House with rare zoning in Hawthorn East sells for $2.46 million

A Tudor-style home in need of renovation narrowly missed a date with the wrecking ball after developers failed to snap it up at auction on Saturday.

Tap here for auction results listing.

The property, one of just four blocks of land in Hawthorn East with coveted zoning for units, sold to owner occupiers who wish to restore the period home, rather than demolish it.

“They’re not developers. They’re more than likely going to retain the house,” Biggin and Scott Boroondara director Toni El-Helou said. “It is the charm of this house that won the buyer, they’re going to bring it back to its original condition.”

The auction for 1A Brookfield Court kicked off with a $2.2 million offer from a bidder who had not set foot in the property until Saturday. 

The owner-occupiers then hit back with an offer of $2.25 million. 

Auctioneer Brad Carlin-Smith announced the home was on the market at $2.42 million then the two bidders went back and forth a while longer until the home sold for $2.46 million.

“The buyers have got the best of both worlds, living in a beautiful period home with the option to develop,” Mr El-Helou said.

To realise their dream of restoring the home, they would have to spend about $200,000 to tidy up the old rental, Mr El-Helou said.

With the block zoned for units up to 11 metres high, Mr El-Helou said the majority of the interest had been from developers. 

He noted it was common for developers to show up to bid without having inspected the property beforehand.

Hawthorn East’s median house price increased about 20 per cent over the last year, bringing it in line with neighbouring Hawthorn.

“It is more popular now because of the way it’s geographically situated,” Mr El-Helou said, noting multiple school zones and good parks were winning over Boroondara buyers.

“It’s a suburb where you get a mix of the old and the new.”

It was one of 602 auctions in Melbourne on Saturday. The reported clearance rate sits at 58 per cent. 

Meanwhile in Gillman Street, a renovator sold a run-down Victorian to a couple who wished to restore it.

Noel Jones‘ William Van den Dungen sold the property in what he described as an odd post-auction bidding war.

“When it passed in we had four groups all trying to put offers in,” he said. “We had to [work] with all parties individually and it ended up selling for $1.36 million.”

Mr Van den Dungen said the old home only attracted one bid before he passed it in at $1.3 million, so the end result was surprising. 

Later a block of land in Hawthorn, just metres from Scotch Hill College, passed in on a single bid.

The land at Rear 1 Gardiner Road came with plans to build a four-bedroom home, but the prestigious school zone didn’t draw enough interest to attract more than one bidder.

They made an offer of $1.01 million — $140,000 short of the $1.15 million reserve — and the property was passed in. 

“We’re speaking to parties and we’re going to a private campaign,” selling agent Tom Staughton said.

As of Saturday afternoon, the property had not sold. 

Meanwhile in Brunswick, a recently renovated double-fronted Victorian sold after passing in.

“Everyone was happy in the end, just a bit of hard work at the moment,” selling agent Jason Sharpe said. “We ended up having three people bidding on the street and then there was three people bidding afterwards.”

The auction for 3 Bank Street started at $1.45 million, and the three bidders brought the price up to $1,565,000, but the property passed in after bidding failed to reach the reserve. 

Mr Sharpe also had multiple buyers come on for negotiations after the sale, and he sold it on reserve for $1,624,000 to a family using a buyers’ agent.