Investor snaps up unrenovated Leichhardt home for $1.61 million, $210,000 over reserve

A seasoned investor snapped up an unrenovated home in Sydney’s inner west on Saturday morning, beating out families for the tightly held property, which was auctioned for the first time ever.

The three-bedroom, one-bathroom home at 42 Elswick Street, Leichhardt, sold under the hammer for $1.61 million – $210,000 over the reserve price.

The fixer-upper was one of about 800 Sydney homes scheduled for auction on Saturday. By Saturday evening, Domain Group had collected 562 results to put the clearance rate at 81.3 per cent.

“The April market starts where March finished, with more remarkably strong results, but from lower listings,” Domain Group chief economist Andrew Wilson said. “But the record Sydney super Saturday looms next weekend.”

Bidding for the freestanding home on a 246.6-square metre corner block opened bang on the $1.4 million reserve, and initially went up in $50,000 increments. 

Auctioneer Will Hampson of My Auctioneer took bids from five of 10 registered bidders – a mix of families looking to create their dream home and investors – before the hammer fell after just 12 bids.

The winning bidder, Cronulla investor Hany Ibrahim, was delighted with the result, and said the property’s proximity to the shops and restaurants of Norton Street, double garage and positioning on a corner block were big drawcards. 

“If the property had been further down the street, I wouldn’t have bought it,” he said. “I’ve been investing for 20 years, I know what I’m doing and I know what I like.”

Mr Ibrahim, who has nine other investment properties in neighbouring Glebe and in the Hills District, said he had been inspired by the renovation of a neighbouring house which was transformed into a modern two-storey home.

“A lot will have to be done with this property, I’ll clean it up, tidy it up and then look to renovating,” he said of the solid-brick home, which had wallpaper and period details throughout.

The $1.61 million sale price was well above Leichhardt’s median house price of $1,415,000, and the $1.4 million pricetag of a renovated three-bedroom, two-bathroom semi at 35 Elswick Street, sold in December. 

It was also only $20,000 shy of the $1.63 million a renovated three-bedroom, one-bathroom semi across the road at 59 Elswick Street, sold for last month.

While both properties were on smaller blocks and without parking, unsuccessful bidder and Elswick Street resident Zane Clarke said it was crazy to see a dated home in need of a lot of work sell for a similar price or more than renovated properties in the area.

Mr Clarke, who had been hoping to renovate the property, tapped out of the auction after his sole bid of $1.45 million – the second bid of the auction. 

“I haven’t been looking at other properties, this was just a good opportunity, it’s just across the road from me, it’s a good size with a garage, which is pretty rare around here.”

Selling agent David Mirabella of Century 21 Mirabella Property said walking into the property, which was home to the elderly vendor for decades, was like “stepping back in time”.

“Properties like this don’t come up too often, the key selling point for this is that it’s on a corner block and had a double lock-up garage, it’s got a lot of potential,” he said. 

He added there was hot demand for unrenovated homes in the area as buyers felt they offered “more scope” and a cheaper price entry point.

North west of Leichhardt, in North Ryde, another tightly held property – owned by the one family for 49 years – sold under the hammer for $1.9 million, $300,000 above the reserve.

About 100 people gathered at 5 Lorna Ave, North Ryde, to watch as eight of 16 registered bidders battled it out for the four-bedroom home, which sold to a young Ryde family who to plan to rebuild on the block.

Bidding started strong with an opening bid of $1.65 million – $50,000 above the reserve price – and went up in $50,000 and then $20,000 increments. 

“There were some investors interested up to the $1.7 million mark, but after that they dropped off, leaving it to the families looking to renovate,” said selling agent Stefon Bertram of McGrath Ryde.

He said the elderly vendor was ecstatic with the result, which he noted was a suburb record for a knockdown-block without the potential to build a duplex.

Elsewhere in Sydney:

West End at Corner Cowper and Elger streets, Glebe, is a $280-million development from Roxy-Pacific. Artist’s impression. Supplied.

West End, Roxy-Pacific Australia’s new $280 million residential development in Glebe, launched on Saturday morning. 

Within four hours, 70 per cent of the 144 apartments released as part of stage one of the development had sold, with one and two-bedroom apartments making up 96 per cent of the sales.

The top result of the day was for a 97-square metre three-bedroom apartment with a rooftop terrace, which sold for $2.73 million.

West End will have a total of 232 apartments and is scheduled for completion late 2018.

An artist’s impression of an apartment at Bondi Central at Bondi Junction. Photo: Supplied.

Saturday morning also saw the launch of Bondi Central, Stargate Property’s $124 million Bondi Junction apartment development.

Sixty per cent of the development’s one, two and three-bedroom apartments (86 in total) sold — bringing in $70 million in revenue. The most expensive was a three-bedroom apartment sold for $2.7 million.

9/38 Darling Point Road, Darling Point NSW 2027. Photo: supplied

SOLD $2,185,000
Darling Point
​9/38 Darling Point Road
3 bedrooms, 2 bathrooms, 2 car spaces

More than 80 bids were made for this townhouse with harbour views, as three investors battled it out for the home, which sold for $385,000 over reserve. The opening bidder and eventual buyer kicked proceedings off with a bid of $1.75 million and bidding went up in everything from $20,000 to $1000 increments, before the hammer finally fell. Sean Poche of Phillips Pantzer Donnelley showed about 150 groups though the home, which was on the market fo the first time in more than 20 years.

286 Gymea Bay Road, Gymea Bay. Photo: Revolver Media

SOLD $1.47 million
Gymea Bay
286 Gymea Bay Road
3 bedrooms, 2 bathrooms, 2 car spaces

A strong opening bid of $1.38 million – $45,000 above the $1.35 million reserve – instantly wiped out three of the nine registered bidders planning to compete for this property. After the strong start, bidding went up in $20,000 and $10,000 increments, as the remaining six bidders vied for the property. Selling agent Sarah Street of Greg Gilbert Real Estate said the winning bidders – a young couple who snapped up the property for $120,000 above the reserve – were relocating from the inner-city to upsize to their first family home.  

31 Fulton Avenue, Wentworthville. Photo: Supplied.

SOLD $1.28 million
Wentworthville
31 Fulton Avenue
4 bedrooms, 1 bathroom, 4 car spaces

A local family looking to upsize beat out investors to snap up this property, on the market for the first time in 25 years. Bidding started at $1 million, with seven of 13 registered bidders throwing their hat in the ring before the hammer fell at $1.28 million, $160,000 above the $1.12 million reserve price. Steve Elmir of Laing + Simmons Parramatta said the vendors – a family relocating to the Central Coast – were extremely excited with the result, which was more than eight times the $153,000 they bought the home for in 1991.

12 Wentworth Place, Belrose. Photo: Supplied.

SOLD $1,865,000
Belrose
12 Wentworth Place
5 bedrooms, 2 bathrooms, 2 car spaces

About 50 people gathered to watch as four of seven registered bidders battled it out for this family home. Bidding opened at $1.55 million and went up in $50,000 and then $25,000 increments, before dropping right down to $1000 jumps. It was the last party to join the bidding war – a young family from Mosman who joined in at about the $1.8 million mark – who secured the property. Selling agent Anne Roche of Parnell Partners said while investors had registered to bid, they all refrained from bidding.