Sydney auctions: Dilapidated Newtown terrace sells for $1.3m

A dilapidated Newtown terrace has a date with a wrecking ball after selling for $1.3 million at auction on Saturday.

The property’s rusted roof, peeling paint and damaged floors, doors and walls were not enough to deter two bidders from going head-to-head for the two-bedroom home when it went under the hammer.

It was one of 759 Sydney properties scheduled for auction on Saturday – 133 of which were in the city’s inner west.

By evening, Domain Group recorded a preliminary clearance rate of 78.8 per cent from 604 reported results, while 71 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.

SOLD - $1,300,000

179 Denison Street, Newtown NSW 2042

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Unsurprisingly, both bidders who turned out for the auction of 179 Denison Street were builder-developers looking to take advantage of DA-approved plans to build a three-bedroom, three-bathroom home on the 130-square-metre block.

Bidding kicked off at $1 million, jumped to $1.1 million and then $1.15 million, after which it climbed in $20,000 and $10,000 increments as the pair went back and forth.

The property sold through Andrew Liddell of BresicWhitney Balmain to a builder from Western Sydney, who snapped up the property for bang on the $1.3 million reserve price – only $100,000 short of Newtown’s $1.4 million median house price as of the September quarter.

It’s the second time the property has been on the market in the past two years, with records showing it last traded for $1.19 million in August 2019. While no changes have been made to the block since then, the vendor did get a DA approval in place before deciding to return the property to the market.

In the eastern suburbs, another rundown property in Randwick drew strong competition from developers who pushed the price $650,000 above the reserve.

The deceased estate at 41 Carrington Road, Randwick, consisted of a pair of semis on a 550-square-metre, dual-access block with medium-density zoning.

Auctioneer Clarence White took an opening offer of $2.5 million, and the bidding climbed in increments of $100,000 — surpassing the $2.8 million reserve price – to the $3 million mark. From there it fell to $50,000 and $25,000 jumps, with eight of the developers throwing their hats in the ring.

SOLD - Price Withheld

41 Carrington Road, Randwick NSW 2031

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Selling agent Daniel Cachia of PPD Real Estate said the bidding slowed right down to $5000 increments before the gavel fell at $3.45 million.

The property sold to a local developer who is undecided as to whether he will look to build a luxury duplex or semi, or alternatively a boutique block of apartments on the site.

Several suburbs to the south-west, there were also buyers aplenty prepared to roll up their sleeves to upgrade a tightly-held Rockdale house.

A three-bedroom house at 61 Villiers Street, drew 18 registered bidders and sold for $250,000 above reserve.

SOLD - $1,250,000

61 Villiers Street, Rockdale NSW 2216

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Ray White auctioneer Alex Pattaro took an opening bid of $900,000 and seven of the buyers made offers to push the price tag for the 645-square-metre block to $1.25 million.

The house sold through Joseph Somes of Ray White Rockdale to a local family who hope to renovate the property and move in.

Mr Somes said the home had been popular because of its entry-level price point, and noted that mould throughout the property meant it needed to be substantially renovated.

SOLD - $1,142,000

50 Kirby Street, Rydalmere NSW 2116

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Meanwhile, in the city’s west, three of six registered bidders made offers on an original-condition home at 50 Kirby Street, Rydalmere.

The deceased estate sold for $1,142,000 – just over the $1.14 million reserve – through Chris Wortes of Village Property Parramatta.

The young couple who purchased the three-bedroom house are looking to build a duplex on the site and plan to keep both properties – with one for them, and one for the woman’s parents.