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Melbourne landfills sell for mega bucks in the midst of stock shortages

Melbourne landfills sell for mega bucks in the midst of stock shortages

44 Collins St, Thornbury, sold for more than $ 1.5 million.


From completely worn homes to burnt-out shells and houses you really shouldn’t live in, the Melbourne real estate market has seen it all.

Some show potential, while others are marketed with the intent to strike down and start over.

But as demand continues to rise and the amount of inventory falls, buyers turn to less-than-desirable properties to secure a patch in their dream suburb.

That comes as new research reveals that the number of new properties coming to market in Melbourne in August fell 27.1 per cent month-on-month.

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515-517 Abbotsford Street, North Melbourne.


According to figures from realestate.com.au, the largest listing declines were in the inner (-34.3 percent) and southeastern (-29.4 percent) suburbs, while regional Victoria saw an increase of 11 percent.

Alexkarbon North Melbourne director Alex Puglia said the shortage, driven by the pandemic, had caused buyers to turn their expectations to fit what was available in their target suburb.

“I don’t think anyone could have predicted what happened (with the booming market) before or after the lockdown,” Puglia said.

Mr Puglia, who sells a run-down house and a shop duo at 515-517 Abbotsford St, North Melbourne, said inspiration for lockdown renovations and shows like The Block had also helped homeowners think outside the box.


Inside the enclosed store front.


The property has two bedrooms.


“Currently, there is a lot of interest from buyers for properties like this,” Puglia said.

“There are many buyers ready to strike as soon as they can inspect, and the restrictions are (finished) up. And especially when you have shows like The Block, people think it’s pretty cool to make their own property. ”

The Abbotsford St property has a asking price of 1.35 million. Dollars, which Mr Puglia said was an “achievable” price point for its location and proximity to the city.

It currently has two bedrooms and a bathroom, but is zoned for mixed use so it can be renovated and converted into a larger home or store, he added.

In Carlton, 95 Station St is marketed as a “rare, pristine and original double-storey terrace” that “will set the imagination in motion with possibilities”.

95 Station Street, Carlton.


A small yard at the back.



Lockdown mood: tired but sweet.



Lots of character, though.


The “rough diamond” has cracked walls and frayed paint, the floor has been torn up in some places while other parts are covered in dirt.

And the bathroom next to the kitchen has exposed pipes and tiles that are missing from the wall.

But despite the abandoned property, it still has a price tag of $ 920,000- $ 1.01 million.

Woodard’s Carlton agent Jason Sharpe has the list.

And just last weekend, a terrified 505 sqm home on 22 Euston St in Malvern sold for $ 2,415 million, which shocked seller and Biggin & Scott’s Tom McCarthy.

22 Euston Street, Malvern.


Sir. McCarthy said the property had defied expectations because “they are not making more land”.

The week before, 2 Stafford St in Northcote hacked a $ 500,000 premium for sale for $ 1,631 million. Despite the fact that it had a bathroom in the kitchen.

2 Stafford St, Northcote - to herald sun real estate

2 Stafford St, Northcote.


At the time, The Realest Estate’s Jesse Delia said there were “a few comments about being able to watch your cooking while on the toilet,” but the property would eventually be shut down to make room for a new home.

Earlier this year, Woodard’s Northcote director Mario Butera sold the burnt-out shell at 44 Collins Street, Thornbury, for $ 1.5175 million.

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