Mortgagee sale at Dallas was Melbourne's cheapest weekend sale
Melbourne’s cheapest auction sale price last weekend was in the northern suburb of Dallas.
The four-bedroom, one-bathroom Barry Road house was listed by the mortgagees with a $220,000 to $240,000 price expectations.
It for $243,500 after Barry Plant Real Estate marketed the property to first homebuyers, investors and clinic operators.
The original 1960s brick veneer property (pictured below) was previously listed for sale in July 2011 with a guide price of $280,000 to $290,000, but did not sell.
Its feature built in robes in two bedroom, a large living area with open fireplace, modern kitchen, central bathroom, separate laundry and toilet, gas ducted heating, single car garage and wide side driveway.
It last sold for $215,000 in mid-2008, reflecting 2.5% annual growth during the past five years.
The median sale price for houses in Dallas is $270,000, down 8.9% in the past year, according to RP Data.
Other recent sales include a five-bedroom property on Phillip Street selling for $365,000 in June and a three-bedroom house on Merino Avenue selling for $260,000 on 3 July this year.
Barry Plant Real Estate selling agent Halil Okur says while there was a lot of interest in the Barry Road property, it would need significant renovations to make it liveable.
“When we took over the marketing campaign, the house was vacant.
“It’s a run-down house. It needs a lot of renovation. When you walk into it, it literally stinks,” he said.
The buyer was an investor and Mr Okur expects it will return a rental income around $300 per week once its renovated. It would then reflect a 6.4% yield
The contract for the sale had a Victorian Legal Aid caveat on its title.
It was the home of Charbiel Fram who was sentenced to three and a half years jail for attacking his former brother in-law at a Thomastown pool hall in 2010 and is currently awaiting sentencing over an assault at Crown Casino’s Fusion nightclub.
He committed the second offence while on bail for the first.
