Albert Park auction: bidders flock to pad deemed not safe for kids
An Albert Park dump in such a “dilapidated state” parents were advised not to bring their children to inspect it has fetched $900,000 at auction.
The figure achieved by the 1870-built workers’ cottage was well below the blue-chip suburb’s $1.75 million median house price.
But the buyer would need at spend at least another $400,000-$800,000 to make 97 St Vincent St liveable, Hocking Stuart auctioneer David Wood estimated.
“It’s not for the faint hearted,” he said.
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Mr Wood said the cottage — previously been home to the late TV newsreader Ralphe Neill — had become uninhabitable due to lack of maintenance and sitting vacant for the past six months.
Buyer’s advocate Sebastian Gold of GoldCo Property outlasted two other bidders to win the keys for his clients, for $50,000 above reserve.
He said they weren’t deterred by the rundown state of the home, which featured boarded up windows, debris strewn across its floors, cobwebs, weeds growing inside, and holes in the ceiling and walls.
“It’s the best location in Melbourne,” Mr Gold said.
“It’s a great buy — they know what property in this location is worth.
“It’s hard to go past that, and the scope to turn it into something special.”
St Vincent St flows into St Vincent Place, which was named Melbourne’s best residential street by real estate agents from across the city last year.
Mr Gold said the “very private” buyers were “working through their options” for the renovation.
Mr Wood said they would need to keep the heritage facade intact.
In the lead up to the auction, the property’s listing warned: “Due to the dilapidated state of the home, we recommend children do not attend the inspection”.
Mr Wood said more than 100 groups still toured the pad, with most heeding this advice and keeping their kids away.
In neighbouring South Melbourne, four bidders pushed a tired but comfortable two-bedroom house $155,000 past reserve to a $1.215 million sale price.
It marked an impressive windfall for the vendor, an investor, who CoreLogic records show paid $186,000 for 7 Napier Place in 1990.
Mr Wood said location was the main drawcard for the Mornington Peninsula-based buyer, who would use the property as a city home.
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