Auction twist as last minute bidders bag house for over $2.8 million
It was an offer that seemed to come out of nowhere.
Three bidders were slugging it out for a prize Maroubra home on a block a short walk from the ocean when a new buyer entered the fray and pushed the price passed $2.8 million.
The couple’s entry into the auction drew gasps from the crowd of more than 70 people who had gathered to watch the four-bedroom house at Sackville St go under the hammer.
The other bidders had been in the auction from the start, bouncing 20 rounds of offers between them to drag the price up more than $200,000 above the opening bid of $2.55 million.
The exhausted bidders were no match for the couple. Two dropped out after the family stormed into contention for the home and the last remaining bidder was left shaking his head after his final offer of $2.81 million was stumped.
The couple bagged the home for $2.817 million, eliciting applause from the crowd and words of congratulations from neighbours eager to welcome them to the neighbourhood.
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The buyers, Phillip and Julie Blakely-Kidd, said they had been looking for a home for nearly six months and were happy to finally end their search.
“We had been to quite a few auctions before and we spoke about how we would bid,” Mr Blakely-Kidd said.
He added that they had noticed bidders who entered into auctions late appeared to have an advantage.
The couple were renting a home in Coogee and wanted a large backyard for their children.
Buying at auction was a surreal experience, Mr Blakely-Kidd said. “It hasn’t quite sunk in yet,” he told the Sunday Telegraph.
Sales records showed the sellers bought the home for $1.69 million in 2010 and would be pocketing more than $1 million in resale profit.
Selling agent Nicholas Wise of McGrath-Coogee could not reveal the exact reserve price but said the end result was more than $100,000 over.
The home captured the imagination of buyers during the marking campaign, with Mr Wise showing more than 120 groups of keen house hunters through the home, eight of who registered for the auction.
“Buyers really liked the north-facing backyard and proximity to the beach,” Mr Wise said.
McGrath auctioneer Adrian Bo grew up in the area and said Sackville St was known as one of the best in Maroubra.
The result was not surprising considering real estate values in Sydney’s southeast were beginning to bottom out, he said.
“The honeymoon for buyers is over. The market is turning … a lot more homes are selling well over reserve,” Mr Bo said.
The Maroubra home was one of 603 auctions in Sydney today, a similar volume to last week.
CoreLogic research showed only 54.3 per cent of last week’s auctions were a success, with analysts predicting a similar clearance rate for this week’s auctions.
Earlier in the day a federation-style house in Petersham proved a battleground for buyers, attracting 22 registered bidders.
The four-bedroom house at 107 Brighton St sold for $2.25 million — $350,000 the reserve.
“It was a standout result,” selling agent Julie Hatch of Cobden and Hayson said. “It was the perfect house in the perfect position but it still went for much more than we were expecting.”
The auction of a three-bedroom house on Julian St in Willoughby attracted a crowd of about 50 people.
Seven buyers registered to bid, with the opening bid coming in at $1.5 million.
Fierce competition from five active bidders pushed the eventual price to $1.9 million, $100,000 above the reserve.
Selling agent Danny Grant of The Agency said the home sold well because more buyers were getting into the market.
“There’s a general sense from buyers that now is the time to get in,” he said.
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In Ermington, a three-bedroom house at 42 Murdoch St sold for $1.1 million, $125,000 over reserve, through Professional-Ermington. A crowd of nearly 100 people showed up for the auction, with four buyers actively vying for the home on 640sqm.
Auctioneer Rocky Bartolotto of Auction Services said it was an excellent turn out and showed there was good demand for homes on larger blocks.