, 15-year home search ends with bid $1.26m over reserve, Nzuchi Times

15-year home search ends with bid $1.26m over reserve

, 15-year home search ends with bid $1.26m over reserve, Nzuchi Times

A luxury house in Earlwood that took close to five years for the builder owners to finish has sold under the hammer for nearly $5.76 million.

The price for the Keith St house was a new record for the inner west suburb and nearly $1.26 million over the vendor’s already ambitious reserve.

The highest anyone had paid for a house in the suburb up until the auction was the $3.6 million shelled out for a five-bedroom house on nearby Riverview Rd last year.

MORE: How much average Aussie has in bank

Inside Karl Stefanovic’s new Sydney house

Fast food worker with 29 homes’ brutal ‘advice’

Half-a-dozen bidders registered for the Keith St auction with selling agent Alexandra Stamatiou-Buda of McGrath-Inner West and the opening bid was $3.98 million.

The agent said the buyer, an accountant who was a regular feature at her sales, had been on the hunt for a house “of this calibre” for 15 years. “It is an exceptional home,” she said.

Earlwood has been getting steadily more expensive in recent years because buyers have realised they can get much larger houses than in nearby suburbs such as Tempe and Marrickville, Ms Stamatiou-Buda said.

In Marrickville, a three-bedroom house on 177sqm at Addison Rd sold for $1.885 million, which agent William Pereira of Adrian William said was “huge” considering the modest size.

The properties were among close to 1230 homes scheduled to go under the hammer this week across Sydney – one of the biggest June periods for auction volumes on record.

Here were some of the other standout sales:

TOWNHOUSE FETCHES $2.3M

A Wollstonecraft townhouse sold for $2.3 million, $600,000 over the reserve, in a contest between a dozen registered bidders.

The three-bedroom home on Shirley Rd with a dated interior was marketed as an “ideal base for renovation”. The buyer was a downsizer and outbid younger couples and investors.

Selling agent Peter Chauncy of McGrath-Crows Nest said it was a high price for a townhouse, especially for one in its condition. “It needed work. You would need to spend a couple of hundred thousand to fix it up,” he said.

JUNCTION TERRACE SMASHES RESERVE

A detached terrace near the heart of Bondi Junction sold under the hammer on Saturday for $2.9 million – $150,000 over reserve.

Eight bidders registered for the auction with agents Imran Hamidi and Kevin Mendes of McGrath-Double Bay. Most of the bidders vying for the Lawson St home were couples in their thirties who were competing at their fourth or fifth auction. The buyer had her Vaucluse-based father bid on her behalf.

BEXLEY HOUSE SMASHES RECORD

Sixteen bidders battled it out for a modern, three-level house in Bexley and the strong competition pushed the price to $3.3 million.

It was the highest price paid yet for a property under 1000sqm in the suburb – normally one of the more affordable within the St George area.

The price for the Dunmore St house paid on Saturday was also $300,000 over the reserve. The buyers were a family from regional NSW.

Selling agent Sam Abbas of Stone Real Estate said the luxury house attracted bidders who would normally vie for homes in waterfront suburbs such as Blakehurst. Nine of the registered parties made a bid.

“It was amazing to have so much interest at that price point,” Mr Abbas said.

Further south, a four-bedroom house on an 820sqm block in Kangaroo Point sold for $3.35 million.

The price was $350,000 over reserve. Three buyers registered to bid with Abode agents Dax De Traubenberg and Braith Wilson.

Auctioneer and Avenue Auctions director Andrew Cooley said the result was aided by the tight supply of available homes in the peninsula suburb. “The houses are very tightly held,” he said.

A house on a similar-sized block in Caringbah South sold for just over $2.52 million – $175,000 above the reserve. The Cecil St house appealed to a lot of developers because there were two street frontages.

Mr Cooley said bidder numbers across the Sutherland Shire, while still high by historical standards, were starting to drop from earlier this year.

With the market booming, vendors were also setting much higher reserves, which was slowing auctions, the auctioneer said.

“Expectations are starting to rise in a big way,” Mr Cooley said. “Most properties are still selling under the hammer but it is getting harder.”

More Stories
Couple trafficked women at hidden brothel in luxury apartments, California police say