Melbourne is shocking the market with rundown homes selling for exuberant prices!
Last week, we showed you the Thornbury home which despite being partially damaged by fire, sold for $1,517,500. And Melbourne is back with another home in Hawthorn East.
The Westly Street property is on a deep and wide allotment of 684sqm according to the realestate.com.au listing.
And when land is king, this freestanding home in need of some TLC comes with a $2.7mill – $2.95mill price tag to boot.
Marshall White Boroondara partner, Chris Barrett said that the Hawthorn East homes listing price reflected the scarcity of land offerings in the area, and we agree.
“Land is very hard to find. And the turnaround (on properties like this) – if you do it (renovate or knock down and rebuild) properly with architectural design and a good builder, you can end up with something around the mid-$6mill mark” said Mr Barrett.
Mr Barrett also noted that when neglected homes achieve multimillion dollar sales, it pushes up the pricing of any similar blocks, even those without heritage overlay.
And with the big numbers that these homes are achieving, there’s no doubt this won’t be the last rundown home in Melbourne selling for millions.