![298 Canning St, Carlton North - for herald sun real estate](data:image/svg+xml,%3Csvg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720"%3E%3C/svg%3E)
298 Canning St, Carlton North, sold under the hammer on the weekend.
A Carlton North house that was “not for everyone” has sold for $1.206m, well above expectations.
The three-bedroom terrace house at 298 Canning St had been slated to go under the hammer with a $1m reserve, but with three bidders ultimately sold $206,000 above that.
A bidder opened at $900,000 and it quickly reached $1m, with two buyers ultimately fighting it out.
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The 157sq m property was one of an increasingly rare selection being offered with a renovation still to be done, giving scope for those who were prepared to get their hands dirty a chance to leave their mark on them.
Nelson Alexander’s Peter Varellas said over the past few years the home had not been as well maintained as it might have been, but that hadn’t deterred buyers.
“It was a good auction that sold well above the reserve, which was set at a reasonable figure,” Mr Varellas said.
“But it was not for everyone, it’s quite daunting and there’s a fair bit to do there.”
Vintage wallpaper remains in some of the rooms.
The backyard could be transformed into a car park or entertainers’ courtyard.
Period fireplaces and high ceilings add a touch of old-world charm.
Ahead of hitting the market the carpet and blinds were ripped out to show buyers the blank canvas on offer.
Mr Varellas noted a typical renovation would end with the front rooms in keeping with the home’s history, and a more modern rear area or extension.
The works could go anywhere from a few hundred thousand dollars for something that stayed inside the current shell, or stretch past $1m if the new owner wanted to add a second storey.
About 60 groups inspected the house during its pre-auction marketing campaign.
Nelson Alexander’s Peter Varellas said homes which require a significant renovation are becoming increasingly rarer in the suburb.
“I think Canning St is one of the finer streets in Carlton North; it’s a nice part of the world,” Mr Varellas said.
“And out the back you could put in off-street parking. there’s a good right of way and you could put in a roller door.”
A father bought the home and Mr Varellas believes they plan to renovate it for their kids.
In the lead up to the sale, the deceased estate attracted “a lot of young couples, and buyers prepared to do some work.
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