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AU Home buyers eye dump's $1m view at Aspendale

Property Here - Sunday, June 02, 2013

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Aspendale beach house

Stavros Ambatzidis outside the beachfront house in Aspendale. Picture: Mike Keating Source: Sunday Herald Sun

IT is one of Melbourne's latest million-dollar properties. And it's a dump.

The weatherboards need to be replaced. There's asbestos in the ceiling. Past tenants have used the walls and parts of the roof as a painting canvas.

But sisters Josie Mare and Rhonda Monaghan think they got a bargain at $1.06 million for the rare, beachfront house in Gladstone Avenue, Aspendale.

They've bought the chance to create a dream home for their 90-year-old mum, Carmen.

"It needs a lot of work," said Ms Mare. "(But) we . . . want to give something back to her after she has given so much to us."

Aspendale beach house

Inside the beachfront house in Aspendale. Picture: Mike Keating

O'Brien Real Estate auctioneer Stavros Ambatzidis sold the property last weekend. He said it went more than $100,000 past what pre-auction feedback had suggested it would.

"There's plenty of others who are buying these on the position. We had No.1 Osprey St, Carrum, sell for over $1 million - and that needed work, too," he said.

Another house in need of work sold to Ethan Quinn, 19, last weekend. His first house, a barely standing Brunswick residence, went $30,000 beyond its reserve price at auction.

The first-year chippie apprentice needs to get the South Audley St house restumped, renovate the bathroom, replace floorboards, weatherboards, front windows and update the kitchen.

Aspendale beach house

Stavros Ambatzidis looks into the beachfront house in Aspendale. Picture: Mike Keating

He's budgeting for $100,000 in repairs and renovations - on top of the $430,000 he paid for it.

"I think there's a good bit of value in it," he said.

Hocking Stuart Brunswick director Rob Elsom said Mr Quinn beat five others to buy the property.

"People don't want to pay for other people's work," Mr Elsom said.

Aspendale beach house

The view from the beach of the tired weatherboard house in Aspendale. Picture: Mike Keating

Secret Agent buyers advocate Paul Osborne believes the number of dumps attracting big dollars is growing as a softer building industry combines with a growing number of cashed-up baby-boomers.

Last weekend, Mr Osborne saw an unrenovated house at 22 Gore St, Fitzroy, net $1.476 million.

Seven months ago, a bigger, renovated property in the same street sold for $1.46 million.



Read more: http://www.news.com.au/realestate/buying/home-buyers-eye-dumps-1m-view-at-aspendale/story-fndban6l-1226657915505#ixzz2WI40M388