Brunswick West house bought for $6000, sold for $1.16 million

THIS humble suburban red brick house in Melbourne has sold for a whopping $1.16 million — almost 200 times the price its seller paid for it.

This humble red brick house has sold for $1.16 million, only to be demolished. Picture: Supplied

THIS humble suburban red brick home in Melbourne has sold for a whopping $1.16 million — almost 200 times the price its seller paid for it.

It took just two bidders for the tired Brunswick West house, which last traded in 1975 for a mere $6000, to sell.

A buyer splashed $1.16 million on the home at 33 Irvine Cres despite it being too well-worn for renovation, according to Nelson Alexander Brunswick senior property consultant Peter Jones, who said the house was slated for demolition.

“We had a few interested buyers who were thinking of renovating the place, but decided it needed a bit too much work,” Mr Jones said. “Two bidders competed for the keys on the day.”

Renovating the property was just “too much work”, its buyer decided. Picture: Supplied

Mr Jones said bidding for the three-bedroom home opened at $1 million before it was called on the market at $1.1 million.

He said a developer won the keys, and intends to develop a side-by-side townhouse project.

“They’ll be quite substantial, and well-suited to families,” he said.

The property is set to be bulldozed to make way for a townhouse complex. Picture: Supplied

As what is widely known as the selling season rolls in with the warmer months, Mr Jones said homebuyers should not be concerned about developer activity.

“They’re not any more active during spring and summer than they are earlier in the year,” he said.

“We’re expecting a good number of larger homes to come on the market over the last few months of the year, which should be good for families.”

CoreLogic recorded a 21.2 per cent rise in Brunswick West’s median house price to $1.091 million across the 12 months to May.

Originally published as Brunswick West house bought for $6000, sold for $1.16 million