Two-bedroom Edwardian house sells above reserve in Richmond

A two-bedroom Edwardian house in Richmond sold at auction on Saturday for $1,385,000. The final price was $65,000 above the reserve, which is the minimum price the sellers were willing to accept. The property sits directly opposite Bicentennial Park in the inner-city suburb. Renovators had bought the heritage home and worked on it before deciding to sell. Edwardian houses were built in the early 1900s and are known for their traditional style. Richmond is an established suburb close to Melbourne's city centre, and period homes there are popular with buyers. The strong result shows that demand for renovated older properties in inner-city areas remains high.