Richmond ’Cashmere’ house smashes price expectations

Author:ahsan

A life of luxury.

A Richmond house with a luxurious interior compared to “cashmere” has achieved a massive sale on the brink of Melbourne’s stage four business shutdown.

The renovated Victorian at 10 Erin Street fetched $4.66m — $260,000 above the top end of its quoted $4-$4.4m range — in a deal done an hour before curfew on Wednesday night and a week before an expressions of interest campaign was due to close.

It was one of several sales rushed through before the Melbourne property market was required to move entirely online from 11.59pm Wednesday, as the Victorian Government tightened its COVID-19 restrictions.

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The main living area before its “cashmere”-like renovation.

And as it appears now.

New listings in the city are expected to essentially dry up due to a six-week ban on physical property inspections.

RT Edgar Toorak selling agent Max Ruttner said a lack of stock on the market had helped the standout Erin Street house achieve a premium price.

“There are still a lot of buyers out there, and a bit of a flight to premium property,” he said.

A quality renovation by the four-bedroom home’s “high-profile architect and designer” owners was also a major drawcard for the Camberwell-based purchaser.

Mr Ruttner said the vendors described being in their “comfortable, light and luxurious” home of seven years as “like wearing cashmere”.

The property was clearly a bit dated when it previously last sold in 2013.

Sophisticated and elegant.

He and co-listing agent Jeremy Fox conducted 60 private inspections of the house and received five offers ranging from $4m up to the eventual sale price.

The buyer — a downsizing family — outbid a solicitor, doctor, buyer’s agent and another downsizer to win the keys.

“They own an amazing house in Camberwell, so it was always going to be hard to find something that replicated that — they’d been searching for two years,” Mr Ruttner said.

“On (the buyer’s) first phone call to me she said, ‘Max, we’re pretty particular’. I said, ‘I promise if you come and have a look, you’ll love it’.”

“We signed the (sales) contracts at 7pm last night and were home by curfew.”

The property’s last sale was worth $2.67m in 2013, CoreLogic records show.

The smart, elegant kitchen.

A stately facade.

The owners had since revamped the interior, preserving period character while adding “welcoming” tones and colours, a sleek new kitchen with Travertine benchtops and Miele and Smeg appliances, Carrara marble bathrooms, and Rick Eckersley-designed gardens.

Mr Ruttner said his agency planned to use the six-week lockdown to “stay in touch with our clients and keep relationships going”.

“In real estate, momentum’s important,” he said.

“You’ve just got to keep going and try to do a few deals via 3D (online) inspections.”