Add Category
Auctioneer Clarence White at the auction of Marrickville house that broke records. Picture: David Swift
A “time warp” house in Marrickville offering a potential renovation project left a 100-strong crowd of onlookers stunned after selling under the hammer for a new suburb record.
The property on Harney St had been largely untouched since the 1950s. It initially went to market with a $1.2 million price guide, later revised to $1.4 million, but ended up selling for $1.73 million after attracting 33 bidders.
It was $330,000 over the reserve and the highest price ever paid for a two-bedroom house in Marrickville.
MORE: Eager buyers splurge on homes they can’t live in
Work from home movement to change property forever
The price was also about $1.56 million higher than what the property last traded for in 1992, which meant the investor owner pocketed about $56,000 for each year she owned the property.
An opening bid level with the $1.4 million reserve was offered seconds after the auction got underway and bidding was at $1.6 million about half a minute later.
Onlookers included 33 registered bidders. Picture: David Swift.
The eventual buyer later pushed the bidding to $1.7 million, which was $75,000 above the previous bid, and swatted away a subsequent challenge $1000 higher with another increase of $29,000.
This dragged the bidding to the $1.73 million sale price – a sum $80,000 higher than the previous record for a two-bedroom house in the area – and a figure that sent hushed murmurs across the crowd.
One registered bidder told the Sunday Telegraph the price was “insane”.
Selling agent Adrian Tsavalas of Adrian William said the sale was surprising given he had appraised the property at $1.3 million last year.
“There was some serious fireworks at the auction,” he said.
The Harney St property attracted close to 250 groups through the open homes.
The price guide was raised after nearly 250 groups of buyers came through the open for inspections. “We knew it would be a strong auction when 33 bidders registered but this result was more than we expected,” Mr Tsavalas said.
He added that the seller would have been “very happy” to simply get the $1.4 million reserve. “I think we’re at the point where it’s safe to say 2017 no longer represents the peak of the market, it’s hit a new level,” Mr Tsavalas said.
More from news
The seller, who wished to remain private, said she was “shocked” by the price and by how much interest the property attracted.
Auctioneer Clarence White said bold bidding of the magnitude seen in Marrickville often appeared when home seekers got frustrated.
81 Grove St, Earlwood sold for $214,000 over reserve.
“Most buyers who are successful at auction have usually missed out on other properties but if they miss out repeatedly it encourages them to get much more aggressive,” Mr White said.
In nearby Earlwood, another dated home offering scope for a renovation sold under the hammer for $1.614 million – $214,000 over reserve.
There were 21 bidders who registered for the auction with selling agent Alexandra-Stamatiou-Buda of McGrath-Inner West. Sixty bids were placed for the Grove St home.
“There’s strong competition among buyers out there,” she said.