The tiny sandstone cottage had no parking but attracted a crowd of first home buyers, investors and a son bidding for his mother.
A tiny one-bedroom sandstone cottage in Surry Hills with an outdoor toilet and no parking sold for $1,291,000 at auction on Saturday., mainly first-home buyers and investors from interstate and overseas.Bidding opened at $1 million by a son bidding on behalf of his mother, then $10,000 and $5000 bids were placed until a final $1000 bid sold it under the hammer to a local investor from Bondi.
Bidding opened at $2.3 million, and three bids of $100,000 were placed, soaring over the $2.3 million to $2.53 million guided range and $2.4 million reserve. Bids of $50,000 were placed until the $3 million mark, then $10,000 bids slowed the pace down.McGrath’s David Middleton said the generous benefactor who died was personally affected by cancer during his life.
The cul-de-sac location was on a quiet street close to trains, schools, Macquarie University and a shopping centre so was attractive to buyers, Middleton said., sold for $3,375,000. The vendors will be upsizing across the road. Parry said the property was so popular that the guide had to be adjusted several times during the campaign, from $2.45 million to $2.6 million then $2.7 million.Parry said the property had all the boxes ticked, “it’s the quintessential cottage… it was four bedrooms, two living areas and a grass backyard, and free-standing in a good street.”AMP’s chief economist Dr Shane Oliver said the clearance rate of 72.9 per cent was the strongest clearance rate since March and was oddly strong.
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