One-bedroom house in Queenscliff sells under the hammer for $5.55m after just 12 bids

A dilapidated one-bedroom house in Queenscliff known as Ikona was always expected to do well at Saturday’s auction despite having just 70 square metres of internal living space and no parking space.

More than its original 1940s fisherman’s cottage charm, however, it was the clifftop position backing onto oceanfront reserve and its view over Freshwater Beach that most inspired the agents to give buyers a $4.8 million guide.