The two key properties of the 8 $million plus properties up for auction this weekend in Port Phillip were:
18 Faussett Street, Albert Park, which we had rated well at 673. This Hocking Stuart property, managed by Michael Coen, was a goodie, having been recently renovated to a high standard, with off-street car parking and only minutes to Victoria Avenue. It was passed in on a vendor bid of $1,650,000.
73 Mills Street Middle Park, we had rated at 595. This Marshall White property, managed by Simon Gowling, sold for $1,502,000 with four bidders, having been declared on the market at $1,490,000. It had a clever renovation, including a really smart master bedroom, retreat and small study in a second-storey extension. Regrettably its southerly rear and lack of off-street car parking impacted on its rating.
Last weekend I mentioned the sale of a vacant block at 17 Hambleton Street, Middle Park – a Marshall White property, managed by Kaine Lanyon, which sold at auction. Interestingly, buyers saw value in this new home site, probably because they would not have to deal with the many heritage issues associated with renovating period properties during the planning and building stages.
This week I inspected a smaller version of 17 Hambleton Street at 48 Kerferd Road, Albert Park – a Greg Hocking property, managed by John Holdsworth. This is being quoted at $950,000 plus, and is to be auctioned on Saturday the 1st of September. It is similar because the home can be demolished or renovated (STCA). For a single-fronted property it has good width at 6 metres, 225sqm (approx) of land, rear car access and a prized northerly orientation. It will be interesting to see if buyers value this rare land offering over a property with an untouchable period home.