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No. 18 Cavey St, Marrickville, sold at auction for $1.405 million.
It was certainly not the prettiest house on the street but the auction of 18 Cavey Street in Marrickville saw one hell of a competition for the property.
The weathered two-bedroom home with a shed and a Hills hoist out the back had seen better days but that’s not what drove seven parties to register.
“What they were buying was the potential,” Richardson and Wrench Marrickville principal Aris Dendrinos said.
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Look at the carpet.
“It’s a knockdown on 330sqm of land with off-street parking. And it’s Marrickville.”
Bidding opened at $1.05 million and quickly passed the $1.125 million reserve before a new bidder came out of the woodwork at the $1.25 million mark, sparking a fresh burst competition from buyers.
With the hammer about to fall for the second time at $1.35 million, the auctioneer was able to tease out another round of aggressive bidding, closing out the action at $1.405 million.
The kitchen is pretty damaged.
The backyard has a Hills hoist.
When the hammer sounded, the crowd was on the edge of their seats after seeing the property sell for $280,000 above the reserve.
Mr Dendrinos said the property was a classic deceased estate in the right part of Marrickville near the village and train station.
“If it’s the right property people will bid and even at the pointy end they were going for it.”
The Richardson and Wrench principal said the property had strong interest from those with the capacity to take on a new build, including architects, designers, builders and tradies.
The living room has cracks in the walls.
The two-bedroom property had red carpet in the living areas and the bedrooms, while the kitchen had cracks in the walls, green benchtops and damaged finishes.
It still retained many character features high ceilings, boarded up fireplace and cornices.
The backyard was grassed and had a damaged outdoor entertaining area, as well as a shed.