All smiles after first bid

The Sunday Telegraph (Sydney) - - OPINION -

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

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