Coburg: A dilapidated home is sold for around $1 million in one family after more than 70 years

The Coburg rundownhouse was sold unexpectedly for over $1 million at a heated auction on Saturday.

The 1 King Cent three-bedroom home featuring several walls and cracks in the aging kitchen was advertised in the question range of $800,000 to $880,000.

Rafael Carrick Horston of Ray White Coburg said the residence was owned by the same family for 73 years.

Related: Brunswick: Houses where squatters live have won seven-figure sales

The Coburg unit was photographed by the first home buyer a week before the scheduled time

Townhouses in Coburg's Pentridge district are for sale at auction with their own security guard watchtower

The House status did not stop buyers who participated in the auction where four bidders kicked off with a $800,000 bid.

“This is all about location, land and long-term possibilities,” Callick Horston told Crowd, who gathered to see the residence under the hammer.

He said anyone who wants to do the renovation can hold the California Bungalow facade, lead light windows and decorative cornices.

When the bid reached $940,000, the house was placed in the market.

About 30 buyers groups inspected the house before the auction.

The kitchen has seen a better day.

A clothesline for a hills hoist in the backyard.

The cheeky bidder jokingly asked if Calik-Houstton would accept a $1 bid at the $961,500 mark.

One potential buyer who had called his father from Singapore was to take part in the auction via video.

She had never directly inspected the house, but her family had checked it on her behalf.

However, she missed the house when the hammer came down with a $970,000 bid.

The new owner is planning to renovate.

An old-fashioned fireplace adds a character to one of the bedrooms.

The successful buyer plans to renovate the home, which is set to a block of 419 square meters.

“He plans to do the project and, if possible, plan to turn it over. Perhaps not to flip it up right away. He may have lived there for a while, seeing what the market is doing,” Calik-Houston said.

“He wants to maintain the front of the house and the three rooms in front of him.

“He wants to have an open plan extension on the back and retain as many home-time functions as possible.

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