Buyers looking to get into the Richmond market flocked to the auction of an unrenovated unit at the weekend.
An unrenovated Richmond unit enticed seven bidders to push it $140,000 above reserve at the weekend.
A crowd of more than 100 people turned out to watch the 1/9 Thomas St abode go under the hammer on Saturday.
An opening bid of $650,000 kicked off the competition, before the price climbed to $880,000 – well above the $740,000 reserve.
Ray White Eltham agent Sean Salmon said the two-bedroom, one-bathroom property had been home to an older gentleman for about 20 years.
Mr Salmon said the property was a hit with buyers looking to break into the tightly held suburb.
“A lot of the feedback has been people trying to get into the market for a reasonable price,” he said.
“This needed a renovation but had a bit of land space and a garden at the front and back, so it seemed to attract a lot of people.”
The buyers were a family from the eastern suburbs who intend to renovate the unit for their son to live in.
Meanwhile in St Kilda, an 1890s mansion-style apartment atop Acland Hill sold for $125,000 above asking price.
Belle Property St Kilda agent Andy Nasr said the “unique” apartment at 3/25 Acland St passed in at Saturday’s auction but sold minutes later for $1.275m.
Mr Nasr said buyers were returning to St Kilda with the local market offering “good value for money”.
“That whole area is really starting to pick up again,” he said.
“A lot of people are buying big to really build their portfolios, especially now there’s the St Moritz (apartments), The Esplanade and (more happening on) Fitzroy St.”
He said large family homes were still in strong demand, too.
“It’s one of those suburbs where you can still get really good value for money,” Mr Nasr said.
“The market as a whole has probably come off a little bit, but good, unique properties are doing really well.”
And in Brighton, a beachfront home prime for redevelopment notched a mega $5.395m sale.
Two bidders competed for the seaside 50 Esplanade address, which had a reserve of $5.2m.
Kay & Burton’s Will Maxted had the listing.
It comes amid what was expected to be Victoria’s biggest February auction week on record.
The Real Estate Institute of Victoria had forecast 1670 properties to go to auction last week.
Realestate.com.au expected 1532 auctions in that same period.
The state recorded a preliminary clearance rate of 82 per cent from the 1012 auction results available to realestate.com.au
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Originally published as Unrenovated Richmond unit attracts $140k premium