Families looking to upsize their home have duked it out at an auction over the weekend, resulting in an inner-city property selling for $2.565m.

The four-bedroom, two-bathroom home at 62 Lawrence St in Alexandria gave buyers the opportunity to purchase a family sanctuary with alfresco zones and green outlooks.

There were 99 groups who inspected the property, with 18 contracts of sale handed out prior to auction.

Listed by The Agency’s Brad Gillespie and auctioned off by Damien Cooley, the home is a short walk away from local shops, cafes, schools, and Erskineville Oval.

62 Lawrence St in Alexandria sold for $2.565m.

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Mr Gillespie said there had been a lot of interest in the property from young families and couples looking to upgrade into a larger home in the high-demand suburb of Alexandria.

“I think what attracted buyers to this property was its overall size,” Mr Gillespie said.

“It scales three levels and includes a master level with an outdoor terrace on the top level which makes it unique.”

The home had been listed with a $2m auction guide and a $2.3m reserve price. The vendors of the property were thrilled with the $2.565m result.

Mr Cooley said that buyer’s agent and founder of Henderson Advocacy, Jack Henderson had purchased the property.

The size of the property was appealing to buyers.

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Features of the property include a kitchen with stainless benchtops, stove and dishwasher, alongside four suite-style bedrooms enhanced by robes and air-conditioning.

“This result is good for the current market conditions, I think the early Spring market will be better for vendors – the level of supply and demand will fluctuate well into October,” Mr Cooley said.

“Buyers are still willing to pay high prices for good quality properties … the confidence of bidders at auctions is actually driving their competitors to step up and take their chance at owning their dream home.”
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A view of the rear courtyard.

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Despite hearing chatter from auction attendees about the market levelling out, or the fear that some buyers may be paying too much for their properties, Mr Cooley said many buyers agents were still watching the market very closely.

Jack Henderson actually made an offer to buy the Alexandria property the day prior to the auction for $2.3m.

The 145 sqm home also includes a family bathroom with a glass shower, bathtub and twin basins.

Over the past 12 months, median prices for homes in Alexandria have slightly increased by 5.4 per cent to $1.95m while median prices for units hovered around $807,500.