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A young family from Liverpool are in for a major life change, snapping up a three-bedroom home almost 28 kilometres away in Carlingford for $2,056,000 on Saturday.
The three-bedroom home at 5 Coverdale Street had a price guide and a reserve of $2 million, with bidding opening at $1.8 million.
While six bidders registered, three were active, with increments moving from $50,000 and $25,000 before slowing to $10,000. A final $1000 bid drew the auctioneer’s hammer.
Both the winning bidders and the underbidders were young families looking to upsize.
The successful bidders chose the location for its proximity to the school where they both work, and the school catchment area for their preschool-aged daughter. The underbidders were from Emu Plains also looking to be closer to work.
The property was one of 751 scheduled to go to auction in Sydney this week.
Sales agent at The Agency Epping, Catherine Murphy, said the 1170 square metre block appealed to families, as did the unrenovated nature of the home, which was built by the former owners in the 1960s and was being offered for the first time.
The house features teal-coloured carpet, a laminate kitchen and a large timber deck.
“[The new owners] are planning a structural renovation, but they are going to take photos of it [as it is],” said Murphy. “It’s a real changing of the guard, but they are going to love it.”
In Bondi Junction, two downsizers thrashed it out for a spacious three-bedroom apartment at 2009/83-85 Spring Street, which sold for $2.74 million.
The property had a guide of $2.6 million and a reserve of $2.65 million.
There is no legal requirement for a vendor’s reserve to be in line with their property’s price guide.
While bidding started at $2.4 million and initially rose by $50,000 increments, it slowed to bids of $10,000 and $5000. Bidding varied considerably, however, with the auctioneer accepting a bid of $1800 and another of $500.
After 34 bids, a final bid of $5000 saw the hammer fall. Both bidders were locals attracted by the size of the apartment and the building’s amenities, which include tennis courts, saunas and a swimming pool.
Sales agent for McGrath Double Bay James Ledgerwood said the vendors, who are relocating to Port Macquarie, had been “pragmatic”.
“All my vendors are making decisions based on where the market is right now,” he said.
