Two units in Stanmore on the same street both sell above reserve

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No. 1/40 Cambridge St in Stanmore sold for $1.021 million.

Two units on the same street sold under the hammer on Saturday, well above price expectations.

A two-bedroom unit at 4/64a Cambridge St in Stanmore was the first, selling for $636,000.

The property had five bidders register for the auction, with four getting involved. Selling agent Astrid Joarder of Ray White-Erskineville sold the unit $86,000 above reserve.

The first unit at 4/64a Cambridge St sold $86,000 above reserve.

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Bidding started at $500,000 and increased quickly in front of a crowd of around 30 people.

There were 72 groups through the inspections, with features of the unit including built-in wardrobes, a gourmet kitchen and a spacious loungeroom that flows to the terrace.

It was a great weekend for the Ray White team, with director Ercan Ersan also securing the sale of 1/40 Cambridge St.

The two-bedroom unit sold under the hammer for $1.021 million, with three of the six registered bidders participating.

Bidding opened at $900,000 and progressed in increments of $10,000, $5000 and $2000 up to the sale price.

There were six registered bidders.

There were 11 contracts issued and 174 groups through, with the reserve set at $1 million.

The unit is inside a converted Victorian mansion that has period details like high decorative ceilings and an original fireplace.

The last time it sold was in December 2013 for $730,000.

It was a relatively strong week for the inner west, with the preliminary clearance rate sitting at 59.6 per cent, per CoreLogic data.

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