There’s a lot of money to be made from selling potential.
Potential. That’s the key word to remember when assessing the price tag attached to this weekend’s biggest auction result: 4 A'beckett Street, Kew in Victoria sold for a whopping $4.65 million.
The four-bedroom, two-bathroom house looks like it’s in need of a little TLC, but it’s the 1,700 sqm block that’s likely to have swayed the successful bidders.
With no heritage overlay and potential views to the Melbourne CBD, the property was sold on its redevelopment potential by listing agency Kay & Burton Hawthorn.
In the sought-after Studley Park precinct of Kew, it’ll be interesting to see if the tennis court survives whatever plans the new owners may have.
Images sourced from Kay & Burton Hawthorn via Domain
Meanwhile, in Sydney, a three-bedroom house in Redfern fetched $3.62 million – the city’s highest auction result on the weekend. This too is a blank canvas – although one slightly different to that in Kew.
The previous owners of 73-75 George Street, Redfern opted to strip what was once two warehouses, now joined, back to their most basic form.
Listing agency BresicWhitney Darlinghurst assured prospective buyers that “you won't find anything that spoils the original space” and that the property “could become Redfern's best residence”.
Images sourced from Bresic Whitney Darlinghurst via Domain