres of dirt,” he said.
“[It] was renovated and had an off-street car space with a side driveway,” he said. “If you were trying to bring this up to a similar condition internally, it’d cost you a lot more than $100,000 to do it and you still wouldn’t have the car space.”
Mr McCabe said the sale indicated buyers were sometimes willing to pay a premium for the right to put their own mark on a property.
“It goes to show renovations don’t always attract the premium people expect,” he said. “It depends on what you want. Some people don’t want to buy someone else’s renovation.”
Mr McCabe said the home sold to an older woman, but two younger couples also contested the auction.
Back in Port Melbourne, a renovated terrace sold after auction, just down the road from 70 Clark Street.
The home at No.38 had three buyers try their hand, but it passed in after they traded more than a dozen bids. The auction opened at $1.6 million, with bidding rising to $1,785,000 – which wasn’t enough to reach reserve. However the property sold soon after, to the highest bidder, for $1.8 million.
Greg Hocking Holdsworth’s Peter Zervas said selling had been an emotional and difficult process for the vendors.
“You need to be careful and considered, particularly when it’s such a well-done family home,” he said.
The three-bedroom terrace was ready for the new owners to move in without any work to be done, Mr Zervas said.
“It just holds up well,” he said. “It ticks a lot of boxes. The floor plan is good and the living area flows onto the courtyard at the rear pretty nicely.
“It’s period in style, has three bedrooms and two bathrooms and off-street parking, which is a big thing.”
Biggin and Scott’s Mr Lack said 38 Clark Street was an example of what No.70 could be like, if renovated.
We thought you might like
States
Capital Cities
Capital Cities - Rentals
Popular Areas
Allhomes
More
