A newly renovated former milk bar in Melbourne's inner north has sold for a record-breaking $5.1 million at auction, surpassing its reserve price by almost $1 million. The four-bedroom Victorian weatherboard home at 558 Rae Street in Fitzroy North was transformed by local architects Kennedy Nolan, featuring a landscaped central courtyard, exposed concrete, and timber details throughout. This property was one of 1226 scheduled for auction in Melbourne that week, with a price guide of $3.9 million to $4.3 million. The bidding commenced at a 'cheeky' $3.2 million, and after a vendor bid of $3.9 million, the competition intensified, with bids increasing in $20,000 and $50,000 increments, eventually reaching the reserve price of $4.2 million. The rapid pace of the auction, driven by four young families and a couple in their 50s, resulted in a quick sale. The successful buyers, a young family with ties to the area, had been searching for a home for some time. The vendors, returning to their hometown in Newcastle, NSW, expressed their satisfaction with the renovation's success, highlighting the home's numerous desirable features. Meanwhile, a former laundromat and grocery in Coburg sold for $1,130,000, almost 15% over reserve, attracting interest with its updated three-bedroom Edwardian design, Baltic pine floors, and pink accents. The auctioneer, Barry Plant agent Jarrod Couch, noted the building's historical significance, including the preservation of the original shopfront in a study. The bidding started at $900,000, with three bidders competing to easily surpass the $990,000 reserve, ultimately going to a couple in their 30s who secured their first home. The vendors, who had moved to NSW to retire four to five years ago, had been renting the property as an investment. Despite recent interest rate hikes, the auctioneer observed a positive sentiment among buyers, suggesting that they remain confident in the market.
