Frantic bidding in ‘ripper’ auction to secure Art Deco Parnell unit that last sold for $169,000

This Art Deco unit in Gladstone Road, Parnell sold for $1.32 million at a lively auction, attracting over 50 bids.

WHITE RAY

This Art Deco unit in Gladstone Road, Parnell sold for $1.32 million at a lively auction, attracting over 50 bids.

You could be forgiven for thinking that the housing downturn doesn’t apply to smaller properties in prime locations.

This small Art Deco unit in Gladstone Road, Parnell attracted more than 50 bids at a lively auction on June 15, eventually selling for $1.32 million, after hitting the market at $1.225 million .

Council records show the three-bedroom unit in the Double Grammar area last sold in 1982 for $169,000, making a profit of $1.163 million over 40 years.

Listing agent Greg Bayer said while the unit is tidy, there are opportunities for improvement.

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Listing agent Greg Bayer said while the unit is tidy, there are opportunities for improvement.

Listing agent Greg Bayer of Ray White Parnell says there were six registered bidders, three of whom were actively bidding: “It was a ripper,” he said. “It started with a $500,000 bid from the auctioneer and I was like, ooh, that’s not much, but it just took off.”

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Location and character were the main reasons for interest. “It’s charming, with a central location,” Bayer says. “It’s Parnell gold to be honest. I would have bought it for my daughter if we hadn’t already gotten something last year.”

From the start, Bayer said the first open weekend provided a “really good response” at a time when marketing a property is the most difficult in a long time.

“So many people were describing him as a cutie,” he said. “It’s an upfit, in the sense that although it’s very clean and nice to live in, you could do more work and add value, like putting new carpet on or polishing the floorboards.

The living room and the master bedroom open onto a terrace.

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The living room and the master bedroom open onto a terrace.

“It’s a very solid house, like it was then, with plaster on a double brick.”

He has a recent RV of $1.36 million.

A second Art Deco home in Point Chevalier that was scheduled to go up for auction on June 15 is now up for sale with an asking price of $1.529 million and “all offers considered.”

The three-bedroom house of 99m², listed by Jackson Tariau and Derek von Sturmer of Ray White Point Chevalier is painted red. It retains many of the original features, including several light fixtures, windows, and the art deco etched glass front door.

The property, which has an RV of $1.85 million, is next to a reserve and could accommodate a second home. Or, agents say, a developer could use mixed housing urban zoning and build multiple homes on the 578m² site.

This lovely Art Deco-style home, often referred to as a Spanish bungalow, is now listed at $1.529 million.

WHITE RAY / Stuff

This lovely Art Deco-style home, often referred to as a Spanish bungalow, is now listed at $1.529 million.

The house retains its original windows and architectural features.

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The house retains its original windows and architectural features.

PETER MEECHAM/STUFF

Art Deco lover Tim Bray talks about his passion. (This video was first screened in February 2017)

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