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Ray White agent Nick Wiggan with seller Richard Lutter, after selling 4/115 Carrington Rd in Coogee today. Picture: Tim Hunter.
A run-down Coogee apartment with crumbling plaster and dated interiors has attracted 23 bidders and sold more than $100,000 above its reserve.
The home at 4/115 Carrington St sold to a young first homebuyer, named Fass Faw for $905,000.
“I came by chance,” he said, noting he hadn’t been house hunting for long. “I came to have a look … I like Coogee its close to the beach,” he said.
He told the Sunday Telegraph he was planning to renovate and then move into the home with his partner.
Auctioneer James Hayashi told the crowd of about 40 people gathered in the building’s yard that it was “literally a blank canvas.”
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Auctioneer James Hayashi during the auction in Coogee. Picture: Tim Hunter.
Winning bidder Fass Faw, being congratulated after score the Coogee apartment. Picture: Tim Hunter.
Upon inspection, the ceilings and walls of the home had cracked plaster, the carpet, paint colours, fittings all tired and dated.
Vendor of the property, Richard Lutter was extremely pleased with the result.
He said there was “plenty” he loved about the home and felt “sad but happy.”
“I feel good … we had so many good times here,” he said.
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His mother, who has now passed, had owned the property for 45 years.
“I lived here with her when I was about 15,” he said.
Richard Lutter was “sad but happy,” after selling his mother’s apartment of 45 years. Picture: Tim Hunter.
Having sold for $105,000 more than his price hopes, Mr Lutter was looking forward to travelling overseas before deciding where to move to.
Ray White eastern beaches agent Nick Wiggan said it was a good auction and there was still “buoyancy in this price point.”
“(Buyers) are still happy to bid and with interest rates on hold a couple times in a row now, that’s helped,” he said.
There was a mix of first home buyers, builders and investors, drawn to the attractive $750,000 price guide. Five of the 23 bidders competed in the auction.
First home buyers, investors and builders gathered in the yard. Picture: Tim Hunter.
“(There were) more first home buyers, being able to have a Coogee address under a million dollars and in a small apartment block … under $1m is a good price point and is quite competitive at the moment,” he said.
He noted the rarity of the property.
More scenes from the Coogee auction on Saturday afternoon. Picture: Tim Hunter.
“The mix of the small apartment block, the art deco charm, there’s nothing like that even at $1m.”
PropTrack data placed Coogee’s current unit median at $1.42m.
Builders told Mr Wiggan it would cost $60,000-$100,000 to renovate.
“Being able to add your own touch, buyers see value in doing that,” Mr Wiggan added.
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