Investor snaps up Camperdown home held by one family for 125 years, for $1.32 million

A Victorian home in Camperdown held within the one family for 125 years, sold for $1,320,000 – $70,000 over reserve – when it went to auction for the first time ever on Saturday.

The two-bedroom, one-bathroom, freestanding corner property with parking potential at 95 Australia Street, was one of 761 Sydney auctions scheduled on Saturday.

By Saturday evening, the Domain Group had collected 507 auction results and put the clearance rate at 80.4 per cent. 

“The Sydney market has bounced back strongly after last weekend’s slight dip and there is still no real sign of it slowing down despite higher listings,” said Domain Group chief economist Dr Andrew Wilson.

The Camperdown property was the home of vendor Kieran John Flanagan, a loveable resident known as both “Flano” and “John”, for more than 80 years until he moved into a retirement village.

While he couldn’t be there for the auction due to doctors appointments, the 81-year-old’s nephew Darren Flanagan, flanked by cousins Jon Thomson and Pat McGurgan, said auctioning the home built by his great-grandfather Ben Jones in 1891 was a bitter-sweet moment.

“He built homes in Derby Street and Australia Street, but this was the family home,” Darren said.

“His daughter Lillian was given the house and gave birth to all six children here, raising her three boys and three girls there with her husband William.

“John was the youngest; he never married or had children and it was the only house he ever lived in.

“It’s a sad and emotional day for us because we grew up as children here and it’s a piece of the family heritage.”

Urbane Inner West agent Charles Bailey who issued contracts to 11 of the 100 groups that inspected the property during the campaign said it was a “huge” result.

“There was a renovated, two-bedroom home with parking at 76 Australia Street that sold two weeks ago for $1.2 million; I was expecting at about the same level.

“I think the position and potential that comes with a corner block was why it did so well,” he said. ‘I genuinely feel sorry for the first home buyers; I give them a realistic price of what a property should be worth and it keeps on going north.”

“Camperdown has had a lack of stock all year that has been driving the prices up.

“In years gone by, it’s been the forgotten suburb behind Newtown but buyers have realised the location is convenient and beautiful with all of the refurbishments around.

The 124-square-metre property went to a Stanmore investor who wished to remain anonymous but said the property “represented great value in the best street in Sydney’s cultural heart”.

“The house can be lived in now and with the Westconnex taking cars off streets and the pending quality redevelopment of Parramatta Road, the house has potential to benefit from local amenities even better. And that doesn’t even consider the renovation potential,” he added.

He was one of nine groups that registered. There was one other investor keen on the $650-$680 weekly rental return. The others were first home buyers, young professional couples and owner occupiers. Two parties, including the underbidder, only saw the house for the first time that morning.

Under The Hammer auctioneer Alexia Pettenon rejected a first offer of $950,000 by first home buyers, saying it was too low.

She accepted a more generous sum of $1.1 million by a Strathfield couple who were first home buyers, and suggested to the crowd of 50 that $20,000 increments would be acceptable. The Strathfield couple and another young couple from Annandale to and fro-ed in $10,000 bids until it was called twice at $1.22 million. Three new bidders came in, including the eventual new owner, winning with his second bid.

John’s partner of 30 years, Redfern resident Joy Murphy said he would be very happy with the result.

“Everyone in the area knew him and loved him,” she beamed. “He was the president of the Camperdown Bowling Club in the 1990s, worked as a groundsman for Marrickville council during the 1970s and 1980s until he retired.

“He played sports including cricket in Glebe, he lived a full life.”

“His community is what he misses the most since moving into a retirement village, but we have so many neighbours constantly visiting him.”