Former milk bar in Fitzroy North sells for $5.1 million at auction
“Every single thing that you could possibly want as a feature, this home had,” he said. “I could have stood there for longer than the auction and just named all the features.”
A former laundromat and grocery in the heart of Coburg fetched $1,130,000 at auction on Saturday, almost 15 per cent over reserve.
The updated three-bedroom Edwardian sits on a corner at 105 Munro Street, and had a price guide of $900,000 to $990,000.
It features Baltic pine floors, a timber dining nook and pink accents in the kitchen and bathroom.
Barry Plant agent and auctioneer Jarrod Couch said there was “a bit of history in the building”, including a study which preserved the original shopfront, and the property drew in interest.
Couch started with a vendor bid of $900,000, and the bidding began in earnest at $910,000.
The former storefront at Munro Street has been converted into a study nook,Credit: Barry Plant
Bidding crept up in $10,000 increments, with three bidders competing to easily pass the $990,000 reserve. A couple in their 30s won the day to land their first home.
The vendors, who moved to NSW to retire four to five years ago, had recently been renting the home as an investment.
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“They’ve got no plans to come back to Melbourne, and decided now’s the time to move it on,” Couch said.
He said his two auctions this year had both sold reasonably comfortably, and thought more broadly that buyers hadn’t been intimidated by recent increases in interest rates.
“I think the sentiment from buyers is that they realise the recent interest rate hike is a small drop in the pond,” he said.
