Middle Park home with cathedral-style rear lands Melbourne's top auction of the week, $1m+ bonus
A Middle Park Edwardian has blitzed Melbourne's auction leaderboard with a $5.53m sale under the hammer that topped expectations by a whopping $1.53m.
The four-bedroom home at 100 Wright St clocked up more than 100 groups through its doors, across a hotly contested four-week campaign before a trio of serious bidders sent it soaring past its $4.1m-$4.3m price guide.
According to PropTrack's weekly sales results data, it's the highest publicly reported auction since 434 Gore St, Fitzroy, fetching $5.7m in the first half of April, a sign the market may be regaining momentum after a stop-start period caused by public and school hoidays around Easter and Anzac Day.
Jellis Craig Port Phillip director Warrick Gardiner said the sale price well exceeded what the vendors and he had hoped for.
'It was an outstanding result for the owners,' Mr Gardiner said. '
'It's a solid brick Edwardian with a north-facing rear and great street appeal, and that mix of period charm and potential really struck a chord.'
Owned by the same family for 25 years, the home featured ornate Art Nouveau elements, a bay-windowed lounge room, soaring ceilings, tessellated hallway tiles, and a main bedroom on the ground floor.
But what truly turned heads was the back end, a cathedral-like living space with timber-lined ceilings, arched windows and stained glass, inspired by ecclesiastical design.
Mr Gardiner said while the rear renovation had been completed decades ago, most prospective buyers were planning to modernise it.
'That part of the home isn't original Edwardian, but it was clearly done with care,' he said.
'It just needs a refresh now, and most of the interested parties were looking to do exactly that.'
The Jellis Craig Port Phillip director said the home attracted a mixed buyer pool, including downsizers from large blocks in the eastern suburbs who were drawn to the single-level layout and ground-floor main bedroom, and young Middle Park families upgrading from smaller cottages.
'That created a bit of a pressure-cooker effect,' Mr Gardiner said.
'When you have multiple buyer groups recognising the same value, that's when things really take off.'
Mr Gardiner said the home's red-brick facade and original leadlight were the biggest visual drawcards, while its rare 408sq m block and zoning for Albert Park College sealed the deal for many.
'Middle Park is notoriously hard to get into,' he said.
'There's not a lot of home's like this and people hold for generations, you've got the beach at the end of the street and the CBD 2.5km away.
'Once you're in, you don't want to leave … it's the kind of property you wait decades for.'
The winning buyers were a downsizing couple from Melbourne's leafy east, seeking something character-filled, but more manageable.
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