Old House Proves the Winner

A 133-year-old house in Richmond was the highlight of a recent auction weekend, proving there are slim pickings at the top end of Melbourne’s housing market. The worn-out home sold for $1.621 million, a big mortgage indeed! Biggin & Scott agent Allan Cove said the buyer was considering putting townhouses on the block, which is across the road from the Grand Hotel, but had not made up his mind. Some big results are coming through on the usually quiet Sunday real estate scene, it seems.

“Buyers are more selective because there’s not a lot of new stock coming up and we don’t see that changing in the next six to eight weeks,” said Andrew James, director of Hocking Stuart. The Real Estate Institute of Victoria’s auction clearance rate has improved over the past two weeks, though a small increase in sales amid lower volumes of stock can produce a healthier figure overall.
Source: http://www.smh.com.au/business/property/dilapidated-richmond-home-tops-the-milliondollar-list-20120722-22i51.html

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