Camberwell renovation site tops reserve with opening bid, then really takes off
An opening bid of $880,000 was all that was needed for a Camberwell house to be declared on the market, before bidding really took off.
Over 80 bids flew thick and fast at the state-trustee auction of 5 Warburton Rd, a three-bedroom house with heritage overlay on the front facade but in need of drastic interior work.
The property sold to young Mernda man Bijan Rahimi for $1.125 million, after having a price guide of $750,000-$800,000 ahead of the auction.
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Red tape sectioned off rooms in the 1880s-era house, serving as a reminder of the additional costs required.
But it did little to stop six groups throwing their hands up as the 327sq m property went under the hammer, with over 180 people in attendance.
Bidding increments tailed off to $500 for the latter stages of the auction, before a final $5000 raise was enough to secure the keys for Mr Rahimi, a real estate agent himself.
Mr Rahimi said he planned to rebuild and extend the rear of the property over the next six months.
“It’s got some strong bones … it’s mainly for my mother,” he said. Mr Rahimi, whose mother visits frequently from overseas, said he chose the property because of its convenient location nearby shops and public transport.
Woodards Camberwell agent Tony Nathan said he was “blown away with the price” notched under the hammer.
“At $880,000 (the opening bid) we were definitely on the market, and that’s when the frenzy started,” Mr Nathan said.
The agent said over 350 people had inspected the property before the auction, with 130 contracts sent out to interested parties.
“It goes to show that dilapidated properties will sell for a good price,” he said.
“It was a bulldoze job but it had heritage overlay on it.”
Mr Nathan said the next-door neighbours had already expressed interest in selling their home after seeing bidding take off at the auction.
“Some residents in the street said that end of Warburton Rd was the Paris end of it,” he said.
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