Fixer-upper sells for $531k above guide price in emotional auction weekend in Sydney
A three-bedroom fixer-upper in Sydney’s inner west sold for $531,000 above the price guide when two families, who loved its backyard, went head to head at auction.
The property at 2 Alma Avenue, Enmore, which had a price guide of $1.89 million, sold under the hammer for $2,421,000. That was despite the property needing a lot of work.
Cobden & Hayson Annandale selling agent Alex Mastoris said the home, which was sold as part of a deceased estate, had not been renovated since it was built 40 years ago.
Nine bidders registered for the auction, with just two fighting it out once the price reached $2.2 million, Mr Mastoris said.
The result was a surprise given the feedback throughout the campaign had set the guide below $2 million.
“That was only because of the amount of work the house needed,” Mr Mastoris said. “It was a traditional inner-west home built in the ’70s and ’80s and lacked that period charm so some people didn’t have the vision of what it could become.”
Mr Mastoris said the sale was emotional for vendors, who had grown up in the home.
It was one of a few sales at which tears were shed at the weekend as Sydney’s preliminary auction clearance rate continued to soar.
By Saturday night, it sat at 83.2 per cent after 785 auctions were scheduled and 588 results were reported. There were 52 properties withdrawn from auction, which were counted as not being sold as part of the clearance rate.
Another emotional auction was held in Sydney’s north-west where a family sold their childhood home as part of a deceased estate.
The three-bedroom home at 40 Arthur Street, Ryde, sold under the hammer for $1,915,000 — $150,000 above the reserve — after six registered bidders competed.
All bidders were families looking for a bigger spread, Belle Property Ryde principal Phillip Allison said.
“The owners built the house when the land was subdivided about 40 years ago,” Mr Allison said. “So, it was an emotional sale for the sisters [now selling the home]. They were really happy to see there were young families wanting to buy it so for them it was a good way to say goodbye.”
Tears were also shed at the sale of a long-held family home in Sydney’s upper north shore, which was sold after 30 years of ownership by the same couple.
The four-bedroom home, with a pool and a refurbished kitchen and bathroom, at 45 Carlyle Road, East Lindfield, sold under the hammer for $3.78 million.
Ray White Upper North Shore selling agent Jessica Cao said 10 registered bidders fought it out for the keys, smashing the reserve by $380,000.
“My sellers were overcome with emotion as the result was beyond [their] wildest dreams,” Ms Cao said. “They are also very emotional about passing on their family home of 32 years as they downsize to an apartment.”
The buyers were a young family who had been the underbidders on a few properties over the past few months.
In Sydney’s north, a young couple were overjoyed when they were the winning bidders on a two-bedroom home in a much sought-after street.
The home at 15 Lombard Street, Balgowlah, was snapped up by the couple for $2.32 million.
They had missed out on buying a home across the road two weeks ago, and were one of 13 registered bidders at the auction.
Rowe Partners Real Estate’s Jake Rowe said the property had been owned by the same family for more than 20 years with the vendor inheriting the home from his mother 10 years ago.
The two-bedroom, one-bathroom home with no car parking space, sold for what Mr Rowe believed was a record price for such a property in Balgowlah.
“The house is fairly original, so it’s a huge result,” Mr Rowe said.
One of the biggest results at the weekend was that of a three-bedroom home in Sydney’s inner-northern suburbs, which left the owners extremely happy.
The property, at 9 Pine Street, Cammeray, sold under the hammer for $3.7 million to an empty nester looking for a home that was bigger than her current apartment.
McGrath Crows Nest selling agent Peter Chauncy said the buyer was one of three registered bidders on the property competing for the sale. It was hard fought, given the lack of stock on the market, he said.
“Results are still very solid out there,” Mr Chauncy said. “A lot of our auctions sold just before Easter and it dried up the supply of properties for sale.
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