'The best auctions I've ever been to': Bidding frenzy sees home exceed reserve by $150k on opening bid

The auction of an artfully renovated cottage in Sydney’s inner west left the vendors in tears (albeit happy ones!), as a frenzy of bidding helped the two-bedroom home sell for $1.397 million – $297,000 over their reserve.

Thirty-six registered bidders were among the crowd that packed the Croydon home’s backyard. With that much interest it wasn’t long for the vendor’s reserve of $1.1 million to be reached – the opening bid exceeded it by a whopping $150,000.

Real estate agent Jackson Cox of Richard Matthews Real Estate proudly said it was “one of the best auctions [he’s] ever been to”.

“We absolutely didn’t expect that vigorous bidding so early,” Cox said. “Someone jumping in straight away at $1.25 [million] and already smashing the reserve with the first bid is really cool to see.”

Sellers Bronwyn and partner Ros were saying goodbye to their charming Croydon cottage after six years and one game-changing renovation.

“When we first bought the house, it was an old workers’ cottage [and] everything was a bit skewiff,” Bronwyn told Your Domain.

“In 2016 we did a renovation where we swapped the kitchen and bathroom, and basically opened the whole place up, which now is just spectacular.”

The considered improvements made to the home did not diminish its character, with leadlight windows, the heritage facade and exposed brick walls embodying  the home’s original charm. More than 200 people inspected the property before auction, and Cox said it was the home’s design that had generated such substantial interest.

The home’s location was also a drawcard for buyers. Croydon is well loved by young families due to its proximity to Burwood Girls High School and Presbyterian Ladies’ College Sydney, one train station and The Strand Arcade.

“I’ve never seen so many people,” Bronwyn said as the backyard filled with interested parties, barely able to fit everybody in.

If the opening bid of $1.25 million left the vendors gob-smacked, the excitement afterwards could only be described by the agent as “crazy”.

A few bidders swiftly pushed the price to $1.3 million. Bronwyn said she knew the home would sell for $1.3 million, and that Ros hadn’t believed it. It was a pinch-yourself moment for the couple, who almost fell out of their chairs when a bid of $50,000 was made, reaching $1.35 million in no time.

Things didn’t slow down until bidding reached $1.39 million as priced-out bidders dropped from the race.

A final bid of $7000 by a young couple gave them the winning edge.

Talking to the vendors after the auction was complete, agent Matthew Everingham said in 20 years he had never seen an opening bid exceed a reserve like that.

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