Melbourne property: Siblings team up to attract developer dollar

A brother and sister hoped to attract top dollar from developers on Saturday when they teamed up to sell their neighbouring Preston properties.

The 1600-square-metre block at 74 and 76 Cramer Street was pitched as a development site and quoted in the $3 million to $3.3 million range.

The siblings opportunistically bought the properties about five years ago and have been living next door to each other since.

One three-bedroom home sits on each block, but it was the site’s corner location – steps away from Preston West Primary School with two street frontages and views across Zwar Reserve – that was attractive.

There was potential a for townhouse development on the land and by selling the properties together it could attract a 20 to 30 per cent premium, Hocking Stuart agent Andrew Montalto said.

But despite a large crowd of neighbours and a handful of developers, buyers kept their hands firmly in their pockets.

“The fun begins when there’s bidding,” Hocking Stuart auctioneer John Pasceri said, as he sought an opening bid.

He kicked off the auction with a vendor bid of $2.8 million and after a reluctant start, two bidders slowly inched the price to $3.05 million.

However, it fell short of the undisclosed reserve and both were passed in at $3.05 million. Negotiations with a investor and developers are continuing.

Further up the road in Clifton Hill, bidder Sandra McKay wasn’t fazed by a knockout offer of $1.3 million, which put 1/1 Marshall Place in Clifton Hill straight on the market.

“Who needs to watch a TV show to get a sense of drama?” joked Nelson Alexander auctioneer Arch Staver, as he declared the property had hit its $1.25 million reserve.

He didn’t have to work hard by mentioning nearby cafés, parks, schools or transport. The mostly local crowd already knew the advantages of living in this tightly-held pocket.

Indeed, the last time this property changed hands was in 1997.

Ms McKay, a Clifton Hill local herself, outbid two others to buy the light-filled property in the former Sidchrome Tool factory for $1,506,000.

Part of the attraction was that the home was on its own title (no owners’ corporation) with a large ivy-covered central courtyard.

An 80-strong crowd mingled in the discrete side street as McKay and two other bidders pushed the price up in $10,000 lots.

McKay won’t have far to move. Her large, converted warehouse is nearby – and will soon go on the market – but this purchase sits her right in the coveted Fitzroy High School zone.

“I had been looking for a while but only saw this on Thursday night and loved the enclosed garden and tree,” the former Age state political reporter and communications expert said.