A Hawthorn classic with a $1 million renovation has bolted about $650,000 past reserve in a hot-to-trot Derby Day auction.
The determined buyer was in the race for 1 Yarra Grove from go to whoa, placing the first bid at $3.5 million — close to the vendor’s reserve — and the last at $4.15 million.
He and his family now planned to move into the 1892-built Victorian on a 892sq m block “in one of the hottest pockets of Hawthorn”, auctioneer Anton Zhouk of Anton Zhouk Boroondara said.
Remarkably, the auction was the five-bedroom home’s second crack at a sale this year.
CoreLogic records show it was on the market for 99 days with another agency and price hopes between $3.5-$3.8 million from February to May — just before Melbourne real estate began to bounce back from a downturn.
Mr Zhouk said the market was “just starting to take off” again, with “A-grade properties in really good locations” in particularly high demand.
He told the 40-strong auction crowd — which was sheltered from pelting rain in the open-plan family, meals and kitchen area — that the vendors had called the residence home for almost 15 years.
In 2014, they spent about $1 million on a major renovation and extension that was “done to perfection”.
Mr Zhouk said the home had plenty of pros, including its single-level layout, off-street parking for three cars, polished floorboards, hydronic heating and underground 1000-bottle cellar.
The main bedroom, added as part of the 2014 overhaul, featured a walk-in wardrobe, Italian marble ensuite and private courtyard.
The fifth bedroom, with a fireplace, could double as a study.
The property’s “first-class location” put it close to St James Park, Hawthorn train station, top schools, shopping strips Burwood Rd and Glenferrie Rd, and the Yarra River.
CoreLogic’s latest Hedonic Home Values Index, released yesterday, showed Melbourne’s inner east was the nation’s best capital city subregion for growth over the past year, up 3.1 per cent.