150-year-old inner-city landmark sells for $1.25m after passing in

A 150-year-old Carlton landmark that has served as a lolly shop and an art gallery passed in at auction on Saturday, and later sold for $1.25 million after negotiations.

The Victorian shopfront property, with two self-contained, one-bedroom residences, at 61 Elgin Street, is known as The Elgin Gallery. It was listed with a price guide of $1.15 million to $1.25 million. The reserve was set at $1.25 million.

In 1985, it was converted into an art gallery and agents staged the property with pieces by local artists. The property was one of 1313 scheduled to go to auction in Melbourne this week.

“It is now split into two really funky Carlton residences … a shopfront, one-bedroom apartment downstairs, and then a renovated upstairs, also one-bedroom apartment,” Charlie Barham from Nelson Alexander said.

The auction was an intimate affair with approximately 10 groups attending. Bidding opened with a vendor bid of $1.15 million, followed by a single bid from a young professional couple.

The property passed in at $1.16 million and sold after negotiations.

The purchasers, a local first home buyer couple, intend to occupy one residence while renting out the other.

The sale marks the end of a 30-year chapter for the vendor.

“There was quite an emotional attachment to the property, but we’re also really thrilled that it’s gone to a young professional couple that are going to enjoy the benefits of the property as much as the vendor has.”

Barham said the inner-city market remains resilient as listing numbers begin to tighten ahead of the holidays.

“As we approach Easter … stock levels drop, and buyers often look a little bit further afield, or are more forgiving of things that otherwise they may not have been. It certainly gives a little bit more confidence in the market in terms of results.”

Meanwhile, a large Eltham North home built by its original owners four decades ago sold for $1,535,500 after a marathon auction.

The four-bedroom house at 62 Progress Road, set on a half-acre bush block, was listed with a guide of $1.25 million to $1.35 million. The reserve was set at $1.35 million.

Held by the same family since 1978, the first-time offering was an emotional sale for two siblings.

“Mum and dad have passed away. It was very emotional throughout the campaign because, again, that’s where they grew up,” said Jellis Craig agent Scott Nugent.

Bidding opened at $1.25 million from a bidder, eventually totaling 106 bids from three families. The final $185,000 was a 21-minute battle of $500 increments.

A couple from Reservoir, who are expecting a baby, secured the keys.

Nugent said the buyer “negotiates for a living” and remained “very calm and measured”. The underbidder was a family from Montmorency.

The vendors invested $30,000 in staging and landscaping, which aided the sale.

“Anything that is new or renovated is still attracting some very, very good interest … [Buyers are] more veering towards the properties that are done … because of the cost of trades, trying to find trades, and everyone’s time-poor.”

An apartment in East Melbourne sold for $912,000 after seven bidders sent the price soaring.

The two-bedroom home at 8/35 Powlett Street was listed with a price guide of $750,000 to $825,000. The reserve was set at $775,000.

Toby Campbell from Ray White CRE said the 15-minute auction attracted a mix of first home buyers, downsizers, and investors fighting in “ones, twos, and fives”.

The property was eventually secured by a buyer’s advocate for a local client, beating out a young woman underbidder who was looking for her first home.

The apartment had been held by the same family since it was purchased off the plan in 1970.

“Land tax and holding costs have gone through the roof, so it’s a better time than ever to sell,” Campbell said.

An architecturally designed home in an exclusive riverside pocket of Fairfield passed in at auction.

The three-bedroom, three-bathroom home at 60A Park Crescent was listed with a price guide of $4.2 million to $4.4 million. The reserve is set at $4.4 million.

Situated on an 860-square-metre allotment near the Yarra River, the “single level” layout has been a major drawcard, Nelson Alexander agent James Labiris said.

“People who have wanted to build, who are now deciding that [they don’t] want to build. That’s sort of the buyer demographic,” he said.

“Finished homes are doing well … [This house is] completely finished, beautiful design, heaps of natural light, single-level scale, gorgeous.”

Labiris remains confident in the suburb’s unique position, despite interest rate rises and global conflict.

“Fairfield is a family suburb, but is the perfect mix between deep inner city and suburbia. ”