What’s cooking? Nothing much at 76 Barker St, Kingsford, derelict for years.
In what agents describe as an “inconsistent” and “unusual” market, astute investors are fighting over derelict homes and deceased estates.
Described as a “blank canvas” in a “blue-ribbon” locale, the agent selling 76 Barker St, Kingsford in Sydney’s east was shocked at today’s auction result — $2.6m, $800k over reserve.
The two-bedroom home left empty for years was a have-to-sell, in the hands of the trustee and guardian, with its late owner having failed to leave a will.
“I can’t believe it, all the feedback was $1.75 million,” said Les Salem of Wolf Property Group, who’d set a $1.8m guide.
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The falling down house sold for $2.6m, $800,000 above reserve, at today’s auction.
This house needs much more than a lick of paint.
It has a date with a wrecking ball.
He had two bidders fighting over it from $1.35 million, with $20k, $50k and $1k increments.
There’d originally been three buyers keen on it, including a young professional couple who’d planned to do it up.
Other sources said the winning bidder for the 362 sqm block had his eye on the two neighbouring houses with a view to knocking them all down and building apartments for international students attending the nearby University of NSW.
Another deceased estate was popular today at 108A The Boulevard, Strathfield, which fetched $3,510,000, $610k over the $2.9m reserve.
The three-level home, built in the 1970s, was owned by a local doctor, who used the ground floor as his surgery and lived in the residence above.
Ben Horwood, of Horwood Nolan, had nine registered parties with eight of them fighting over it in a “marathon” auction, with a young local family wanting it as an investment.
108A The Boulevard, Strathfield sold for $3.51m, $610,000 over reserve.
This kitchen will definitely be getting a makeover.
The late doctor used the ground floor as his surgery.
“It is an unusual market at the moment,” Horwood said. “Six months ago anything brand new or nicely renovated was in hot demand, now people seem to be looking for value and potential.”
In Greystanes near Parramatta, a deceased estate at 13 Beresford Rd attracted 12 registered bidders and sold for $1.352 million — $252,000 above the reserve.
Daniel Starr of Starr Partners Pemulwuy said half the registered parties competed, with the winning bidder from the Hills District.
He plans to build a new home to live in on the 560sq m block, which is closer to his Merrylands business.
13 Beresford Rd, Greystanes, attracted a huge crowd.
Daniel Starr of Starr Partners had 12 registrations.
The three-bedroom home also attracted interest from first home buyers and investors.
“The reserve was $1.1m, the reserve was $1.1m, we had 12 registrations and 60 in the crowd in the raining selling for $1,352,000,” Mr Starr said.
And at Birchgrove in the inner west, four bidders registered for 88 Rowntree St, with two competing in the mortgagee-in-possession auction.
The three-bedroom, two-bathroom Victorian residence on a 221sq m block was pitched as having “huge potential” and no doubt it does, with northerly views to the city skyline and Harbour Bridge from upstairs.
88 Rowntree St, Birchgrove sold for $2.8m at today’s auction.
It sold for $2.8 million, $50k above reserve, via BresicWhitney’s Andrew Liddell, who said the home was “very basic, I would say unliveable”.
It attracted mainly builders and developers. The buyer, from the north shore, who “first showed his face last week”, plans to do it up and live in it.
Records show the property was owned by the Frazis family, who bought it for $1.245 million in 2006.
Mr Liddell said the market was currently inconsistent.
“The top 10 per cent of the market, the special properties, are doing very well, but everything else is fairly price sensitive,” he said.