Stunning Fitzroy North terrace sells for $2,121,000

July 29, 2023

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Key points

A sustainably-designed terrace renovation in Fitzroy North well exceeded expectations at auction.
A two-bedroom apartment without internet in East Melbourne sold for $906,000.
There were 689 auctions scheduled on Saturday.

Property listings

A stylishly renovated terrace in Fitzroy North has sold for $2,121,000 at auction, after hitting the reserve price on the second bid.

The tri-level, four-bedroom home at 28 Newry Street had been renovated twice and featured a sustainable and striking design, city skyline views and a sought-after location close to Brunswick Street.

“The layout itself offered so much versatility and plenty of accommodation, but also great areas for secondary living zones and entertaining,” Jellis Craig listing agent and auctioneer Charles Atkins said. “The aspect on the northern side of the house is a great aspect across Fitzroy North. It’s a diamond of a location”

Bidding for the home began at the top of the quoted price range of $1.8 million to $1.85 million, and reached the $1.86 million reserve on the second bid.

Two buyers traded rapid $10,000 bids until the price approached $2 million and bidding slowed. A third and final bidder then joined the fray and fought off his competition with smaller increments.

Charles Atkins auctions 28 Newry Street, Fitzroy North. Credit: Eddie Jim

An expecting couple made the winning bid, which was $261,000 more than the reserve price. Atkins said all interest had been from owner occupiers.

“I’m not surprised [by the interest shown at auction] because of the interest that had built over the last four weeks and the conversations we’ve had with a couple of key buyers,” he said. “There hasn’t been too many 28 Newry Streets offered to the marketplace and I think that’s what drew great attention to it.”

Atkins said the home had sold well because Fitzroy North buyers were prepared to pay a premium to get into the area, particularly for turn-key, renovated properties.

It was one of 689 auctions scheduled in Melbourne on Saturday.

The home had been renovated twice in the past 10 years. Credit: Eddie Jim

Earlier in East Melbourne, an aged two-bedroom apartment with no internet connection sold in a short and sharp auction.

The unit at 20/22 Agnes Street attracted three bidders, one of whom was unknown to Caine Real Estate agent and auctioneer Toby Campbell.

The apartment was located in East Melbourne’s tiny Jolimont pocket, and had been recarpeted and given a fresh coat of paint but could use further upgrades, Campbell said.

“It’ll need to have a full overhaul really, which the next people will do I’m sure,” he said. It’ll need a new kitchen and things like that and things like modern updates haven’t been done.

“It’s got no heating, no cooling, no internet.”

Campbell listed the property with a price guide of $800,000 to $850,000. The auction began before he could finish asking for a first bid, when a buyers’ advocate quickly offered $820,000 for the property.

The home was on the market two bids later when the price reached $850,000, passing the $840,000 reserve.

Almost 20 bids later the apartment sold for $906,000, $66,000 more than the reserve price.

Campbell said it sold to an owner-occupier with ties to the area.

East Melbourne had been largely unaffected by the market weakness caused by high interest rates, he said.

“We do not see any effects of interest rate rises because most people have sold to move here or most people consider these as discretionary purchases, where they are buying to be close to the MCG and close to the city,” Campbell said.

“So they’re not first home buyers, they’re not young families.”

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