Family splashes $6.55 million on stunning Princes Hill renovation

February 24, 2025 journo

February 24, 2025 — 11.57am

A local family paid $6.55 million for a beautifully renovated Princes Hill home at auction on Saturday.

The four-bedroom home at 31 Wilson Street dates to 1890 but had a clever extension by Robert Simeoni architects.

The grand Victorian home now features indoor/outdoor living, a swimming pool and self-contained accommodation.

Set on a block of 604.5 square metres, the home was listed with a price guide of $6.2 million to $6.5 million.

In front of a crowd of about 140, three bidders, all locals, made offers and the home was called on the market when bidding reached $6.35 million.

Nelson Alexander Carlton selling agent Nicholas West declined to comment on the sale, but the result illustrates the depth of demand for high-end homes in Melbourne’s inner north.

It was one of 1355 auctions that were scheduled in Melbourne over the past week. By Saturday evening, Domain Group recorded a preliminary auction clearance rate of 67 per cent from 1015 reported results, while 114 auctions were withdrawn.

A three-bedroom family weatherboard home in Preston sold under the hammer for $1.47 million on Saturday, nearly $200,000 over its reserve of $1.28 million.

Fully renovated over the past eight years by the vendors, the home blended modern features with traditional period character.

“Its heritage façade proved to be an eye-catching detail,” the selling agent from Nelson Alexander, Paul Rodighiero said.

With a price guide of $1,200,000 to $1,280,000, the auction of 28 Kenneth Street opened with a bid of $1.2 million and then “went crazy,” Rodighiero said.

Four active bidders took part: two young couples, one professional, and a young family. They took turns making $20,000 bids until only two parties remained.

“The last two bidders were a young family and a young couple who exchanged bids of $10,000 and then $5,000, with the family coming out on top,” Rodighiero said.

The result highlights the popularity of turnkey properties, Rodighiero believes.

“Not needing to put any extra money into them makes them in demand right now,” he said.

“The result also shows a shift in this year’s market, with the recent interest rate announcement hopefully only continuing the sentiment.”

In Essendon, a home owned by one family for the past 55 years was sold at auction for $1,580,000.

“It was the end of an era for the children of the deceased owners who were overseeing the sale, but they were delighted with the result,” said selling agent Paul McDonald from McDonald Upton.

With a price guide of $1,300,000 to $1,350,000 and a reserve of $1.325 million, the four-bedroom home at 30 King Street had four active bidders: families and young couples.

Opening with a vendor bid of $1.2 million, the bids rose in increments of $15,000, then lowered to $5,000 toward the end of what McDonald described as a “pretty calm, well-thought-out auction.”

The successful bidders, a young couple about to have their first baby in May, aim to renovate the property.

“They outbid the underbidder who wanted to knock it down and start again,” McDonald said. “I think this was a nice result for the vendors,” he added.

The result is also a positive sign of good things to come believes McDonald.

“We had a really great day today with auctions overall,” he said. “I think there’s a bit more confidence now and pent-up demand.”

With Elizabeth Redman