Brunswick period home smashes reserve in ‘war of attrition’

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The ornate period home eclipsed its reserve price by $190,000.

An ornate Brunswick home has been snapped up after a lengthy auction.

The three-bedroom property at 48 Barkly St received over 60 bids from six bidders, with increments ranging from $500 to $10,000.

Two homebuyers went “toe-to-toe in the end”, with the property selling $190,000 above reserve for $1.39 million.

Raine and Horne Brunswick agent Pieter Speziale said the final bidders tried to outlast each other with large bids at the end.

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The light-filled formal living room.

The spacious timber kitchen.

“It is a very large Victorian … with a beautiful kitchen, lots of timber fretwork, period features including four open fireplaces and an extension in the 1990s,” Mr Speziale said.

“Even though the renovation is a bit dated, the home resonated very well.

“The buyers were a Sydney-based couple, with a son based in Melbourne, who were looking to get a foothold in the market and went hammer and tong for it.”

Pieter Speziale said the bids filled more than four bidding sheet pages.

“We started with three or four bids and, when the property was declared on market at $1.2 million, another couple of buyers came in.

“In the end it was between two homeowners … (and) it went for so long that the other (underbidder) thought “this fellow will come back at me, I might as well step down”.

“It was a war of attrition, simple as that.”

The red brick facade is framed by a small fence and lush garden.

To the left of the formal entrance is the spacious lounge room with a leadlight bay window display.

Past the three spacious bedrooms is the timber kitchen and meals area, and the open-plan living domain overlooking the cottage-style garden.

The low-maintenance courtyard with lush hedges.

The old-style family bathroom.

Other features include pressed metal ceilings, four open fireplaces and rustic pine floors.

One of three bedrooms.

High ceilings and period details in the open-plan living domain.

The property last sold for $245,000 in November 1994, according to CoreLogic data.

Other properties that sold under the hammer in Brunswick East last weekend include 122A Victoria St, which sold for $1.62 million.

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