Weekend property news from the Sydney morning herald: Winters the new summer when house becomes a home. ANITA BALALOVSKI Selling in winter before the spring rush has paid off at the auction of 1 O’Hara Street, Marrickville. A renovated two-bedroom cottage sold $53,000 over reserve for $1.003 million on Saturday. The freestanding weatherboard home including 178 square metres, two bathrooms and one car space was one of 430 auctions listed at the weekend. With 338 of the results in by Saturday evening, the Domain Group put the clearance rate at 80.4 per cent. Bresic Whitney agent Romany Brooks, who had 150 groups inspect and issued 20 contracts, said her vendors took advantage of winter’s low stock levels and more buyer competition to get a great result. She said the vendors, who purchased the home in 2005 for $425,000, have spent the past 18 months and $150,000 renovating to sell before the peak of the spring property rush. “The vendors are delighted getting a result $50,000 over reserve,” she said. “They saw the advantages of selling in winter, one where the weather has been mild and lots of buyers around. “To sell a two-bedroom home here for over $1 million has certainly set new benchmark in Marrickville. “Marrickville represents great value; buyers were previously looking in the inner city, Newtown, Erskineville are finding more value for money here and it’s exploding with new cafes, restaurants and as a new cultural hub.” The new owner, a Haberfield resident who wanted to remain anonymous, said she had only been looking for a new home for the past two weeks. “The place has a lovely feeling, it’s like a Byron Bay house in Sydney,” she said. “The price was a little on the high side but it’s Sydney; people get scared of anything over $1 million but that’s where you have to go these days. “You have to take into account that it’s fully renovated and an extra $10,000 or $20,000 for a 20-year investment is nothing.” Bresic Whitney auctioneer Gavin Croft had a crowd of 50. Out of the eight registered parties, a few were investors keen on the $800 weekly rental return, but they were mostly owner occupiers. He accepted an immediate first offer of $880,000 and the price quickly rose, almost selling at $950,000. Towards the end, the new owner persisted with her last two bids of $7,000 and $12,000 to secure the home. Other auctions fared well on Saturday. In south Sydney, a three-year-old home in Gymea Bay set a new price record for the suburb with no water view. The four-bedroom home on 680 square metres at 16 Coonong Road, Gymea Bay, sold for just over $1.5m. A four-bedroom, double-fronted renovated cottage on 259 square metres at 130 Evans Street, Rozelle sold for $1,611,500 via Ada Mastronardo from Cobden & Hayson. There were two registrations. A three-bedroom terrace at 308 Palmer Street, Darlinghurst sold for $1.140 million which was $40,000 over reserve. Mark Foy of Belle Property Surry Hills had five registrations.
Posted on: Sun, 10 Aug 2014 20:44:01 +0000
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