South Melbourne: multiple million-dollar dumps hit the market
A house on a tiny 107sq m block that’s sat idle for five decades is among a handful of fixer-uppers that have hit the market in a blue-chip suburb, all with eye-watering price tags.
A bunch of South Melbourne project properties have all hit the market within days of each others.
Buyers will need to fork out millions to secure the dumps, which are in desperate need of renovations.
Two of the properties up for grabs were owned by the same vendor, and one has sat idle for the past 50 years.
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The three-bedroom, one-bathroom house at 15 Martin St was being marketed as a property to “call the architect” for, and one “yearning for its new owner to breathe new life and aesthetics into the picture-perfect dress circle that is Martin St.”
Ray White Southbank and Port Phillip agent David Barber said its poor condition was due to the home being uninhabited for about five decades.
The other property he was selling at 264 Dorcas St had also been vacant for a few years.
Both are deceased estates.
“It’s a good opportunity,” Mr Barber said.
“(The two properties) are either knockdown or refurbish opportunities.”
The more dilapidated of the two, 15 Martin St, had a $1.2 million asking price and occupies just 107sq m of land.
On more than double the land size and in better condition, 264 Dorcas St, had a hefty $2.3 million price guide.
Mr Barber said due to the coronavirus, the properties were listed for private sale, which was “a different approach for deceased estates.”
“We are still getting a lot of buyer inquiry and interest, despite what is happening in the overall economy at the moment,” he said.
“These are the most uncertain times we have had in a long time, but we still have a lot of buyers wanting to inspect the properties.”
Also on the South Melbourne market and in need of an overhaul is 237 York St.
The corner block property, which is on 140sq m of land, has a $950,000-$1.045 million price guide.
“With a wider-than-usual, near-8m frontage, three-street access and prime South Melbourne location, this historic treasure represents a world of opportunity, for all renovators, builders and investors,” the Cayzer Albert Park marketing reads.
In much better condition but in need of some modernisation, 54 Stead St is on the market for $1.95 million.
The three-bedroom home, which flaunts a classic Victorian facade, was advertised as “comfortably liveable” with “extraordinary potential”.
It’s listed for private sale through Greg Hocking Holdsworth Albert Park.
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Originally published as South Melbourne: multiple million-dollar dumps hit the market