150-year-old inner-city landmark sells for $1.25m after passing in
The 150-year-old Carlton landmark, which served as a confectionery store and art gallery, was sold at auction on Saturday and later sold for $1.25 million after negotiations.
The Victorian shopping center consists of two detached, one-bedroom residences. 61 Elgin StreetIt is known as the Elgin Gallery. It was listed with a price guide of $1.15 million to $1.25 million. The reserve was set at $1.25 million.
It was converted into an art gallery in 1985, and agents staged the property with works by local artists. The property was one of 1313 scheduled to go up for auction in Melbourne this week.
“It’s now split into two really great Carlton residences… a one-bedroom flat downstairs in front of a shop and then a refurbished flat upstairs, also a one-bedroom flat,” said Charlie Barham of Nelson Alexander.
The auction was an intimate event with approximately 10 groups participating. Bidding opened with a vendor bid of $1.15 million, followed by a single bid from a young professional couple.
The property sold for $1.16 million and was sold after negotiations.
The buyers, who are local first home buyers, plan to live in one residence and rent the other.
The sale marks the end of a 30-year chapter for the seller.
“There was quite an emotional attachment to the property, but we are also really excited that it is in the hands of a young, professional couple who will enjoy the benefits of the property as much as the seller.”
Barham said the urban market remains resilient as listing numbers begin to tighten ahead of the holidays.
“As we get closer to Easter… stock levels drop and buyers often look a little further afield or are more tolerant of things that wouldn’t normally happen. That certainly gives the market a little more confidence in terms of results.”
Meanwhile, a large Eltham North house built by its original owners four decades ago has sold for $1,535,500 after a lengthy auction.
four bedroom house 62 WalkthroughsSituated on a half-acre bush block, it was listed with a guide of $1.25 million to $1.35 million. The reserve was set at 1.35 million dollars.
The first bid by the same family since 1978 was an emotional sale for the two brothers.
“My mom and dad passed away. It was very emotional throughout the campaign because, again, they grew up there,” said Scott Nugent, Jellis Craig’s manager.
The bidding opened with $1.25 million from one bidder, resulting in a total of 106 bids from three families. The final $185,000 was a 21-minute battle in $500 increments.
An expecting couple from Reservoir received the keys.
Nugent said the buyer “negotiated for a living” and remained “extremely calm and measured.” The bidder was a family from Montmorency.
The sellers invested $30,000 in staging and landscaping, which helped the sale.
“Anything new or renovated still attracts very, very good attention… [Buyers are] “The cost of trade-ins, trying to find a job, and everyone being pressed for time are pushing more towards built properties.”
A flat in East Melbourne has sold for $912,000 after seven bidders bid up the price.
Two bedroom house 8/35 Powlett Street It was listed with a price guide of $750,000 to $825,000. The reserve was set at $775,000.
Ray White CRE’s Toby Campbell said the 15-minute auction attracted a mix of first home buyers, downsizers and investors struggling in “ones, twos and fives”.
The property was eventually secured by a local client’s solicitor, outbidding a young woman looking for her first home.
The flat has been owned by the same family since it was purchased off-plan in 1970.
“Land tax and holding costs are through the roof, so it’s a better time than ever to sell,” Campbell said.
An architecturally designed home in an exclusive riverside area of Fairfield has been sold at auction.
Three bedroom, three bathroom house 60A Park Hilal It was listed with a price guide of $4.2 million to $4.4 million. The reserve was set at 4.4 million dollars.
Nelson Alexander agent James Labiris said the “single-level” layout, on an 860 square meter site near the Yarra River, was a significant advantage.
“People who want to build and decide to do it now [they don’t] I want to build. “That’s kind of the buyer demographic,” he said.
“The finished houses are in good condition… [This house is] fully finished, beautiful design, lots of natural light, single level scale, gorgeous.”
Despite interest rate rises and global conflicts, Labiris remains confident in the suburb’s unique position.
“Fairfield is a family suburb, but it’s the perfect mix between inner city and suburb.”
Abbir Dib is a journalist and opinion writer based in Melbourne.
