Sydney home auctions: Couple pay $100k above reserve for Tempe home in quick and firey auction
Saturday’s cold and windy weather did not keep the punters away from a three-bedroom character home in Tempe, with it selling for $100,000 above reserve at auction to a young couple.
The family house on Union St sold under the hammer for $1.350 million in front of a crowd of about 50 people, including eight registered bidders.
The sale price was also $200,000 above the $1.150 million auction guide set by McGrath Newtown’s Adrian Tsavalas.
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Bidding got underway within seconds of auctioneer Jon Craven commencing proceedings with a man in sunglasses at the back of the crowd placing the opening bid of $1.275 million — $25,000 above the reserve.
For a minute it seemed like it would be the only bid as silence filled the air before a couple placed a bid of $1.280 million. This bid sparked a bidding war between the two bidders who traded bids back and forth until it reached the $1.330 million mark.
As that war fizzled out, the crowd was stunned when the eventual buyer unexpectedly entered arena at the last minute. Despite a last-ditch attempt by the man at the back, the buyers only needed to place one more bid to secure the home — less than 10 minutes after the auction started.
After being congratulated by half the street, Jack Breen and Ben Stewart told The Sunday Telegraph they were relieved to have found a property after looking for the past three months.
The house proved to be very successful with Mr Tsavalas welcoming more than 150 groups throughout the campaign.
“Buyers were attracted to this property because it offered excellent value for money compared to what homes like it would cost in surrounding inner west suburbs,” he said.
“It was also a well presented home in a great location with the school across the road and public transport and cafes on your door step.”
The property is on a 329sqm block and has 98sqm of internal living, as well as under house storage and a garden studio.
Mr Craven said the auction wrapped up very quickly after the opening bid eclipsed the reserve price.
“It knocked out much of the competition with the bold bid much higher than what many were prepared to pay,” he said.
With buyer confidence up as a result of the Federal election and record low interest rates, Mr Craven expects it will be a good spring for the market.
“Buyers are no longer holding back and are feeling confident to register and fight to secure a property,” he said.
The renovated Union St property was one of only 351 homes to go under the hammer across Sydney this weekend, about 25 per cent less than this time last year and 35 fewer than last weekend, when 72% per cent of auction cleared.
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