Sydney home auctions: inner west house sells for over $2.5 million after rapid fire bidding
An inner west home seller was left pumping his fist in excitement after a runaway auction delivered him a price more than 10 times above what he paid for his house.
Graham Marchant and his family moved into the four-bedroom house on Lawson St in Balmain back in 1992, paying $222,000, property records showed.
The property resold today at a packed out auction for $2.525 million, more than $300,000 above the price guide and $220,000 above the reserve.
MORE: Buyers to get welcome boost this weekend
Auctioneer ploy to squeeze more from buyers
“We’re very happy,” Mr Marchant said. “We thought we’d probably get a price around $2 million when we first listed but this was way more than we ever expected.
“It was like the (bidders) were throwing Monopoly money around … it was fantastic.”
The auction was held in the street and Mr Marchant watched it from his front window, admitting his family were initially nervous but were all smiles once the hammer dropped.
He emerged from the front door with his fist in the air and a wide smile directed at selling agent Matthew Hayson of Cobden and Hayson.
Mr Hayson said the home attracted the interest of a considerable amount of buyers. More than 150 groups came through the home during the open for inspections and five registered to bid.
“Everyone who registered was a local,” Mr Hayson said.
“There was lots of interest because it was a big home for Balmain and there was scope to (extend) it. Many of the other houses on the street have gone up a level.”
It took about 30 seconds for auctioneer Damien Cooley to receive an opening offer of $2.15 million and the bids followed quickly after that.
The bids went up in initial increments of $50,000 before slowing once offers hit $2.45 million. Four of the registered bidders participated in the auction, including one buyer who was bidding on the phone.
MORE: Former RBA boss upgrades in the Shire
MORE: Suburb’s only house going to auction
The winner lived nearby and had been on the hunt for a new property for about six months.
The property was one of more than 700 homes scheduled to go under the hammer today in the first “super Saturday” of the spring selling season.
Realestate.com.au chief economist Nerida Conisbee said buyers were under pressure to bid more at auctions for much of the late winter and early spring period because a bump in demand for homes was not matched with an increase in listings.
Thinking about styling or selling your home? Don’t miss your chance to ask Foxtel TV experts and stars Andrew Winter and Neale Whittaker for some tips in person at the upcoming Love it or List dinner in Sydney on the evening of Monday, September 30. Ticket details here