This unliveable Victorian terrace at 29 Morrah St, Parkville, sold for $1.64m after eight bidders fought for the rare fixer-upper.
A Parkville terrace untouched for decades and “unable to be lived in” has sold for $540,000 above its quoted range.
And the result has broken hearts for hopeful buyers that a buyer’s advocate attending the auction said “had no chance”.
The two-bedroom Victorian cottage at 29 Morrah St, known as Charlesville, was quoting $1m-$1.1m before auction — but the hammer eventually fell at $1.64m after an intense contest between eight bidders, including two buyer’s agents.
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Gary Peer director Leor Samuel said the home drew crowds from the get-go.
“We had strong interest from the first inspection — and on auction day, we had eight active bidders and about 80 people watching,” Mr Samuel said.
“The buyers were two local doctors.
“They’ve got a major renovation ahead of them — the property was unliveable and couldn’t be rented or moved into as it was.”
The Parkville home’s living room still features its original solid-marble fireplace — one of many untouched heritage details buyers fought to preserve.
While the bones of the home offer all the Victorian charm including lacework along the facade, soaring ceilings, solid-marble fireplaces and sash windows — it hasn’t been updated in decades.
On a 182sq m block of land in one of Parkville’s most tightly held pockets, it is about 100m from Naughtons Hotel and a short stroll to Royal Parade, Melbourne Uni and the Queen Victoria Market.
The kitchen at 29 Morrah St hadn’t seen an update in decades — but buyers saw potential in its bones and layout.
Buyer’s advocate Madeleine Roberts said multiple buyers had been prepared to pay more than the advertised price for the derelict Parkville terrace.
“This was a rare offering,” Mr Samuel said.
“We struggled to find anything comparable that had sold recently. Buyers were drawn to the potential, even with the large scope of works and heritage constraints.”
M R Advocacy director and buyer’s advocate Madeleine Roberts, who was in the crowd on auction day, said the buyers had been very determined.
With a dated shower-over-bath set up, the Parkville terrace’s bathroom was ripe for renovation — but that didn’t stop the $1.64m sale.
“It ended up selling for $1.64m, and the people we were bidding against could have kept going,” Ms Roberts said.
“Everyone thought they were in with a chance, but they had no chance.”
Mr Samuel said the home had been in the same hands for many decades, and buyers were also intrigued by the sense of history and future potential.
High ceilings and sash windows in the front bedroom hinted at the home’s Victorian past — and its potential for grand restoration.
“The vendor supported a healthy marketing budget, and we promoted the property across social media and the major portals,” he said.
“With such a scarcity of listings and renewed interest in renovation — which we didn’t see much of last year — it created real competition.”
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