Fitzroy house price record smashed by nearly $1 million

Tap here for Saturday’s auction resultsTap here for the Market snapshotHouse of the Week: Colourful Fitzroy home embedded in historyGraeme Simsion selling his Fitzroy family homeDid Fitzroy just out-Fitzroy itself?

Fitzroy’s house price record was shattered by almost $900,000 on Saturday, as a crowd of more than 200 watched in shock when a 163-year old year terrace sold dramatically under the hammer.

The previous suburb record is believed to be $4,011,000 for 17 Bell Street, Fitzroy, set last November.

The property at 43 Gore Street, owned by Madman Entertainment co-founder Paul Wiegard, last changed hands for $2.1 million in 2008, Domain Group data shows. Mr Wiegard spent about $2 million on a complete renovation in 2011.

The film industry entrepreneur is understood to be moving across the Yarra River to the other side of the city following the sale.

The average punter inspecting the house could have mistaken it for the set of the next season of The Block.

All three floors of the Victorian three-bedroom house were buzzing with people, who lined up just to get a peek at the rooms; some admiring the thoughtful and tasteful styling and renovation.

Bidding opened slowly at $4 million with a vendor bid by Kay and Burton auctioneer Gowan Stubbings, and rose mostly in $25,000 jumps.

Mr Stubbings went to check with Mr Wiegard for the second time when the bidding appeared to have run out of steam at $4.65 million. He came back outside only to return inside immediately again, after a shock knock-out bid of $4.8 million from the eventual buyer ??? putting the house on the market.

After a final attempt by one of the two other would-be buyers with a $10,000 rise, a second knock-out bid of $4.9 million sealed the deal.

The buyers were a young family with three children who presently live in the City of Boroondara, but interest had come from all over the world, including China, New Zealand, Germany, Singapore and the United States. More than 300 people had inspected the property throughout the campaign, according to listing agent Darren Lewenberg.

“We knew we had an amazing home, we knew we had depth in the market, people who wanted to own it; the unknown was in terms of what the result was,” Mr Lewenberg said. “They took a couple of years of painstaking research and speaking to designers and architects to get it to this level.”

“Buyers ??? local, national and overseas ??? not only inquired but also visited the home.”

Prominent surgeon Thomas Embling built the terrace in 1854 as his home and practice.

Gore Street is home of some of Fitzroy most significant sales, including the former home of comedian Hamish Blake and author of international bestseller The Rosie Project, Graeme Simsion. The author and wife, Anne Buist, recently sold their Fitzroy home for an undisclosed price close to $4 million.

Meanwhile in Albert Park, an original two-bedroom house on just 164-square metres sold under the hammer for $1.38 million, $100,000 above reserve.

Three hopeful buyers competed for the period cottage at 172 Danks Street, which was part of a deceased estate and had been in the same family for decades.

Abercromby’s auctioneer Mark Williams opened the bidding at $1.2 million and the house, just one block from the beach, was declared on the market at $1,285,000. A family with plans to renovate trumped their competition to win the keys.

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