Nice surprise as furniture conversion sells comfortably
Carlton North vendors prepared to take a loss at auction were pleasantly surprised when their house soared $200,000 past reserve.
The former John Lawson Furniture Factory and previous home of former Lord Mayor of Melbourne Trevor Huggard last sold for $1.86 million in March 2017.
In the midst of a “changing market” the conversion at 114 Munnering Lane went under the hammer with a $1.7 million price tag on May 4.
A 70-strong crowd watched a downsizing couple snap up the property for $1.906 million.
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Nelson Alexander Carlton North agent Andrew De Angelis said the conversion had great appeal given it was in a quiet location with a substantial yard.
“There were three bidders in the mix when the property went past $1.7 million and once it got to $1.8 million it was a two horse race,” Mr De Angelis said.
The buyer was a creative couple looking for something that was a bit edgy and offered a nice living environment with character.
“The history of the building appealed to them as much as the big spaces and industrial feel.”
Two bedrooms with built-in wardrobes and a combined laundry and bathroom are on the ground floor.
The open-plan kitchen, living and dining room with truss ceilings, a gas log fireplace and a study zone are upstairs.
The wide balcony overlooks the backyard, where a ghost sign features prominently on the exterior.
Mr De Angelis said the vendor was pleased with the result, which exceeded expectations.
“They bought the property at the peak of the market and were trying to recoup as much of the purchase as possible,” Mr De Angelis said.
“They were willing to sell at $1.7 million, so to get $1.906 million was great.”
Mr De Angelis said there seemed to be more confidence in the market since the beginning of the year.
“Vendors are coming to the party and are being realistic with their expectations,” he said.
“We are fortunate to be in an area where there seems to be strong demand.”
Other big auction results in Carlton North last weekend included 660 Station St, which sold for $1.17 million.
No. 716 Drummond St also sold, for $1.655 million.
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