Real Estate

Former Brunswick West commission house a ‘bargain’ buy at auction

Written by The ReReport


A young couple will revive a rundown former commission house in Brunswick West after securing the “bargain” at a hot auction.

The three-bedroom 1950s dump at 5 Yarrabin St flew $51,000 past the top end of its quoted range to fetch $691,000 under the hammer.

Two bidders went hard for the 334sq m property, drawn by its price point, solid concrete build and position on a quiet tree-lined street.

RELATED: Geelong ruckman taps into pre-auction sale in Cheltenham

Melbourne family offering up the ultimate bargain — a free house

Daniher brothers list longtime investment pad needing “a bit of love”

Buyers Tony and Grace, who didn’t provide their surnames, had the added bonus of buying across the road from friends, one of whom Tony had lived next door to as a child.

“They told us when this house came up — we didn’t see it (in online searches) because it came under our price range,” he said.

“All the homes we were looking at were between $750,000-$800,000.

“It’s probably a bargain for us. We think we’ll put a little bit over $100,000 into it.”

Jellis Craig Brunswick auctioneer Mitchell Boys said he hadn’t listed a house “in this price range in five to six years”.

Mr Boys told the 50-strong auction crowd the pad was built by the Ministry of Housing in the ‘50s and had likely sat vacant for some time.

“It has been rewired. It got a new kitchen in the ‘80s, but it probably needs another one,” he said.

“What you’re buying here is potential.”

Mr Boys said the house was in good nick structurally, featured hardwood floors that could be polished, and had scope to be opened up at the back to feature an open-plan living, dining and kitchen area that flowed out to the decent-sized yard.

samantha.landy@news.com.au



Source link