‘We got a house’: Inner west semi sells for $311,000 above reserve

A three-bedroom semi in Petersham sold for $2,311,000, more than $300,000 above the reserve, on Saturday to a family who had relocated from overseas.

More than 50 people gathered on the quiet tree-lined street for the auction of 40 Station Street, built in the 1890s as the station master’s home. Nine groups registered to buy the property with bidding opening at $1.9 million, the same as the guide.

While four bidders were active, it was quickly down to two bidders to battle it out with bids jumping around from $50,000 to $10,000 and $5000 and $3000 and back up to $25,000.

Neighbours and would-be buyers audibly gasped when the eventual underbidders, a young couple, made a few 11th-hour offers.

Bidders raised their paddles 35 times before the hammer finally fell.

Following their success, the winning bidder shouted, “we got a house” then lifted his partner off the ground and later skipped along the street holding his two young daughters.

Neighbours - some meeting for the first time - gathered on the street to watch the auction of 40 Station Street, which was not without drama.James BrickwoodHe said his young family had relocated from the United States two and a half years ago and had been living in an apartment on the other side of the railway line.

“We walk past this property to get to [Petersham] park and [Fanny Durack] pool and from the moment we arrived here we have loved this property,” the new owner said. “When it came on the market and there was a bit of a downturn [in prices, we jumped in].”

The property had a reserve of $2 million.

There is no legal requirement for a vendor’s reserve to be in line with their property’s price guide.

The house retains many of its original features but has also been updated for contemporary living.DomainAuctioneer Briannan Davis said the result showed some buyers still had more left in the tank for desirable properties.

“It gives some indication buyers are feeling if there is a good property available, they will give it everything they can,” she said.

Sales agent for The Agency Inner West Ramon Raneal said the property’s well-maintained period features and its history were strong selling points.

“People want things that are very unique, A-grade stock, and they are willing to compete for it regardless of the overall sentiment,” he said.

The property was one of 796 scheduled to go to auction in Sydney this week. By evening, Domain recorded a preliminary auction clearance rate of 48 per cent from 481 reported results throughout the week, while 177 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.

In Balgowlah, a vendor accepted a bid of $4 million when her property passed in on Saturday, $20,000 less than she was offered by another party.

Two parties expressed interest in four-bedroom 28 New Street West earlier in the week, sales agent for Cunninghams Real Estate, Georgi Bates said. But one group, a family from interstate, advised her on Friday that while they would attend, they would not be registering.

The other party, a couple with adult children, were the sole registered bidders and said they would rather negotiate privately after the property passed in.

On that advice, auctioneer Emma Brown-Garrett passed it in without a bid and Bates asked everyone to leave. Negotiations then began, with the registered bidders increasing their pre-auction offer of $3.8 million to $4 million.

The vendors advised they were open to that offer.

However, the unregistered party, who was still present at the property, then made a counteroffer of $4,020,000. The vendor decided to take the original offer from the registered bidders.

The property had a guide of $3.8 million and a reserve of $4,050,000.

“The vendors were happy with their decision,” said Bates. “I said, ‘You could have gone with the higher offer.’

“[The vendor] said, ‘I could see they were ready and here to register, and I was happy with that price.’”

The property has multiple living areas, including an alfresco living space and pool. DomainThe vendors plan to move closer to their adult children on the lower north shore.

In Glebe, a single bid of $4.2 million secured the keys to a four-bedroom terrace in the prestigious Toxteth Estate.

Two parties registered on the day to bid for 20 Toxteth Road but when the auction opened, no one raised their paddles. The auctioneer then placed a vendor’s bid of $4.1 million. A bidder, an investor with an interest in blue chip property, offered a further $100,000 and the property sold.

The property had a reserve of $4.2 million, the same as the guide.

Sales agent for BresicWhitney Inner West Chris Nunn said some buyers saw current market conditions as an opportunity to bid for a property with less competition.

The house retains many of its original features, such as patterned ceilings, but has also been renovated for contemporary living.Domain“At the moment, nerves are getting the better of people, and it’s leaving a good opening for discerning buyers who can hold their nerve to purchase at a fair price,” he said.

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