Investor triumphs, wins keys to grand $2.9 million inner west home at auction
“It’s bursting with period features such as all the original cornices, ceiling roses and high ceilings, and has a lovely light and airy feel,” Colliver said.
“It’s a really nice example of an inner west terrace.”
An investor also triumphed in Leichhardt, beating out a first home buyer who bought two units in a double-storey terrace. 45 Renwick Street.
Each dwelling occupied one floor of the property and consisted of a kitchen, living and dining room, bathroom and a bedroom.
The campaign guide was $1.3 million. Agent James Montano of Montano Group said the prospect of living in one and renting the other appeals to owner-occupied residents who are on the hunt with other investors.
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Seven bidders registered and five participated. Montano described the auction, which started at $1,310,000, as “a bit cagey” with bids running in small increments as bidders played their cards close together.
The hammer fell to $1,512,000, which was $12,000 more than the reserve.
“It was a fair result that was a good reflection of the market overall,” Montano said.
In Woolooware, a 980 square meter development site opposite Shark Stadium brought in $3,315,000, increasing the reserve by $15,000.
Sale of three bedroom house 8 Woolooware Road Agent Luke Lombardi of Pulse Property Agents said the situation was emotional for the seller, who has owned it since 1980. The seller first lived in the house, then rented it for a while.
The sale closed a long chapter.
The address, which had a price expectation of 3 million dollars during the campaign period and was offered for sale for the first time, was opened for duplex development.
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Four bidders signed up and two, both developers, were active. They made confident bids of up to $3.3 million until a $1,000 bid was answered with a $14,000 raise. That was enough for the hammer to fall.
“Buyers are more likely to build single-family homes because the house has 20 feet of frontage,” Lombardi said.
“They will either build it side by side or divide the block and build a house at the back.
“I was expecting more bidders, but I think once you get over $3 million you’re going to have fewer buyers because that’s such a high price. But whatever you do on this block, you’re going to win because it’s such a good location.”
A Canley Heights property owner has left builders behind to buy a refurbished home, just one door from a shopping village.
Three-bedroom house on two plots 184 Canley Vale RoadIt sold for $1,781,000 against a reserve of $1.7 million. Agent Tom Lu of LJ Hooker Edensor Park said pre-auction feedback from potential buyers was for $1.6 million to $1.7 million.
This was positioned as a two-way opportunity, but the cards fell differently.
Five of nine registered bidders participated. One bidder attempted to start the auction at $1.2 million, which the auctioneer turned down, which was responded to with a bid of $1.5 million and proceedings commenced.
“There were a few builders in the mix because you could build a duplex on it, and the location next to the stores was always going to get premium dollars,” Lu said.
“It’s a very good result because the market is a bit uneven and not every property is going to achieve great results. The owners were happy, so that’s the most important thing.”
