Burwood secures its highest sale of 2019 after an epic auction smashes the reserve
Burwood was the scene of an epic auction on the weekend, with a character residence selling for $508,000 above the reserve at $3.508 million.
The impressive result of 24 Livingstone St was also $708,000 above the price guide, and came off the back of seven bidders opting to register on the day.
It is also the first $3 million plus sale for a freestanding home in Burwood this year, according to CoreLogic data.
MORE: Former MP Virginia Judge buys in Newtown
‘FOMO is coming back’, says agent
How sellers are pocketing $70k extra
The auction took place in front of a monster crowd of 200 people and auctioneer Tom Panos got proceedings underway with a $2.5 million opening bid.
Once bidding reached $2.7 million, it became a two-horse race with bids jumping in a mix of $10,000 and $30,000 bids until it hit $3.423 million.
It was at this point the underbidder attempted to place a knock out final bid of $3.5 million, but the buyer quickly one-upped them with a final $8000 bid to see the property sell for $3.508 million.
The four-bedroom home on 777sqm was snapped up by a buyer who plans to retain the classic home. They were one of 112 groups who inspected the home during the campaign.
Belle Property Strathfield’s Norman So said the sale represents one of the highest “land value” sale prices in the past 12 months for Burwood.
“Burwood has been sluggish in the past few years and this sale marks the bounce back in the local market,” he said.
It was another strong weekend for the inner west property market with 41 out of 44 properties selling prior to or at auction. According to CoreLogic data, this translated into a 93 per cent clearance rate.
SIGN UP FOR THE LATEST NSW REAL ESTATE NEWSLETTER