Local property fetches almost $4 million at auction

August 13, 2018 by  

A former boarding house a short walk from Clifton Hill was the highest-selling property in Melbourne over the first weekend in August.

The double-storey terrace in McKean Street, Fitzroy North beat its reserve price by $180,000, with the final bid an impressive $3.88 million. Property listings in the area are mainly advertised using banner printing and flyer printing services.

Three bidders, who already reside in the surrounding suburbs of Fitzroy and Northcote, sought the 11-bedroom house situated on 584 square metres of land. The block is large for the location and houses four self-contained units each with a kitchenette and bathroom.

The new owners said they plan to remove the units to

‘clear the garden out so there’s room for the kids to run around at the back’

They also plan to renovate the home which features ornate high ceilings, a grand staircase and a balconied facade with detailed brickwork.

The house, named Moss Vale, was built in 1891 by a Collingwood bootmaker and eventually sold to a not-for-profit organisation which has been using it as a boarding house for the past 15 years or so. The organisation paid $100,000 for Moss Vale in 1977. Median house prices in the area have been tracking increase of over 150 per cent each decade since the mid-1990s.