'Where's Wareemba?' Family forks out $1.48 million for inner-west semi

There were buyers aplenty in a little-known pocket of the inner west on Saturday, looking to snap up a tightly held home on one of the quietest auction days of the year.

Seven buyers turned out for the auction of the four-bedroom Wareemba semi – one of just 302 properties taken to auction across Sydney.

By evening, Domain Group had recorded a 52.2 per cent clearance rate from 148 reported results.

“This is my only auction for the day, so I’m going to give it my everything,” auctioneer Peter Matthews told the crowd of 40 gathered at 66 Wareemba Street. “I hope you do the same,” he added.  And they did.

The eventual buyer kicked off bidding straight away with an offer of $1.3 million, which a couple quickly topped with an offer of $1.31 million. From there the bidding climbed in $10,000 jumps to $1.39 million, as the two parties went tit for tat.

After that bidding slowed to $5000 jumps, with two more parties joining in before the hammer fell at $1.48 million – $90,000 above the reserve.

“I couldn’t have wished for a better result,” said seller Wayne Hammond, who bought the property back in 1988 for $82,500.

“I don’t think I put that high a reserve on it,” he added. “[But still] I was so nervous, I didn’t sleep last night.”

Upgraders PJ Sim and Kate Loxton-Sim were delighted to nab the 328-square-metre home for their growing family.

“I’m due [to have a baby] the week we’re supposed to move in,” Ms Loxton-Sim laughed. “So the pressure was on.”

The pair said the cooler market had presented a good opportunity for them to upgrade from their Pyrmont apartment, which they sold earlier this year.

Only weeks before the couple asked selling agent Chris Wilkins of Ray White Drummoyne where Wareemba was, when he told them about the semi.

“It’s a great little pocket,” Mr Wilkins said of the small suburb — wedged between Five Dock, Abbotsford and Russell Lea — where only 11 homes sold last year.

Auction numbers on Saturday were significantly down on the 670 scheduled for the same weekend last year, due to the proximity of Anzac Day and the Easter long weekend creating a holiday window.

In the city centre, eight buyers competed for a small studio apartment spanning just 26 square metres.

Bidding for 803/4 Bridge Street started at $320,000, climbed past the $425,000 reserve and sold for $460,000 – about $17,690 per square metre – through James Dorron of O’Gorman and Partners Real Estate Co.

While the studio, last sold for $159,000 in 2004, was predominantly of interest to investors, it was snapped up by a first-home buyer, with the help of his parents.

In the eastern suburbs, a two-bedroom apartment at 7/128 Marine Parade, Maroubra, sold for $1.54 million through Shane Vincent of Belle Property Randwick.

Bidding opened at $1.2 million, with three parties pushing the price up in increments of $50,000 and then $10,000, until it was $40,000 above reserve. The unit with beach views last sold for $700,000 in 2007.

Back in the inner west, seven house hunters showed up for the auction of a two-bedroom corner terrace at 37 Vine Street, Darlington.

An opening offer of $1 million, from the one investor there, knocked out most of the competition with only two other bidders throwing their hats in the ring before the hammer fell.

The terrace sold, through Duncan Gordon of Raine & Horne Newtown, to the investor for $1.05 million. The result was $25,000 above reserve and almost double the $526,000 records show it last traded for in 2007.

It was a different story at the auction of another terrace in nearby Glebe. Despite a couple of registered bidders in the crowd, the three-bedroom property at 32 Darghan St was passed in on a vendor bid of $1.8 million.

Selling agent Eileen Carroll of Glebe Point Real Estate said some of the interested parties had failed to get their finances sorted in time for auction day.

She expected the 133-square-metre block to sell in the coming weeks. Records show it last changed hands for $495,000 in 1999.