One of Surrey Hills’ original residences is awaiting a buyer with Hawthorn hopes but a Burwood budget.
The circa-1888 four-bedroom house at 50 Wandsworth Rd has a price guide of $3.3-$3.5 million and goes under the hammer on November 21.
Just a year ago, the property failed to secure a buyer by private sale at the $4 million price point.
Jellis Craig Boroondara director Richard Winneke said lack of stock and growing buyer numbers meant taking the property to auction was a viable option.
“The market’s much better than it was,” Mr Winneke said.
“There are a lot more buyers and far fewer properties at the moment. Auctions for us in particular in Boroondara, the auction success rate has been averaging 85 per cent.”
Masterful renovations over the 19 years the vendors’ have owned the property have restored the Italianite Victorian to its glory days.
Master painter Derek Marvelley, who also worked on Werribee mansion, spent a year working on the magnificent home, stencilling floral designs on hallway arches and the dining room’s ceiling.
Mr Winneke said buyers initially attracted to Hawthorn and Kew would be drawn to the 1440sq m property.
“They realise the value for money you can get another two or three kilometres farther out of the city,” he said.
“The current owners — they were living in East Hawthorn — they’re a classic example of the (type of) buyers.”
Mr Winneke said the same property would fetch up to $6.5 million in Hawthorn.
“It’s almost double,” he said.
The vendors are downsizing now their kids have flown the coop.
The house last sold for $1.3 million in October 2001.