Sellers double price they paid as inner west auctions heat up
An inner west family were left feeling “emotional” after selling their home of 10 years for more than double the price they paid.
The property on Francis St in Enmore sold at a hotly contested auction for $1.255 million in front of crowd of about 60 buyers.
The crowd included 14 registered bidders, six of who actively put in offers for the two-bedroom, one-bathroom house without parking.
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Such a level of interest was above expectation, with the price beating the reserve by $105,000.
Vendors Gary Gahan and Jo Evans said they were “very happy” with the result but it would be a bittersweet move considering it was the first home of their two children.
The couple plan to stay in the area, which they said was getting “better” each year. “It’s becoming a lot more popular,” Ms Evans said. “The restaurant scene has really improved since we moved here.”
CoreLogic sales records showed the couple purchased the home for just under $600,000.
Selling agent Adrian Tsavalas of McGrath-Newtown said the home was well sought after and more than 200 groups inspected it in the lead up to the auction.
Auctioneer Jon Cravenr received an opening bid of $1.1 million within 30 seconds of commencing proceedings and the auction was all over six minutes later.
“Buyers have a good appetite for bidding,” Mr Craven said. “They are a lot more confident and the bids are quicker.”
The vendors of another inner west home at 14 Henley Marine Drive in Five Dock were also given plenty of reasons to cheer when their three-bedroom house sold for $1.736 million.
The opening bid was $1.5 million and the reserve was $1.65 million.
Selling agent Antonio Ariola of Belle Property-Drummoyne showed 136 groups of keen buyers through the home in the lead up to the auction.
Fifteen buyers registered to bid, six of who were active in the auction.
Both the buyer and underbidder were local families on the hunt for a home they could move straight into, Mr Ariola said.
“Lots of families were interested,” he said. “It was neatly presented and there isn’t much other stock around at the moment.”
Further west, a five-bedroom house on Brereton St in Gladesville sold under the hammer for just over $2.2 million, pipping the reserve price by $104,000.
Selling agent Michael Gallina of Belle Property-Hunters Hill said modern renovations and a north-facing backyard got more buyers on board.
“The majority of buyers were local or from the Lane Cove area, as these buyers are seeing better value in Gladesville,” he said.