Melbourne house bought for $6000 sells for $1.16m

More than four decades after being traded for $6,000, an aging red brick home has been sold for a staggering $1.16million.

The well-worn single-storey house in the inner north Melbourne suburb of Brunswick West was on the market for the first time since 1975.

After a battle between two bidders, the house sold for slightly over the suburb’s median house price.

More than four decades after being traded for $6,000 an aging red brick home (pictured) has been sold for a staggering $1.16million

The well-worn single-storey house (kitchen pictured) in the inner north Melbourne suburb of Brunswick West was on the market for the first time since 1975

The well-worn single-storey house (kitchen pictured) in the inner north Melbourne suburb of Brunswick West was on the market for the first time since 1975

After a battle between two bidders, the house (living room pictured) sold for slightly over the suburb's median house price

After a battle between two bidders, the house (living room pictured) sold for slightly over the suburb’s median house price

The winning bidder plans to demolish the existing property(pictured is one of three bedrooms) and put up two townhouses suitable for families

The winning bidder plans to demolish the existing property(pictured is one of three bedrooms) and put up two townhouses suitable for families

Nelson Alexander Brunswick senior property consultant Peter Jones said only two prospective buyers turned up to the auction, News.com.au reported.

‘We had a few interested buyers who were thinking of renovating the place, but decided it needed a bit too much work,’ he said.

The winning bidder plans to demolish the existing property and put up two townhouses suitable for families.

The brick Edwardian is located on a large block of land and has city skyline views as well as a bungalow in the rear of the property.

The brick Edwardian is located on a large block of land and has city skyline views as well as a bungalow (pictured) in the rear of the property

The brick Edwardian is located on a large block of land and has city skyline views as well as a bungalow (pictured) in the rear of the property

The red brick home has one bathroom (pictured), three bedrooms, one kitchen, and is lovated on a large block

The red brick home has one bathroom (pictured), three bedrooms, one kitchen, and is lovated on a large block

It features three bedrooms, one bathrooms, an adjoining dining and living space, and a large verandah. 

33 Irvine Crescent had been marketed both to developers and people willing to renovate or extend. 

Mr Jones said independent buyers should not be concerned about developers as the selling season heats up.

It features three bedrooms, one bathrooms, an adjoining dining and living space (pictured), and a large verandah

It features three bedrooms, one bathrooms, an adjoining dining and living space (pictured), and a large verandah

‘We’re expecting a good number of larger homes to come on the market over the last few months of the year, which should be good for families,’ he said. 

Brunswick West is located a 20 minute drive north of the Melbourne central business district and borders Melbourne Zoo.

It is popular with couples, singles and home-sharers under 35,  and with singles and home-shared aged 35 to 54.

The median house price in the suburb is $1.091million, up 21.2 per cent in the 12 months to May this year.

33 Irvine Crescent (pictured is one of three bedrooms) had been marketed both to developers and people willing to renovate or extend

33 Irvine Crescent (pictured is one of three bedrooms) had been marketed both to developers and people willing to renovate or extend

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