Seddon auction: Albert St dump’s big sale a happy ending for owner
First-home buyers from Camberwell have paid $90,000 above reserve for a rundown Seddon house requiring a substantial reno.
The longtime owner of 125 Albert St, Spyros, who did not give his surname, said the $800,000 was a “happy ending” to his tumultuous time at the property.
“I had to get a chair (during the auction) because I thought I was going to fall backwards,” he said.
“I didn’t expect it to go for this much.”
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Spyros said he started renovating the early-1900s home at one point during his almost 30 years of ownership, but an accident prevented him from finishing the job.
The house was vacant ahead of its sale, and now has cracked walls, peeling paint, broken windows, dirty floors and holes in its ceiling.
Buyers Tom and Tahlia, both 31, outlasted two other parties to win the competitive auction involving 38 bids.
The sale price came in well under Seddon’s $990,000 median house price, according to CoreLogic.
But Sweeney Footscray selling agent Tracey Dean said the couple would need to spend at least another $150,000-$200,000 to make the home liveable.
She said the four-bedroom residence, on a 300sq m block backing on to train tracks, would have a “seven-figure resale value” once the overhaul was completed.
Tom said he and his fiancee — who are due to marry in November — planned to move in following their reno, which would involve restoring the facade.
“It’s a good solid house,” he said.
“The appeal was largely location, with the station nearby and we can walk into Footscray.”
After the auction, Sweeney auctioneer Lee Marks declared “the market’s back”, with buyers flooding into the inner west.
He said his office recently sold two West Footscray houses, on Essex and Oxford Sts, within a week of them hitting the market.
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