Real Estate

albert park apartment soars above reserve at hot auction

Written by The ReReport

An apartment at 5/64 Victoria Ave, Albert Park sold well above reserve at auction.

The sale of an Albert Park Art Deco beauty surprisingly turned into an “auction of yesteryear” when the property soared past reserve.
The two-bedroom apartment at 5/64 Victoria Ave, which was restored by award-winning architect Nonda Katsalidis, sold for $900,000 at a hotly-contested auction.
Four bidders pushed the picture-perfect pad $100,000 past reserve.

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The apartment sold for $900,000.

It went $100,000 above reserve.

Greg Hocking Holdsworth director Warwick Gardiner said he “couldn’t believe” the massive result, which reminded him of auctions during Melbourne’s property boom a few years ago.
“It opened within its price guide with a genuine bid at $750,000, and four parties fought it out almost the whole way to the final result,” Mr Gardiner said.
“It’s the first apartment in this boutique block to come up for sale since they were restored eight years ago, which is an unusually long turnaround.”

It’s the first apartment in the building to be put on the market in eight years.

Supplied Editorial Fwd: Invitation: Fender Katsalidis Book LaunchArchitect Nonda Katsalidis with his partner Karl Fender. Picture: Supplied.

An investor who planned to rent out the property won the keys after a flurry of bids.
Mr Katsalidis, who designed the iconic Eureka Tower with architect Karl Fender, restored the tightly-held block in 2010.
His firm, Fender Katsalidis, also designed the Museum of Old and New Art in Hobart.
Mr Gardiner said it was one of the only Art Deco apartment buildings in Albert Park.
“It’s a very recognisable building for most locals, so when it came onto the market there was very high demand and a lot of interest,” he said.
“There are not many like this around so it makes a good investment from a rental perspective.”

A Victorian terrace at 157 Kerferd Rd was also a top result in Melbourne on Saturday.

It sold for $2.332 million.

A Victorian terrace at 157 Kerferd Rd also bucked the trend, recording one of Melbourne’s top Saturday results with a sale of $2.332 million.
CoreLogic recorded a preliminary clearance rate of 44 per cent for Melbourne, increasing by more than two per cent from the week before.

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