A pair of rundown Victorian terraces on one title in Melbourne’s inner north sold for $1,705,000 at Saturday auction, following a bidding war between four parties.
The four-bedroom property at 115–117 Kay Street, Carlton, was listed with a $1.5 million to $1.6 million price guide, and had a $1.35 million reserve.
The property comprises two adjoining Victorian workers’ cottages on a single title and was being sold by Homes Victoria.
About 30 to 40 people attended the auction, where bidding opened at $1.2 million before quickly escalating.
“You had two people punching it out at the end,” said Woodards agent Stuart Mitchell. “Both were flippers or developers, where they will buy it, subdivide it, renovate it, either rent or then on-sale.
“They’re all workers’ cottages, probably built 130 years ago – at least … in that Victorian-era workers’ cottage.”
A developer bought two former Homes Victoria Carlton terraces for $1,705,000 at Saturday’s auction. Credit: Jason South
Mitchell said the cottages were in a “beautiful part of town”, and highlighted access to parks and public transport.
“You walk to everything … Melbourne’s favourite tram, number 96 … trains at the end of the street, which take you into the city or through to St Kilda,” he said.
The property was one of 1381 scheduled to go to auction in Melbourne this week.
In Brunswick West, a renovated Californian bungalow sold for $2.12 million in post-auction negotiations.
The four-bedroom property at 17 Wales Street, guided at $1.95 million to $2.1 million, had two bidders competing. The reserve was set at $2.12 million.
Bidding opened at $1.9 million and climbed in $25,000 increments before the property was passed in at $2,075,000.
Jellis Craig agent Elizabeth Kelly said it was bought by a young couple relocating from Sydney.
“[They] wanted [a] fully renovated [home] in a good area,” she said. “Obviously, it’s a lot more affordable than the Sydney market.”
Kelly said buyers were increasingly seeking homes that did not require further work.
“A fully renovated home in a great spot … to replace that these days, at the cost of construction, it’s impossible,” she said. “So buyers prefer to buy something fully done, rather than going through the whole process of renovating.”
The renovated Californian bungalow in Brunswick West sold for $2.12 million to a Sydney couple. Credit: Domain
Kelly said Brunswick West continued to attract buyers because of its proximity to the CBD.
“It’s a very popular little area,” she said. “It’s close to transport. You’re in the city in less than 20 minutes on the tram. You’ve got cafes, parks, pubs all around, primary schools.”
In Melbourne’s outer east, a Ringwood North home sold for $1,065,000 under the hammer, $100,000 above its reserve.
The three-bedroom property at 55 Evelyn Road, which sits on about 1341 square metres in the leafy suburb, was guided at $880,000 to $965,000. The reserve was set at $965,000.
Ray White auctioneer Lisa Devenish said the property attracted three bidders – two young families and an investor – with one of the couples kicking off bidding at $980,000.
The winner, an investor who had viewed the property for the first time on auction day, intended to renovate the front house and develop at the back, subject to council approval, said Devenish.
“The direct under-bidder was one of those couples, just looking to build their dream home in the area,” she added.
An investor bought the large Ringwood North property for $100,000 above reserve at Saturday’s auction. Credit: Domain
The property had been owned by the same family for 33 years, she said.
“They love that property – she was a gardener, and he was a collector of all sorts … They’ve sold to move to Donvale.”
Devenish said Ringwood North was a good place for families because of its big blocks, “excellent local and private schools, and easy access to EastLink and Eastland”.
She described the market in Ringwood North as steady. “It’s not been a booming market … It’s more of a normal market … we’ve had so many ups and downs since COVID,” Devenish said.
In Maribyrnong, a townhouse passed in at auction, selling afterwards for $737,000 to a young couple.
The three-bedroom property at 1/18 Belvedere Close had a price guide of $660,000 to $720,000, and a reserve of $737,000.
It attracted two bidders, both young first home buyer couples. Village Real Estate agent John Luong said the buyers were a local couple renting nearby who were drawn to the property’s large north-facing garden.
“There were a lot of young first home buyers interested,” Luong said. “[The underbidder] loved the property but wasn’t quite ready to push.”
The vendor had owned the townhouse for six years and was upsizing to Pascoe Vale.
Luong described the Maribyrnong market as balanced. “It’s neither a buyer’s nor a seller’s market at the moment,” he said.
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