Run-down Richmond home fetches $2.5m at auction
A run-down house in Richmond has sold at auction for half-a-million dollars more than expected.
The bidding got off to a slow start, before the decrepit 130-year-old cottage, situated in Burnley Street, was snapped up on behalf of an international developer.
The weatherboard property was expected to fetch $2 million, but sold for a whopping $2.5 million.
The property sits on a large plot of land - 800 metre square block to be precise - near Burnley Station, and it comes with pre-approval to build four double-storey town houses, each valued at more than $1.5million.
