Renovated house in Herne Hill sells for $880,000

price expectations — before kickstarting again, eventually selling for $880,000.

In the end, it was Mr Ainsworth’s two main contenders — the eventual buyers who are selling in Ocean Grove, and the underbidders who had sold up in Melbourne and were searching for a nice family home.

In 2007, Herne Hill’s median house price was a touch over $250,000.

A decade later it’s almost $540,000, rising 21 per cent in the past year alone.

The property is the first original house to eclipse $800,000 in the suburb and is the second-most expensive.

A modern four-bedroom residence in Autumn St holds the record with a $937,000 sale in 2016.

“Like all suburbs, once they’ve gone to a point where people think it’s overpriced it’s too late,” Mr Ainsworth said.

“In Herne Hill, you look at Newtown which is literally a stone’s throw away, as is Manifold Heights.

“They’re just so close and to get a 1000sq m property even at that price point I think is still fantastic buying.”

The median house price in Manifold Heights is $685,000, while Newtown prices have just eclipsed $800,000 this year, according to CoreLogic figures.

Mr Ainsworth said it was an emotional sale.

The vendors had bought the property for $270,000 in 2006 (two years after the chimneys were felled in Hyland St) and