A battle of inner west upsizers played out at auction for a three-bedroom Earlwood house on Saturday, pushing the sale price to $1,822,000.
A young couple from Dulwich Hill just beat a young couple from Marrickville for the renovated, freestanding home at 88 River Street.
It was one of 630 auctions in Sydney on Saturday.
Twelve bidders registered for the Dulwich Hill home, set on a 196-square-metre-block and advertised with a price guide of $1,425,000.
A buyer’s agent began with a bullish offer of $1.65 million and four parties made offers in a quick auction, although the buyer’s agent did not win.
Selling agent Adrian Tsavalas of Adrian William Real Estate said the property was on the market from the initial bid which was close to the reserve price, but declined to reveal the exact reserve.
The home at 88 River Street drew interest from inner west upsizers.Credit: Adrian William Real Estate
He said the home was value for money, as in the Marrickville and Dulwich Hill area, the $1.8 million to $2 million price range would be more likely to include two-bedroom houses than three-bedrooms.
“They were able to go a little bit further afield and get a three-bedroom house and get a free-standing home,” he said.
“Most of the parties in attendance were inner west upsizers.”
The vendors bought the home in 2018 for $992,000, records show, and did a renovation.
Elsewhere, on the northern beaches, a young couple looking for a fixer upper paid $2,075,000 for an original home in Bilgola Plateau with water views.
The three-bedroom deceased estate at 16 Hansford Parade was listed with a price guide of $2.1 million.
Three parties registered but the auction was slow to start, kicking off at $1.75 million and rising at first in increments of $100,000, then eventually down to $5000 offers.
A young couple beat a mature couple and a young gentleman for the keys. The reserve was $2 million.
Selling agent Steven Crooks of The Agency Northern Beaches said fixer uppers are harder to move but this home had the advantage of its views over Pittwater.
“If it didn’t have a view it would have sold for under $2 million,” he said. “Probably a lot less than $2 million.”
The street is tightly held because of its outlook, he said.
He said the market in his area is tracking okay and is reasonably good for lower priced properties but above the $4 million mark, buyer interest is thinner, and the market can be more property-specific.