Victoria real estate: Why this dilapidated home has a million-dollar price tag

Melissa Kehagias
The Nightly
2 Min Read
"Most people are looking to try and knock it down," says listing agent Jodie McCarthy of Jellis Craig Richmond.
"Most people are looking to try and knock it down," says listing agent Jodie McCarthy of Jellis Craig Richmond. Credit: Supplied

It’s a home that has seen better days.

With a near-unusable kitchen and a dated frontage giving it zero street appeal, it would seem to be a home that would struggle to find a buyer.

But that’s not the case.

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The two-bedroom, one-bathroom single-level house at 107 Kent St in the popular and trendy Melbourne suburb is set to go under the hammer with a guide of $990,000-$1.08 million.

Selling agent Jodie McCarthy of Jellis Craig Richmond said it was likely the tightly-held home would be knocked down by any eventual buyers.

“We’ve had a really good campaign with a couple of people showing interest. Most people are looking to try and knock it down,” she said.

A near-unusable kitchen and a dated frontage giving it zero street appeal, it would seem to be a home that would struggle to find a buyer.
A near-unusable kitchen and a dated frontage giving it zero street appeal, it would seem to be a home that would struggle to find a buyer. Credit: Supplied
For those who don't want to demolish the home is a blank canvas.
For those who don't want to demolish the home is a blank canvas. Credit: Supplied

The house itself is “rich in heritage charm” according to the listing and includes a combined living and dining room, a separate kitchen, a bedroom with a built-in wardrobe and a bathroom at the rear of the house.

There is also a single-car garage.

Photos show the property very much in original condition - aside from the tiled facade - with dated wallpaper, an old-fashioned air-conditioning unit in the main bedroom and a combined kitchen and laundry which appears as an extension to the original home.

Neither the walls nor the floors in this space have been finished.

It may be tight but there is a backyard in this inner-city home.
It may be tight but there is a backyard in this inner-city home. Credit: Supplied

The garage at the rear of the block is a tin shed while a courtyard and gardens are found in the backyard.

Despite being held by one owner long enough that CoreLogic has no prior records of ownership, the Victorian-style house on 200sqm is not heritage-listed.

“As long as council approve the plans, you don’t need to keep the house,” Ms McCarthy said.

She said the property was a rare offering in the suburb, especially because of its dual access, backing onto Little Buckingham St.

The median house price in Richmond is $1.375 million and values have seen a growth of 4.7 per cent over the past 12 months, according to CoreLogic.

This story was originally published as Why this dilapidated home has a million-dollar price tag on view.com.au

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