Albert park garage sold for $645,500

Did anyone go to this auction. A 46 sqm garage sold for $245,500 over reserve at $645,500!
I think the buyers have taken a big risk thinking they can develop a multi storey property on it.

‘A bit stunned’: Albert Park garage sells for $645,500 at auction

Melbourne market is strong.

 

new owners said they want to turn it into a home,

didnt know you could actually build a house in albert park on a width of a garage....

would council even allow it?

 

It seems extravagant but remember that Albert Park is the most expensive suburb in Melbourne per square metre. The garage was about $14,000 per sqm.

This place is 149 sqm and went for $20,268 per sqm.
https://www.realestate.com.au/sold/property-house-vic-albert+park-132390186

Remember, hipsters would love to own a quirky laneway garage so they could brag about it while they're getting their beards trimmed.

 

This was owned by an old mate and he is pretty happy with the result.

 

Inner bayside suburbs such as Sth Melbourne, Albert Park, Middle Park, St Kilda West, St Kilda proper and Elwood are almost bullet proof. This property at 63 York St in St Kilda West set a suburb record in Oct 2019 selling for over $12m

https://www.realestate.com.au/property/63-york-st-st-kilda-west-vic-3182

 

Was he the plumber guy? Yes I bet he's happy with the result, also a good time to sell.

 

A house up the road at 62 Page St set a record at the time (Sept 2019) for $3m

https://www.realestate.com.au/sold/property-house-vic-albert+park-131788794

 

Maybe the purchaser had some planning advice considering he is a developer and it is zoned nrz??

This triple story + roof top terrace home is around the corner on 64 sqm and sold as vacant land for $1,300,000 in 2016 and then sold after completion for $2,650,000 in 2017.

Property Report for 88A Richardson Street, Albert Park VIC 3206

* The Land Registry lists 32 Little Graham at 50 sqm rather than 46 sqm.

 

if I could build for $500k, and get a gorgeous house for $1.2m in albert park,

id buy that in a heartbeat

 

Big IF though

 

definitely! for $500k, it would have to be pretty basic,
not sure if that is even possible with recent price rises

 

There are also town planning considerations. Would your proposed dwelling be approved by council? Could be risky

 

I am surprised that a dwelling the width of a garage would even be approved by council, especially multiple stories, but as the article says , it was purchased by a developer, so I assume they know what theyre doing

I will be keeping an eye on it!

 

Frontages to workers cottages in inner Melbourne were often a 1/4 Chain in width(16.5 foot or 5 metres)

 

back then yes,
this looks about 5m in width too

 

Yep and now trendy inner city pads are 5 metres in width

 

If they can build a house in 1.8 metres, 5 metres would feel positively spacious!

12 skinny houses that make the most of every inch

 

Anyone remember this iconic home from Grand design show, Surry Hills, Sydney lane way, 44 sq mtre
Due to location, size etc a challenging build

Small House sells for big money

 

wait! so you got to step on the dining table to get upstairs/access the BDR

surely not.....

 

One of my favourite streets in inner Melbourne would be Richardson St in Middle Park. I think it was in the 90s when I went to an auction here for a single fronted Victorian house and the block was about 5m wide. A guy pulled up mid auction in a new black Porsche and started outbidding everyone. The house eventually sold to him for 250k which was a huge amount back then, today it would be worth closer to 3m.