BYO torches for boarded-up ex-commission home in Glenroy’s auction
Smashed windows, badly damaged kitchen appliances and even a flattened bathroom door greeted buyers at a Glenroy auction.
With the windows boarded up and no electricity connected last-minute inspections were done by torchlight for the former commission home at 19 Trevannion St.
And despite it all, two bidders emerged — a pair of developers fighting it out from $450,000 until the 645sq m property passed in at $515,000.
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A $560,000 post-auction offer from a third party also fell short of the mark, according to Raine & Horne Glenroy director Anthony Romano.
Negotiations continued late yesterday with expectations a deal will be signed on behalf of the state’s director of housing in the coming days.
But there was a better result for the government a suburb over as 19 Peterson Ave, Coburg North, which sold under the hammer for $610,000 later in the day.
Raine & Horne sales agent Wajee Yamak said there was a $500,000 opening bid and four first-home buyers pushed the home onto the market at $580,000. It sold $30,000 beyond that.
“It was a good result,” Mr Yamak said.
Especially so given the home needed up to $90,000 in renovations, he added.
The first-home buyer appeared keen to tackle the project.
“I think it was the potential to make it something beautiful, that was the plan for the buyer — she intends on a full renovation,” Mr Yamak said.
A well renovated home in the same pocket could sell for as much as $750,000.
The northern suburbs had dodged the worst of Melbourne’s market woes, Mr Yamak added.
“We haven’t noticed that much of a dip in Glenroy or Broadmeadows or Coburg North where prices are still on the lower end compared to Pascoe Vale,” he said.
The government also got a good result under the hammer for the sale of 1-10/37 Trevannion St, Glenroy, on April 6.
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Another former commission home containing 10 units sold for $1.165 million, despite many being in poor condition with their windows boarded up.