Albert Park terrace sells $480k above reserve despite structural issues

A cracked wall and other structural issues did not deter buyers from an Albert Park terrace house that sold almost $500,000 above reserve on Saturday.

The Victorian-era, five-bedroom home at 23 Merton St had been owned by the same family for 57 years.

The Agency Victoria property partner Jim Christou, who had the listing alongside colleague Con Kokoras, said six bidders registered for the auction but only four had the opportunity to bid.

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Mr Christou said all interested buyers were informed of the home’s structural issues, including a crack in one wall and the balcony needing work.

However, this did not prove much of a hindrance to the sales campaign with more than 100 groups checking out the residence.

The house went under the hammer with a $2.05m-$2.255m range on Saturday.

After 23 bids, it sold for $2.56m, $480,000 above the $2.08m reserve.

“The reserve was met on the third bid,” Mr Christou said.

The listing described the home as a “genuine renovator’s opportunity”.

It’s set on a 191 land parcel.

The buyer, from Sydney, is planning a full renovation and even had their architect inspect the property pre-auction.

“They’re planning on either doing it up as a family home or possibly renting it out,” Mr Christou said.

The house, featuring a brick facade and fireplaces, is an 80m walk to Albert Park Village, 110m to the nearest tram route and about 900m to the beach.

Mr Christou said the vendors were thrilled with the auction result.

“They bought it in the late 1960s, raised a family there and then had it as a rental property from the 1990s or so,” he said.

4 Fernly Court, Wheelers Hill, also sold on Saturday.

Another house that soared above expectations on the weekend was 4 Fernly Court, Wheelers Hill.

The four-bedroom home, listed with a $1.1m-$1.2m range, fetched $1.431m under the hammer.

Five bidders took part in the auction Queensland buyer Shobha Reddy triumphed, while on the phone to a family friend bidding on her behalf.

The kitchen features a four-burner gas cooktop by Modern Maid and a Westinghouse electric oven.

Ms Reddy, who is currently based in Brisbane, is considering moving back to Melbourne after 15 years up north.

“I feel good about today’s auction – it was a big decision,” she said.

“We have been active in the property market for some time and have been involved in a few auctions in the past, so we knew how the process worked.”

Ray White’s Cristine Jones said the auction was “ballistic”.

Set on a 654sq m block, the property has a pergola, double carport, garden shed and water tank.

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