Carlton North terrace soars amid lack of competition


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882 Lygon St sold for $1.425 million.

An elegant polychrome brick terrace has smashed its reserve price amid low stock levels in Carlton North

A young couple outbid four others to secure the home at 882 Lygon St for $1.425 million, well above the $505,000 it last sold for in October 2002.

The property, named ‘Malmora’, sold $175,000 above its reserve price.

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The formal living area with a fireplace.

The bright dining area.

It opens to the low-maintenance deck.

Nelson Alexander Carlton North agent Sonya Laferla said the home was on a deep block with ornate ceilings, a 1990s renovation and a “really good” floorplan.

She said it was one of the only single-fronted homes on the market in Carlton North.

“With about five bidders, we kicked off at $1.1 million, the property was on the market at $1.25 million and a young couple bought the home for $1.425 million,” Ms Laferla said.

“We had an investor in the mix, but most of the bidders were young couples and families attracted to the land size and potential.

“There is plenty of scope to extend, and lots of land at the back for a garden.”

The Victorian terrace is framed by iron lacework, fencing and a front garden.

The entrance hall, which is beside two bedrooms with fireplaces, leads to the living room, third bedroom and a central bathroom.

The dining room and kitchen open to a rear garden with right of way at the back.

Ms Laferla said the vendor, who was an investor, owned the home for 18 years and decided it was time to move on.

One of three bedrooms.

The rear garden with potential to be transformed.

The timber kitchen.

She added there was low stock in the Carlton market.

“We are getting really good prices because there’s nothing to choose from,” Ms Laferla said

“Everyone is going for the same property.”

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