Ramshackle Coburg residence cracks reserve
A decaying Coburg home at the centre of local and online attention for its intriguing state has sold under the hammer.
The single-fronted property with a striking facade at 42 Reynard St was “in a very good location but poor condition throughout”, according to the agent.
The period home sold $23,000 above reserve for $623,000 in front of a 50-strong crowd.
Barry Plant Inner City Group agent Chris Kavanagh said the property was a renovator’s delight that needed a full cosmetic renovation.
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Happy days under the hammer in Coburg
“We had 80 groups inspect the property and five registered bidders for Saturday,” Mr Kavanagh said.
“Competitive bidders (included) two private buyers looking to renovate and live in the home and a builder looking for a project to resell down the track.
“We commenced with a vendor bid of $540,000 and, after we received a $550,000 bid from a buyer, it quickly rose in increments of $5000 and $10,000 to $585,000.
“After a pause for discussion with the vendor, we continued to $600,000 when it was announced on the market. Two buyers then bid in odd increments ranging from $500, $1000 and $5000.
“The property sold to a young homebuyer who plans to renovate and use it as a family home.”
The two-bedroom home features a polychrome brick facade with a central window.
Beyond the front door is a bedroom and mezzanine-level second bedroom.
The living area with a fireplace and a rustic kitchen and meals area are on the ground floor.
A separate bathroom with a rusty claw-foot bath, a laundry and a toilet is at the back.
The property attracted attention on a Melbourne Reddit page, with comments on the idiosyncratic fit-out, decrepit interiors and potential backstory.
Mr Kavanagh said the buyer planned to live in the property for a long period of time.
“They are looking at an extensive overhaul from front to back, with a potential extension subject to council approval,” Mr Kavanagh said.
“They were attracted to its period character, potential and location, which is a close walk to everything.
“They definitely have the view of retaining the facade.”
Mr Kavanagh said the vendor was very pleased with the result, which exceeded expectations.
“They were personally happy it went to someone who would renovate and live in the property,” he said.
“And, in terms of the market in Coburg, it has improved over the last two-three months.
“It is the first time in many years that people are seeing correcting prices.
“It is bringing people into the market.”
The property last sold for $82,000 in September 1989, according to CoreLogic.
Other auction results in Coburg include 5/44 Victoria St which sold for $685,000, and 43 Huntington Grove which passed in at $770,000.
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