Cracker inner west auction shows sellers can escape housing slump — if they have the right property
The long-time owner of a four-bedroom townhouse in Annandale was left overjoyed after her home sold at auction today for well beyond expectations.
The property at 2/149 Trafalgar St was marketed with a price guide of $1.4 million to $1.5 million but sold under the hammer at a packed out auction for $1.705 million.
The price was $105,000 above the vendor’s reserve.
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With 10 buyers registered to bid, it took all of five seconds for an opening bid to come in once auctioneer Jake Moore of Cooley Auctions launched proceedings.
Offers continued to roll in quick and fast with the opening bid of $1.325 million quickly surpassed by rapid fire bidding in increments of $25,000.
The offers only began to slow once bidding went past the $1.6 million mark, after which it became a showdown between the family who submitted the opening bid and a couple.
It was the family that emerged the victors, with the underbidder dropping out once their final offer of $1.701 million was trumped.
Selling agent Santos Sulfaro of Richardson and Wrench-Leichhardt said the family were so excited about the home they had requested if they could move in early.
“They really wanted the property,” Mr Sulfaro said. “This is an amazing result for the market … there was a huge amount of interest in this home. Everyone who saw it was surprised just how big it was.”
Vendor Judith Montano had owned the property since 1991, raising her three sons there as a single mother, and said it was an “excellent” turnout and result for the property.
A crowd of about 50 people showed up for the auction and more than 100 groups of keen buyers went through the home over the marketing campaign.
“I’m very happy,” Ms Montano said. “It was a great home, great for a family.”
Her son Damian said he and his brothers loved growing up there because each bedroom was on a different level, offering extra privacy. “It was just a nightmare to vacuum,” he said.
The home was one of 770 properties that went under the hammer this week. The volume of auctions was an increase from last week when just 506 properties were put up for bidding.
Only 52.1 per cent of last week’s auctions were a success and property analysts said they were expecting a similar proportion of properties to clear this week.
Close to 80 per cent of auctions were a success two years ago, while at the same time last year the clearance rate was about 60 per cent.
Weakened selling conditions have had a varying impact across Sydney regions.
Auctions in Sydney’s eastern suburbs and inner city areas have tended to have the highest success rate this March at 60-65 per cent, while in the Canterbury-Bankstown area weekly clearance rates have hovered around the 40 per cent mark.
Among the other standout auctions today was for a five-bedroom house in Penant Hills, which sold under the hammer for $1.552 million.
Selling agent Alex Gayl of Ray White-Penant Hills said feedback from the market had suggested the home at 29 George St would sell for about $1.4 million to $1.45 million.
“It goes to show well-presented homes can still get good results,” Mr Gayl said. “There has been a lot of talk about homes being on the market longer, but a lot of them are not as well presented.
“With this home, the vendors were very realistic with their expectations and they had crossed every T with their finishes.
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“We got a lot of interest throughout the campaign, which was great because unfortunately it rained nearly every time we had the home open (for inspection).”