Your Domain: Labour of love renovation project smashes reserve at Kensington auction

A labour-of-love renovation project, which took seven years to complete, has paid off for one Melbourne vendor with her property smashing its reserve at auction on Saturday.

Speaking ahead of the auction, selling agent Luke Sacco from Nelson Alexander Flemington said all indications were positive.

“Between 80 to 100 people have been through it. It’s been a really well received campaign. We have between five and six interested parties.”

The Kensington home had been lovingly renovated by the vendor Sue Burchell, who has a background in interior design.

“When I bought it in 2003, it needed a lot of work. The kitchen, laundry and bathroom were located in the same room, and even more conveniently, the toilet was located in the back garden,” Ms Burchell said ahead of auction. “But I could certainly see the potential. I started [renovating] in 2004 and finished in 2011.”

Ms Burchell’s professional eye has resulted in a home with broad appeal.

“It’s the sort of renovation that’s not offensive in any way. A lot of neutral colours – it’s all about light and space,” Mr Sacco said. “Really appealing to young couples who want to get into the market and don’t want to renovate.”

The auction falls on a super Saturday of auctions in Melbourne as vendors looking to beat a Christmas deadline and catch buyers before they wind down for the year.

“It feels like there’s still a bit of a shortage of stock. The demand from buyers has definitely bounced back, as you can see by the numbers coming through [this property],” Mr Sacco said.

One of only two, two-bedroom properties currently for sale in the suburb, it was clear from the opening bid that the demand seen during sales campaign would be reflected on auction day.

Auctioneer Josh Kalender opened the auction at $1 million, before quick bidding saw the property called on the market at $1.12 million in under a minute.

From there the pace didn’t slow, with a number of bidders pushing the price up to just over $1.4 million, until Kalender bought down the hammer at $1,405,000 – $365,000 over reserve.

Speaking to Your Domain after the auction, vendor Sue was still in shock. “I can’t believe it, amazing, absolutely amazing,” she said.