Coburg: Dilapidated house sells for almost $1m after more than seven decades in one family
A run down house in Coburg unexpectedly sold for almost more than $1m at a hotly-contested auction on Saturday.
The three-bedroom home at 1 King St, featuring cracks in some walls and a dilapidated kitchen, was advertised with a $800,000-$880,000 asking range.
Ray White Coburg's Raphael Calik-Houston said the abode had been owned by the same family for 73 years, who had mostly rented it out including to a long-term tenant.
Townhouse in Coburg's Pentridge precinct, with its own guards' watchtower, sells at auction
The house's condition did not deter buyers with four bidders taking part in the auction that kicked off with a $800,000 bid.
'This is all about location, land and long-term potential,' Mr Calik-Houston told the crowed who had gathered to watched the residence go under the hammer.
He said that anyone wanting to do a renovation could retain the California Bungalow's facade, leadlight windows and decorative cornices.
The house was placed on the market when bidding reached $940,000.
A cheeky bidder jokingly asked if Mr Calik-Houston would accept a $1 bid at the $961,500 mark.
One potential buyer, who was on the phone to her father from Singapore, ended up participating in the auction via video.
Although she had never inspected the house in person, her family had checked it out on her behalf.
But she just missed out on the home when the hammer came down on a $970,000 bid.
The successful buyer is planning to renovate the house that's set on a 419sq m block.
'He's planning to do the project and hopefully flip it, maybe not flip immediately – he might see what the market does and might live in it for a while,' Mr Calik-Houston said.
'He's hoping to keep the front of the house and the front three rooms.
'He wants do an open-plan extension at the back and retain as many of the home's period features as possible which is fantastic.'
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