Fitzroy North home commands $500,000 premium at auction

The federal election did not dampen the appetite of Melbourne buyers at auctions where a Fitzroy home sold for the first time in 30 years for a huge windfall.

It was the end of an era in Australian politics at the weekend, and in Fitzroy North, where a family home was sold for the first time in 30 years.

The four-bedroom residence at 58 May St sold under the hammer on Saturday, with an asking price of $2.8 million to $3 million.

But he quickly exceeded expectations to reach a premium of $500,000.

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Jellis Craig Fitzroy partner Nicholas Corby said the 1920s-built home came on the market at the high end of his price guide, with three bidders going head-to-head for the keys.

He admitted that “nobody expected” the resulting sale of $3.5 million, one of the main results of the day.

The agent said the renovated property had been popular with young families and locals looking to grow.

“It was a family home in a quiet little corner of Fitzroy North, close to Merry Creek parks, trails and schools,” Corby said.

The buyers, a family with two children, “loved the floor plan, the natural light and the front and back garden,” he said.

CoreLogic records show the property last sold for $248,000 in 1992.

Meanwhile, in Essendon, a five-bedroom house with “patrimonial grandeur” and a modern renovation fetched a $3.3 million sale.

The 25 Locke St home had a listed price range of $2.7m-$2.9m.

An opening bid of $2.8 million kicked off the day’s proceedings before a series of quick increases followed, Brad Teal Woodards auctioneer David Thiessen said.

“The offers were in $25,000 increments up to around $3.2 million,” Thiessen said.

“We didn’t really get a chance to sell it on the market until it was over, the offers kept coming in.”

It was the first time the two-story pool house had hit the market in 28 years, he said.

Thiessen said the suburb remains popular with buyers because of its lifestyle and its proximity to the city.

“People are shopping in and around the area for their lifestyle,” he said.

“There are parks and walking trails, and it’s a low maintenance house – turn on the key and enjoy your vacation abroad for 6 weeks.” Thiessen said the market had “stabilized a bit” with fewer people attending open inspections.

“There’s not as much stock as there used to be, but good houses on good streets are still selling,” he said.

And in Rowville, 17 Superior Ave had a sale of $1.62 million.

The 9,000-square-foot house overlooking Sutton Lake featured six bedrooms and an outdoor barbecue area overlooking the water. Julie Wells of Barry Plant Rowville had the list.

Realestate.com.au recorded a preliminary liquidation rate of 73 per cent from 369 reported results.

That agency forecasts a total of 1,426 properties to go up for auction this weekend.

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alanah.frost@news.com.au

Originally published when Fitzroy North home commands a $500,000 premium at auction

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