Poet's Corner, Moonee Ponds auction sale

The 7 Byron Street, Moonee Ponds offering, a coveted Poet’s Corner address attracted five bidders at its weekend auction.

The unrenovated Federation Queen Anne-style house was offered by Jellis Craig Kensington’s John Morello who secured $2.05 million.

He said the four-bedroom home fetched $270,000 more than its reserve.

He said the family that bought the house would likely need to spend another $350,000 to $650,000 renovating.

The house easily sailed past its quoted price guidance of $1.65 million to $1.75 million, announced on the market at $1.78 million.

“There’s a strong heritage overlay (in Poet’s Corner), so you’re not going to see development taking place,” he told The Herald Sun.

The property had been with the same family since the 1960s.

Saturday was only the second time it had been sold in 103 years.