Renovated Art Deco beauty delivers surprise result in Newtown

14 Cairns Ave, Newtown, sold for $1.006m at auction.

The spike in building costs and tight availability of tradies has helped sellers of a beautifully renovated Newtown character home score an unlikely million-dollar sale price.

The three-bedroom house at 14 Cairns Ave sold for $1.006m at auction after two parties contested the home, pushing the value more than $70,000 above expectations.

It was among a number of standout auction results from the weekend as the region’s clearance rate dropped to 42 per cent.

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Buxton agent Tom Butters said a young family had their hearts set on the home, which provided a ready-made opportunity.

14 Cairns Ave, Newtown, sold for $1.006m at auction.

He said while they pushed hard at the auction, they were ultimately gazumped by a Melbourne investor.

The property at the end of Nicholas St was listed with price hopes of $875,000 to $935,000.

The appealing character home was the product of a gorgeous renovation.

An open-plan kitchen and living room has an open fireplace and flows into a light-filled dining room.

14 Cairns Ave, Newtown, sold for $1.006m at auction.

The kitchen has an integrated dishwasher, gas cooking and a breakfast bar, with a European laundry neatly set in the corner.

Art Deco features, such as a grand ceiling rose, shine, while two bedrooms have built-in wardrobes.

Mr Butters said the finished nature of the property was a definite selling point in a market where buyers are spooked by reporting surrounding the rising cost of building and availability of trades.

14 Cairns Ave, Newtown, sold for $1.006m at auction.

“That’s a really strong result for the size of that house,” Mr Butters said.

“It’s effectively a two-and-a-half bedroom house and it’s on a half block.

“It is beautiful, it is well done, but to crack $1m for that home is really strong.”

The competition delivered the result, he said.

“I had a young family who were very keen on it and they came up against a Melbourne investor.

14 Cairns Ave, Newtown, sold for $1.006m at auction.

“The young family were really gutted. They were using a buyer’s agent and went hard.”

He said homes that were presenting a finished product had an advantage in the market, given the rising building costs.

“To have a home that you could walk into and put your feet up and not do anything is very advantages in the market,” he said.

“People are scared of doing work at the moment. They are scared with the media reporting of the costs of building supplies, etc. So anything that’s done is hitting the mark.”

The post Renovated Art Deco beauty delivers surprise result in Newtown appeared first on realestate.com.au.

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Renovated Art Deco beauty delivers surprise result in Newtown

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