Crumbling house in Kilkenny sold for surprise price at auction – realestate.com.au

A crumbling character Kilkenny house has been snapped up for a surprising price in the highly anticipated auction, which attracted more than 40 potential buyers.

The derelict three-bedroom house on a 232sq m corner block at Wilpena Tce 1 sold under the hammer this weekend for $691,000.

Selling agent Jessica Earle of Ray White St Peters said the surprise sale price was well above the $550,000 reserve, as well as a $420,000 bid made prior to the auction.

Because several people had indicated the product would likely sell in the low-to-mid price range of $400,000, Ms. Earle said she even discussed with the seller the possibility of having to lower the reserve price.

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But it was a plan that was unnecessary, as fierce competition from dozens of house hunters looking to restore the house to its former glory pushed the price far beyond expectations.

“We had 110 attendees and then 41 registered bidders, so it was a very large proportion of locals coming to Stickybeak,” said Ms Earle, who sold the property with Liam McDevitt.

“I think it was just the style of the house that attracted people, there aren’t really many houses like this… that are completely blank canvases.”

Ms Earle said there are heritage restrictions in place so it cannot be bulldozed to make way for a more modern house.

“A lot of people were really excited about the possibilities of what they could create in that space, but they also wanted to keep it in its original glory,” she said.

Ms Earle said the buyers, who were attracted to the area because family lived nearby, planned to move into the house after a renovation.

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“I believe it’s a young family moving here,” she said.

The property, built in the 19th century, had been owned by the same family for generations.

Ms Earle said the most recent seller had owned it since 2009 and was unfortunately unable to renovate and maintain it.

“It’s been in her family for three generations, she was very hesitant to let it go,” she said.

“The sale brought on many mixed feelings for her.”

Although the price for the house was considered high, it is still well below Kilkenny’s average house price, which is $900,000 according to the latest PropTrack data.