106 Queens Pde, Fitzroy North requires a full rebuild … but it still sold for $970,000 at auction.
A ROOF-less, rundown Fitzroy North house that was gutted by fire and vacated years ago has sold under the hammer for almost $1 million.
Two bidders went head-to-head for 106 Queens Pde at auction, seemingly undeterred by the mammoth effort restoring the solid brick abode will involve.
The house was announced on the market at $910,000 and sold for $970,000.
A young couple from the Fitzroy area won the keys. Luckily, one of them has a background in building.
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The house had no roof or flooring.
Nelson Alexander Fitzroy selling agent Jonathan West said the house had a heritage facade that would need to be kept in place, but the rest would require a full rebuild.
He estimated this would cost the buyers another $400,000 to $800,000.
“It’s obviously unliveable — there’s no roof or flooring in place,” he said.
“It was burnt out about six years ago and vacated.
“(The sale price) is all land value.”
Fitzroy North had a median house sale price of $1.49 million in the year to July 31, according to CoreLogic.
The property’s 200sq m block in a handy location was a drawcard.
Mr West said the property, sold by a Sydney-based vendor, offered 200sq m block on a leafy street a stone’s throw from Edinburgh Gardens.
Other drawcards were its wide period facade, and the fact the buyer could “put their own stamp on it”.
“Quite often people are having to buy someone else’s renovation and make changes to it,” he said.
“So there’s a good appetite for blank canvases.”
The agent also sold a hot pink Lee St, Carlton North house needing a serious reno at auction for $910,000 in July, again to a young couple.
He said the inner north had largely resisted the broader Melbourne auction market downturn that had seen clearance rates drop below 50 per cent — to depths not seen since 2011-12 — over the past fortnight.
“People are still aggressively buying,” Mr West said.