3 months ago
32
A third-year university student has paid $1,022,000 to buy a Fitzroy terrace house at auction on Saturday, beating a Sydney investor to get the home.
The two-bedroom house at 1 Cremorne Street sits on a small block of land and had been held as an investment property, Nelson Alexander selling agent and auctioneer Mark Verrocchi said.
“For 77 square metres it was a great result, fair market value,” he said. “It was very nice and tidy, comfortable, very cosy. Two beds off the hallway and central living.”
Verrocchi listed the home for sale with a quoted price guide of $900,000 to $990,000. He opened the auction with a vendor bid at the bottom of the range and the reserve was set at the top.
He said two there were two bidders for the property.
Loading
“A Sydney investor and then a young first home buyer who was being helped out by his mother,” Verrocchi said.
“They live in the inner city, and he goes to Melbourne Uni and wanted to buy a little house and mum helped him buy one.
“It was refreshing to see that an investor from Sydney was looking to capitalise on the fact Melbourne is undervalued in comparison to the other major cities.”
The auction was one of 617 scheduled for across Melbourne on Saturday.
In Clifton Hill, a three-bedroom house sold for $200,000 more than its reserve.
The double-fronted home at 38 Spensley Street attracted three bidders; Jellis Craig selling agent Lee Muddle listed it for sale with a quoted price guide of between $1.5 million and $1.6 million.
“I had it originally quoted to $1.45 million to $1.55 million, and I moved the range … reserve was $1.6 million, top of the range,” Muddle said.
The home sold for $1.8 million. Muddle said the property was in a popular pocket of Clifton Hill and the buyers were owner-occupiers.
“The underbidders had been looking for a while, a family wanting to stay in the area. The couple that bought it were in a three-level townhouse in Alphington. They wanted something on a single level,” he said.
“There’s not many double-fronted houses in Clifton Hill on the market at the moment and that helped it along.”
Public records show the investment property last sold in 1993 for $157,500.
Most Viewed in Property
Loading
