Albert Park house: no bathroom, no kitchen, no worries
Buyers weren't deterred by this Albert Park pad's lack of a kitchen or bathroom when it went under the hammer.
Four bid for the blank canvas at 3 Finlay St, with a South Yarra couple securing it for $1.275 million.
They hadn't been looking to buy for long, but saw this one in a location they liked and decided to try their luck.
They planned to renovate the two-bedroom cottage, keeping its period features but adding modern touches, and then move in down the track.
The neighbouring terrace at 1 Finlay St has a similar backstory.
CoreLogic records show it fetched $1.015 million in 2015, when it was unrenovated. Then, after a complete transformation, the two-bedroom house sold for $1.88 million in March this year.
Marshall White Port Phillip agent Kaine Lanyon said if the blank canvas at No. 3 was transformed into a three-bedroom home, its value should rise past $2 million.
"It is an absolute ripper on a corner block," Mr Lanyon said.
The property's auction started with a $1.05 million vendor bid, with several parties ultimately pushing it past the reserve of about $1.2 million.
"We were really pleased with the result - it was a good outcome and shows some great confidence in the market coming into the spring selling season," Mr Lanyon said.
He had expected six to seven bidders at the auction, but only four got the chance to put their hands up.
"It suited builder-renovators. Some investors might have shied away from it as it is not liveable," he said.
The sellers are gaining more than $1 million from what they paid for the place 23 years ago.
CoreLogic records show the property last sold for $187,000 in 1996.
Behind the traditional brick facade is an arched hallway with two bedrooms and space for a kitchen and living room.
A rusted kitchen sink can be found in the backyard.
"There is plenty of potential, it will be great to see what they have done with it in 18 months time," Mr Lanyon said.
Albert Park's median house sale price in the year to May 2019 was $1.74 million, according to CoreLogic.