All smiles after first bid
AN inner west couple were given plenty of reasons to smile yesterday after selling their property for nearly $140,000 more than what their neighbour got for virtually the same home seven months ago.
The price for the four-bedroom home on Holmesdale St in Marrickville was $2.01 million, $110,000 over the reserve price, and well above the $1.875 million paid in March for a nearly identical home two houses down. The layout and finishes of the two-storey properties were largely the same, but the house that sold in March was slightly wider and with more backyard space.
It has meant vendors Rebecca and David Edwards pocketed an extra $20,000-odd on top of their neighbour’s price for each month between the two sales.
Mr Edwards said they were “very, very happy” with the price and that their initial nerves about the sale evaporated when the opening bid hit $1.8 million, which had been the upper range of their price guide.
“We knew it would go well,” Mr Edwards said.
Selling agent Ercan Ersan of Ray White Erskineville, who sold the home with colleague Shaun Stoker, said a shortage of available housing in the area helped the vendors get the bumper price.
“These sorts of designer homes have always been popular but there is a bit more interest because there is more confidence in the market and rates are lower,” Mr Ersan said.
Auctioneer James Keenan received the opening bid immediately after launching proceedings and there was spirited bidding from four of the five registered buyers.
The bids first went up in $50,000 and $25,000 increments before slowing to $10,000 and $5000 increases once the auction hit the $1.95 million mark. There were 20 bids placed. The buyers were a couple living nearby who were impressed with the home’s high level of finishes.
The property was one of just 170 homes to go under the hammer on what was a more subdued day for sales volumes due to the long weekend. Mr Keenan said auction numbers may have been down but not buyer turnout. “The long weekend hasn’t stopped anyone,” he said.
Earlier in the day, a historic home on an 885sqm block in Thames St, Balmain, sold under the hammer for $3.92 million, beating the reserve price by $192,000. The home, which required some renovations, attracted six registered bidders, with three taking part. Some of the bidders were buyer’s agents who tried to slow the auction down with complicated number combinations — the opening bid was $3.423 million — but the winner ended up being a local family.
David and Rebecca Edwards at the Holmesdale St house (below right) and (below left) auctioneer James Keenan. Pictures: Tim Hunter