The property dubbed 'Ballarat's most dilapidated house' has been sold at auction.
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The three-bedroom house at 6 Queen Victoria Street in Newington sold for $320,000 on Saturday after a short bidding process.
Described by the estate agent Buxton as having "tremendous renovation potential", the property is just off Pleasant Street and a short distance from Victoria Park. It lies within a heritage overlay and is listed as having plans already approved.
Tim Veal was the auctioneer who conducted the sale.
The vendors were overjoyed, so that's wonderful, and the purchasers have got a project for themselves and it will probably come up really nicely. It's a huge win-win
- Tim Veal, auctioneer
Ahead of the auction, he told The Courier: "This is in the worst state we've had."
"The current owners had purchased this with an intention to restore it. They had some building plans approved, but it hasn't matched with their plans and they've decided to move on."
"The location is ideal for a home, the elevation of the block ,the north-facing backyard, it lends itself to a nice home if you're prepared to put in the work."
He started the bidding with a vendor bid of $250,000, which was met initially by silence from a small crowd of onlookers.
"That's fairly typical, that doesn't perturb us - I thought this will be interesting," Mr Veal said.
Several bidders then came forward, pushing the price up in $10,000 chunks to $320,000 in an auction that lasted around five minutes.
"The vendors were overjoyed, so that's wonderful, and the purchasers have got a project for themselves and it will probably come up really nicely," Mr Veal said. "It's a huge win-win."
Ballarat local Bruno Del Din was at the auction and had looked around the property. "It's got a lot of potential, but it needs a lot of work - a lot of love and kisses," he said.
The house was previously sold in 2015 for $219,000, meaning the house has increased in value by $101,000 in four years.
"Prices have gone really well in Ballarat, particularly anything central," said Mr Veal. "Certainly some of the cheaper ones, they seem to really fly."
The buyer, who lives locally but did not wish to be named, purchased the house as an investment property.
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