I think I'll leave it here Simon. Enough examples for you?
$4.5 million for a dilapidated terrace???
Run-down home sells for $1.8 million over reserve price
5 HOURS AGO MARCH 22, 2015 4:48PM
A KNOCK-down home sold for almost $1.8 million over its reserve price, smashing its $2.5 million price expectations out of the park.
More than 1100 properties in Melbourne went to auction on Saturday, with CoreLogic RP Data recording a preliminary clearance rate of 78 per cent across Melbourne.
There were holes in the walls, soiled carpets and a back door cordoned off with hazard tape at the shabby two-level home at 208 Beaconsfield Parade, Middle Park.
Five bidders joined the auction of 208 Beaconsfield Parade, Middle
Yet the foreshore property, built circa 1880 with clear views of the bay and the potential to knock it down, attracted a crowd of about 80 people and five bidders.
The auction started at $2.6 million and zoomed ahead of its $2.75 million reserve, reaching $4.05 million in the first 90 seconds.
A Melbourne couple finally bought the property at $4.51 million with plans to create a new home.
The non-heritage listed property at 208 Beaconsfield Parade sold for more than $4.5 milli
Hocking Stuart Albert Park auctioneer David Wood said the appeal was its foreshore location and that it was one of a few properties in the area allowed to be rebuilt.
“A lot of the other terraces are great and gorgeous but you can’t touch the facade so here was an opportunity,” he said.
