Buyers battle for chance to bulldoze fibro house in Cabramatta
A fibro house on one of Cabramatta’s most popular streets sold in front of a crowd of about 100 people for $820,500.
The price for the four-bedroom house on Huon St was $20,500 above the reserve.
Nine bidders registered for the auction, with the bulk of interest from buyers intent on knocking the house down and replacing it with a modern build, according to selling agent Steve Milovanovic of Ray White-Cabramatta.
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“This is hugely popular pocket of Cabramatta” Mr Milovanovic said. “There is always big interest when homes come on the market because it is rare for homeowners to sell.”
The opening bid was $700,000. Five of the registered bidders submitted offers, which initially went up in $10,000 and $5000 increments.
Once bidding passed $800,000, the auction became a drawn out battle between two bidders who slugged it out with offers at $1000 increments.
“This is probably the best auction we’ve seen in the area this year,” Mr Milovanovic said.
The property was among 283 homes to go under the hammer today, a volume consistent with previous weeks but well down on auction numbers last year and in 2017.
With stock levels shrinking in popular areas such as the inner west and eastern suburbs, Sydney auction clearance rates have been trending up in recent weeks.
Last week nearly 73 per cent of auctions produced a successful result for the sellers, while the weeks prior it was 71 per cent, according to CoreLogic.
Weekly clearance rates before the election were substantially lower, hovering around the 58 per cent mark for much of May and April.