WILLIAMSTOWN parents have paid $2 million for a house around the corner from where they live, with possible plans to demolish it and create homes for their two sons.
The buyers, who didn’t want to be named, said they would rent out the four-bedroom pad at 46 Bayview St for the meantime.
They’d then consider knocking down the 1950s abode, subdividing its 622sq m block and building two new homes for their children, now aged 10 and 17.
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“It’s hard to get into the housing market. And this way, they’d be close to home,” the buyers said.
“We live around the corner, so we know how good it is here.
“It’s so close to the beach and public transport.”
The property skyrocketed $280,000 past reserve at a frantic auction involving six bidders.
An optimistic participant started proceedings with a $1.4 million bid — $300,000 below the bottom end of the quoted range — which Williams Real Estate auctioneer Michael Harvey raised to $1.65 million with a vendor bid.
The price flew up in $10,000 increments from there.
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Mr Harvey said the property was sold as a deceased estate after having belonged to the same owner for about 25 years.
The owner’s family were “pretty emotional”, but also “shocked” by the big sale, he said: “It surprised all of us because the house needs a bit of TLC.”
He said the single-storey residence had been partially updated in the ‘90s. But it remained largely original, providing potential buyers with the opportunity to renovate it, replace it with a brand new house or develop the site, which also features a granny flat.
Mr Harvey said Williamstown hadn’t been hit with the full effect of the slowdown being experienced by the broader Melbourne market, but this sale was undoubtedly “one out of the box”.
“We’ve definitely slowed a bit,” he said.
“But when you’ve got a quality home in a good location, they’re selling well.”