COMPETITION from five parties drove up the value of an untouched Belmont house described as a “gold mine” when it sold at auction on Saturday.
A Belmont family paid $520,000 to secure the original weatherboard house at 31 Rugby St.
They plan to renovate the three-bedroom house which has only had one owner and is still sporting mid-century decor.
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“It has a lot of potential,” said the buyer, who had been looking for a property in the popular Belmont High School area for about six months.
“And we have children at Belmont High School and Belmont primary.”
Ray White, Highton auctioneer Matthew Constantine took an opening bid of $440,000, with the strong interest pushing the result above the $460,000 to $500,000 expected range.
“There has been one genuine owner and it has not been touched in that time,” Mr Constantine said.
“Some might see that as a disadvantage but I see it as a distinct advantage … this place is a gold mine.”
He said similar weatherboard properties in the neighbourhood were selling for $800,000 to $900,000 once renovated.
The house, on 583sq m of land, has three bedrooms, a loungeroom, dining room and separate kitchen/meals area.
There’s side access to a single rear garage and a private backyard with a covered outdoor entertainment area.
Belmont median house price jumped 9.3 per cent in the past year to $535,000.