Young developers Tyrone and Travis Martin at the renovated Randwick semi that sold for $3.15 million. Picture: Simon Bullard

A YEAR ago, Tyrone Martin, 28, and his brother, Travis, 24, paid $1.95 million for an old Randwick semi.

Today, the pair, who grew up in Padstow Heights and decided to embrace property as young teenagers because they “wanted to get ahead in life”, put their renovation project to auction.

And they “came out on top” — just.

Travis and Tyrone Martin in the back yard. Picture: Simon Bullard

The four-bedroom, four-bathroom home with double garage and studio above at 73 Albion St sold for $3.15 million at a lukewarm auction, in which just two of the four registered bidders participated.

After the confident opening bid of $3 million — from a middle-aged man standing with his buyer’s agent — auctioneer James Hayashi had confidently asked for a $100,000 rise. He got $50,000.

The young builders added a double garage and built a studio above.

With the bidders standing firm, it took forever to extract $25,000 and then $10,000 bids and, at one point, gun Phillips Pantzer Donnelley agent Alexander Phillips was about to pass the property in.

The written reserve had been $3.175 million. But as most vendors across Sydney are finding in the current market, the pair had to adjust their reserve slightly.

The eastern suburbs buyers — a young local couple — reckoned they got a good deal.

The Martins have full-time jobs at a construction firm and spent their weekends knocking the back off the 1905 semi and adding a double garage with studio above.

It looks like a million-dollar renovation with all the best top-notch fittings and finishes.

But they were happy, too.

“We still came out on top,” said Tyrone.

The open-living area had 3.6 metre ceilings and quality fittings and finishes throughout.

“Everyone watching the market knows that, now, you can’t be too greedy.

“We’re going to be able to capitalise on this and move on to our next project.”

Travis agreed. “I’m relieved … it’s an awesome feeling to sell.

“It makes all those Sundays and afterwork hours spent on this project worth it.”

Mr Phillips said it was a “fair” result.

The semi had a front lawn and traditional facade.

“It’s a great house for what the buyers are getting, but also a good result for the boys” he said.

“Three months ago they would have got $3.3 million.”

Tyrone had bought his first property when he was 18 for $400,000. “My father went guarantor to help me out,” he said. He built a duplex on it and sold both for $650,000 each.

He and Travis then bought an old house in Francis St, Bondi, for $1.14 million and sold the renovated property in 2015 for $2.1 million.

investors paid $803,000 for a one-bedroom unit at 15/73 Mount St, Coogee.

Meanwhile in Coogee, a one-bedroom apartment with parking in a 1960s block at 15/73 Mount St, Coogee, sold for $803,000 — $53,000 above reserve.

The Agency’s Thomas Heath had nine bidders register, with six participating,

Bidding opened at $710,000 and rose in $10,000 and $20,000 increments, before slowing to $5000, $3000 and $1000 bids.

The two first home buyers who’d been keen dropped out in the high $700,000s. The apartment needed about $50,000 worth of renovations.

The investor who bought it can expect about $650 a week in rent after a makeover.

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