Coburg: A family over seventy years later, dilapidated homes sell for nearly $1 million

A failed home in Coburg unexpectedly sold for nearly over $1 million on Saturday.

1 King ST’s three-bedroom home with cracks in some walls and a rundown kitchen and ads for a range of $800,000 to $880,000.

Raphael Calik-Houston of Ray White Coburg said the residence had been owned by the same family for 73 years, and they rented it primarily to long-term tenants.

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Townhouse in Pentridge, Coburg, with its own guard watchtower for sale at auction

The condition of the house did not stop four bidders from the buyer from attending the auction, which began with a bid of $800,000.

Mr. Calik-Houston told the crows that they gathered and watched the crows at the residence beneath the hammer.

He said anyone who wants to do a renovation can retain the facade of the California bungalow, lead-light windows and decorative cornices.

When the bid reached $940,000, the house was placed on the market.

A cheeky bidder jokingly asked if Mr. Calik-Houston would accept a $1 bid for $961,500.

A potential buyer called his father from Singapore and ended up attending the auction via video.

Although she never checked the house in person, her family inspected the house on her behalf.

But when the Hammer dropped on a $970,000 bid, she just missed the home.

Successful buyers are planning to renovate the house set up on a 419 m2 block.

“He was going to do the project and hoped to flip it, maybe not immediately – he might see what the market does in it and might have lived for a while.”

“He wants to keep the front and the first three rooms of the house.

“He wanted to openly expand on the back and retain as many period features as possible, which was great.”

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