Real Estate

unrenovated fitzroy smashes reserve price at auction as clearance rates dwindle

Written by The ReReport

46 Young St, Fitzroy sold for $1.72 million at auction — a whopping $320,000 above its reserve price.

AN UNRENOVATED Fitzroy terrace smashed its reserve price on a weekend that recorded mixed results under the hammer as the city’s clearance rate dropped lower.
The property at 46 Young St sold for $1.72 million at auction — eclipsing its reserve price by $320,000.

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46 Young St, FitzroyThe Young St property offered a deep back garden with scope for enhancement.

National Property Buyers Victorian director Antony Bucello said about 40 people turned out to see the four-bedroom Victorian terrace go under the hammer.
A $1.3 million vendor bid kicked things off, before two parties quickly competed in $10,000 increments, Mr Bucello said.
“The same two bidders continued to fight it out but it was a third bidder, who got involved toward the end, who won the property with a bid of $1.72 million,” he said.

Nelson Alexander Fitzroy sales manager Roland Paterson said the sale price, well beyond the $1.4 million reserve, was a “very solid result”.
“It was a highly unrenovated double-storey terrace — it needed major renovation,” he said.
But the property’s prime location close to the city, period charm and potential with a deep allotment and rear access helped it to the outstanding result, Mr Paterson said.
“Good properties are still selling very well — so that’s another example,” he said, noting the recent $2 million sale of a property nearby at 226 Napier St.
Mr Paterson said the buyer of the Young St property, a family, would move into it and look at renovating down the track.

Baltic pine floors, pressed metal ceilings, sash windows and open fireplaces are among its period details, while four bedrooms and a modern kitchen were also included.
The property had a $1.3-$1.4 million price guide.

46 Young St, FitzroyThe interior had been refreshed and styled but the home was in need of renovation, according to the agent.

The sale comes as Melbourne recorded a preliminary clearance rate of just 47.5 per cent from 1088 auctions, according to CoreLogic, a significant drop from the same time last year, when a final clearance rate of 70.3 per cent was recorded from 1251 auctions.
And the weekend before last had a 50.4 per cent success rate from 912 auctions, the city’s lowest final clearance rate since 2012.
About 1630 auctions are expected this week in Melbourne.

Elsewhere in Fitzroy, a rare block size helped clinch a sale of more than $2.4 million post auction.
The compact two-bedroom pad with a sizeable backyard at 135 George St sold for $2.465 million after it passed in to a sole bidder for $2.405 million, Nelson Alexander Fitzroy agent Sonya Laferla said.
She said it was unusual to find a property with that much land in the area.
“It’s 360sq m with a garden in the middle of Fitzroy, which is unique, and has two street frontages as well,” Ms Laferla said.

135 George St, for Herald SunThe large backyard — a Fitzroy rarity — was a selling point.

The renovated home offered “a superb opportunity to extend or subdivide and capitalise on its prized address, or simply invest”, according to the listing.
Ms Laferla said well-priced properties were still seeing success in the current market.
“It’s very price sensitive, but unique properties and properties in good locations are still selling well,” she said.

135 George St, for Herald SunThe two-bedroom pad presented a renovated interior.

And while more buyers were “just standing back and seeing what happens”, those that put their best foot forward by being the highest bidder were securing post-auction deals.
“Vendors are reading the media as well and are more willing to negotiate on auction day,” she said. “If you put yourself in the box seat, you are the first person to get that right to negotiate on the day of the auction.”

And in Hawthorn on Saturday, a single-fronted house at 4 Belgrave St sold under the hammer, reported Elite Buyer Agents director Kim Easterbrook.
Four bidders competed, the property was announced on the market at $1.53 million and sold for $1.575 million.
“It’s a solid result considering the market at the moment,” Ms Easterbrook said.
“We call them the bulletproof stock because they always seem to perform well no matter what the market is.”

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