Wednesday, 27 May, 2020

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Clifton Hill period home: no kitchen, no bathroom but inner-city locale draws six bidders

A period home missing a kitchen and its only bathroom has sold $260,000 above reserve in Clifton Hill.

The 454 Wellington St property on just under 200sq m of land soared to a $1.46 million result after drawing six bidders.

The four-bedroom, two-storey house was water damaged and in a state of disrepair.

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All that’s left in the formal living room.

“It had been vacant for around 18 months and no longer has a kitchen or a bathroom,” Collins Simms director Antony Woodley said.

“The good thing about the deceased estate was that it had a shell and a good outcome with the bidders mostly young buyers,”

The four-bedroom Victorian, built in the late 1800s, previously sold in 1988 for $192,500, CoreLogic records show.

The inner-city location was popular with buyers, with more than 200 groups at inspections.

The auction started with a cheeky bid of just $500,000 from a bidder thought to be a neighbour, Mr Woodley said.

It is on a corner block close to schools.

“We thought that was a 1970s-type price and put in a vendor bid of $1 million and the auction moved rapidly past the $1.2 million reserve,” he added.

The new owners are a young local family who will take possession in 30 days and renovate the property and upgrade it into a dream home, Mr Woodley said.

“The strong result shows there is an undercurrent of people who want to live close to the city,” he said.

“Demand is just much greater than supply and there are not many Victorian period homes on the market now.”

The double-storey Wellington St property is on a corner block and retains some original features and a spacious rear garden and rear right-of-way access.

The floorplan includes an arched hallway, formal sitting room, living room adjoining a dining area, high ceilings, timber floorboards, open fireplaces and a rooftop terrace.

Clifton Hill is high in demand, with 1876 visits per property, compared to the Victoria average of 812 visits, data shows.

It had 12 properties for sale as at August 5.

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