A cosy two-bedroom cottage nestled in a quiet West End street has surpassed expectations, fetching close to $1.1 million at auction.
The result stunned both agent and seller, whose reserve was smashed by $100,000 Saturday morning.
The owner, who recently moved to Melbourne for work, bought the property for $355,000 less than 15 years ago. It sold under the hammer for $1,080,000.
The rejection of a pre-auction offer of $930,000 turned out to be smart move by the agent and vendor, who felt the property could pull in a little more money under the hammer.
Selling the home had a familiar feel for Drakos real estate agent Chris Kazonis, who has now sold 27 Drury Street four times. However, this sale stands out from the rest.
The first was in 1981 for just $29,000, which reveals more than 3600 per cent price growth in 35 years.
A crowd of close to 40 people turned out in the morning chill with eight registered to bid.
The winners of the home were a young professional couple expecting a child.
Bidding on their behalf was a family member, who said the pair were looking forward to raising a family in the home.