Albert Park: Five bidders fight for dilapadated Victorian abode at its auction

388 Ferrars St, Albert Park sold under the hammer on Saturday.

A dilapidated Victorian home in the heart of Albert Park sold for $170,000 above its reserve price at its auction on Saturday morning.

The three-bedroom house at 388 Ferrars St had a $1m-$1.1m price guide and sold for $1.22m — well above its $1.05m reserve value.

Property records show the original owner purchased the abode in April 1977 for $53,500.

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The buyer said he had no idea what he was going to do with the home but hoped to bring it back to its former glory.

A large crowd gathered outside the run down property on the rainy Melbourne morning auction, with bids kicking off at $820,000.

From there, a vendor bid of $900,000 was called by the auctioneer and offers from another four bidders were placed.

The Victorian facade and front courtyard.

The meals area which leads into the kitchen.

Bids increased in $50,000-$2000 increments from competitive prospective buyers until it was eventually sold.

BigginScott Richmond director Andrew Crotty said the location of the residence was “second to none”, near Albert Park, the beach, South Melbourne’s Clarendon St shops and the Albert Park Lake.

“The property itself, opportunities abound in this prime location,” Mr Crotty said.

“It’s done its job for the old owner for the last 50 years and now it’s someone else’s opportunity to take it up and breathe new life into it. And what a project it is.

“How beautiful could it be?”