Redfern time capsule fetches $810,000 at auction

Grace Entry owes her mother a big “thank you” after she spent $810,000 on a derelict Redfern cottage on Saturday.   

“We are baby boomers, this is what we do to help our kids,” her mother, Angeline Entry, said after the auction.

But, given the state of the property, securing the home is only half the battle.

The marketing material described the property as “unnerving” with features including “years of paint layering the walls”.

But beyond a sign advising buyers to “enter at their own risk” is a treasure trove of relics, untouched since the 1960s. They include old-fashioned dial-up telephones, forgotten typewriters, 1950s magazines and Kentucky Fried Chicken boxes from the 1970s, before the fast-food giant became a widely-recognised acronym.

But, in 2015, all buyers saw was prime real estate in a hip inner-city suburb.

Of the five who registered to bid, four raised their paddles, starting at $640,000 and rising in $10,000 increments before tapering to $5000 jumps.

The sticking point was the $800,000-mark but, after a slow crawl in $1000 steps, Ms Entry came away the winner.

The price fell short of the reserve, which was set at $900,000.

Sales agent William Phillips of Bresic Whitney Darlinghurst said interest fell between $750,000 to $800,000, with a reserve set higher to allow for some negotiation. 

“The vendors wanted control in the final say and to give final approval before selling,” he said. “They were happy … and the property was incomparable. In my career I have never seen anything like that.”

Ms Entry’s daughter is a chef and food writer who works for CNN. Ms Entry was pleased to be able to help her daughter and son-in-law into the market.

“How else would they be able to afford it?” she said. “The prices are too expensive here and I want to do this for my daughter so she can live here now.” 

The fall of the hammer closed a long chapter for the home, held by the same family for 56 years. Records show the home was bought by George Psaila and his wife, Joyce, in 1959 for £1700.

Their daughter, Carmen Ploudias, grew up here. While she is not particularly attached to the artefacts left within her father’s house, she will hold tight to her memories of growing up there.

On a day both sweet and sad, Ms Ploudias fought back tears as she shared favourite stories about the home.

“Dad would take me up to the roof and we would sit up there at night,” she said. “Mum would be yelling ‘what are you doing up there?’ but I just loved any time with him.”

Most of the family, including Ms Ploudias’ children and grandchildren, now live in Melbourne.