Melbourne garage selling for $100,000 in ritzy St Kilda featuring 55 square metre floorplan
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The real estate market peaks with an agent promoting a downtown GARAGE as a studio apartment, and it is expected to sell for $100,000
- approx. The 55-square-meter garage is expected to fetch $100,000
- The St Kilda garage listing touts it as an “ideal blank canvas”
- It has received interest from interstate buyers and investors.
Australia’s chronic housing shortage was laid bare when a real estate agent touted the assets of a garage in an inner-city suburb as a potential studio apartment on breakfast television.
approximately 55 square meter garage in St Kilda, Melbourne, will go up for auction on February 25 with an estimated sale range between $90,000 and $99,000.
The garage is situated at the end of a communal driveway and has been used as a tool shed by its current owners for the past 25 years.
On Saturday’s Today Show, real estate agent Andrew Turner said there was strong interest in the property from early buyers drawn by its proximity to the city’s beaches and central business district.
“Currently used as a garage/workshop, making it an ideal blank canvas for the first-time homebuyer/builder to create a stylish new abode,” the garage’s listing reads.
A garage (pictured left at the end of the driveway) in St Kilda, Melbourne was listed for auction on February 25 and is expected to sell for around $100,000
The listing also suggests that the garage could be “suitable for an artist, sculptor or auto enthusiast who owns multiple cars, boats or jet skis or who wants the ideal ‘man cave’ to pursue their hobbies in a quiet environment.”
Turner said he had only sold a solitary garage one other time in the last five years for $645,000 in 2020.
“There’s been an incredible amount of interest, particularly from first-time homebuyers,” Mr. Turner told the Today Show.
‘I have had [interest from] car enthusiasts wanting to get classic cars off the road, I’ve had a couple of artists want to buy the property and surprisingly I’ve had interest from people who just want it for storage.’
Interstate buyers and investors have shown interest and, in some cases, requested a contract for the space.
“We’ve had people from all over express interest, including someone from Alice Springs, someone from Queensland and even someone from Poland,” Turner said. 7News.
‘Certainly, judging from the high interest, I think it could be a new trend.
“It’s very interesting… there are a lot of garages around and a lot of them aren’t even being used.”
The approximately 55-square-foot garage is listed as “an ideal blank canvas” and has drawn interest from interstate buyers and investors, mostly young couples and first-time homebuyers.
Turner said between 30 and 40 groups attended the first inspection on February 11, many of whom were young couples and first-time homebuyers. He estimated that more than 100 groups had already inspected the property.
While the property will need to be connected to sewer, water and electricity, its estimated price is a fraction of the median unit price of $567,070 and the median home price of $1.55 million in St Kilda.
Property prices in the Melbourne property market have fallen to levels not seen since mid-2021, yet remain 17.2% higher than before the Covid pandemic.