Couple cashes in on Marrickville terrace renovation as property doubles in price

A couple’s hard work renovating an inner-west terrace paid off on Saturday, with the home selling for more than double what it last traded for less than seven years ago.

About 30 people packed into the living room of 230 Livingstone Road, Marrickville, one of about 390 homes scheduled to go under the hammer on the June long weekend, which would prove by evening to be a disappointment for many sellers.

Although auction numbers were unsurprisingly down on last weekend’s June record of 789 auctions, there were significantly more homes up for auction than the 284 properties listed over the same holiday weekend last year. Listings have been up 30 per cent over the first five months of the year.

“We’re still seeing a continuation of that rush to market,” Domain Group chief economist Andrew Wilson said. “Vendors are saying let’s get in while [the market] is still pretty hot.”

But by evening, the market appeared lukewarm at best. Domain Group had collected 265 auction results to put the clearance rate at 67.1 per cent, a considerable dip from recent weekends.

“The market was down sharply [this weekend], heaving under exceptionally high Queen’s Birthday auction numbers,” Dr Wilson said.

In Marrickville, bidding on the three-bedroom, one-bathroom renovated terrace opened at $1.45 million, and went up in $10,000 and $5000 bids as two parties went back and forth.

The bidding quickly hit the $1.5 million reserve, at which point auctioneer Troy Malcolm of McGrath Estate Agents welcomed a new party – the eventual underbidder – to the auction.

He looked set to secure the 190-square-metre property for $1.53 million, however, before the hamer fell a fourth party – a family on the deck outside – piped up with an offer of $1.54 million.

While the underbidder hit back with a $1,545,000 bid, he missed out to the latecomer, who made a second and final offer of $1,555,000. The property sold to him for $55,000 above reserve.

“I wanted no one to see me and to just come in right at the end,” said Earlwood buyer Mathew, who did not wish to disclose his surname. 

“I have been the second highest bidder at several auctions, so I’m glad to have finally got a place.” 

Mathew and his wife Alanna had spent over a year trying to buy their first investment property. 

“In Sydney, we’ve been looking mainly around Marrickville, but I’ve also been flying up to Brisbane to look,” he said. 

“It was [either] get multiple properties in Brisbane or get one in Sydney,” he added. “This will be an investment property, something we can rent out now and then pass on to the next generation.”

Vendor Damien Del Borrello said the result – $75,000 above Marrickville’s $1.48 million median house price – was a big win. 

The terrace was a labour of love for Mr Del Borrello and his wife, Mahani Del Borrello, who spent four years renovating the property, before relocating to New Zealand for work. 

“We moved out within a year of finishing the renovation,” he said. “I flew in this morning for the auction … I don’t think we’ll regret selling it, but it is a sad day.”

The $150,000 it approximately cost them to renovate the property was clearly well spent, with the home selling for more than double the $720,000 records show it last sold for in November 2010.

Selling agent Adrian Tsavalas of McGrath Leichhardt said the property had attracted interest from a mix of investors, upsizers and downsizers from right across Sydney.

The Marrickville local said he had seen strong interest from priced-out eastern suburbs buyers looking for more value, and lower north shore buyers looking to downsize closer to the city.

Over in the eastern suburbs, a one-bedroom apartment in Elizabeth Bay sold for $50,000 above reserve. 

Bidding on apartment 16 in the art deco ‘Cheddington’ building at 63 Elizabeth Bay Road started at $890,000, then jumped up to $920,000 and then $975,000, as three investors battled it out.

The property sold through James Peach of BresicWhitney Darlinghurst for $1.03 million – almost double the $540,000 the vendors paid for it in 2009.

It was a different story in Manly, where a three-bedroom art deco apartment at 4/32 Quinton Road passed in after failing to reach the $1.6 million reserve. 

Of the three registered bidders, only one made an offer – a bid of $1,551,000 – at which the property passed in.

Selling agent Georgi Bates of Cunninghams Property Manly said they received fresh interest in the property since the auction and expected it to sell within the coming weeks.

Elsewhere in Sydney. . .

14 Raleigh Avenue Caringbah Photo: Supplied/Revolver Media

SOLD $2.13 million
Caringbah
14 Raleigh Avenue
4 bedrooms, 2 bathrooms, 2 car spaces

Competitive bidding from seven bidders resulted in this family home selling for $330,000 above reserve. The auction started with an opening offer of $1.7 million, and bidding went up in $20,000 increments, quickly passing the $1.8 million reserve. It sold to a local family though Sarah Street, of Greg Gilbert Real Estate. Records show the property, which was rebuilt by the vendors, last traded for $435,000 in 2002.

25 Kells Road, Ryde. Photo: Supplied

SOLD $3.02 million
Ryde 
25 Kells Road
5 bedrooms 3 bathrooms 2 car spaces

More than 100 people turned out for the auction of this newly-built home. It was a slow start, but after bidding opened at $2.7 million, it went up in $50,000 increments and then $20,000 and $10,000 jumps, as families competed for the home. It sold through Phillip Allison, of Belle Property Hunters Hill, to a young family upsizing from nearby Rhodes, for $20,000 above reserve.

The result was more than four times the $640,000 records show the block last sold for in 2006. Mr Allison said it was also a new suburb record for a home under 550 square metres.

35 Goodsir Street Rozelle. Photo: Supplied

SOLD $1.32 million
Rozelle
35 Goodsir Street
2 bedrooms, 1 bathroom, 0 car spaces 

It was a two-man race for this 1900s worker’s cottage, on the market for the first time in almost 25 years. Bidding opened at $1.25 million and went up in $20,000 and $10,000 increments, with the hammer eventually falling at $1.32 million – $20,000 above reserve. The home sold through Danny Cobden, of Cobden & Hayson, to a young couple upsizing from an apartment. Records show it last traded in July 1992 for $217,000.

144 Botany Street, Kingsford. Photo: Supplied

SOLD $1,575,500
Kingsford
144 Botany Street
2 bedrooms, 1 bathrooms, 1 car space

This semi-detached house was snapped up by an investor who had not seen the property until minutes before auction. He only went up against one of four other registered bidders – a fellow investor who also had not seen the home until that day. Bidding started at $1.4 million and went up in $50,000 and then $25,000 jumps. A vendor bid was made at $1,575,000, after which the investor offered an extra $500 to secure the home. It sold through Roger Wardy of BresicWhitney Darlinghurst.

1/329 Victoria Avenue, Chatswood. Photo: Supplied.

SOLD $1.26 million
Chatswood
1/329 Victoria Avenue
2 bedrooms, 1 bathroom, 1 car space

A whopping 27 groups registered to bid on this tightly-held, two-bedroom apartment. Bidding started at $850,000 and nine bidders threw their hats in the ring before the hammer fell at $1.26 million – $310,000 above the $950,000 reserve. It was bought by a local couple looking to downsize. The home last traded for $230,000 in 1996.