By Tawar Razaghi
A large Petersham house has sold for $3.47 million, making the vendors more than $178,000 a year since they bought it 14 years ago.
Set on 582 square metres, a large block size for the inner west, the five-bedroom house at 25 Albert Street drew the interest of six registered bidders.
They were all families, upsizing either within the suburb or the inner west. The property was initially guided at $2.5 million before it was adjusted to a range of $2.5 million to $2.7 million.
Bidding was quick to start at $2.5 million and rose quickly as five parties placed bids in quick succession in mostly $50,000 increments. A Petersham family placed the successful winning bid of $3.47 million. The reserve was $2.9 million.
Owners Beth and Austin were happy with the result after raising their family in the home for more than a decade.
“The children are moving out now. It’s time to hand it over to another young family who can enjoy the space, the garden, the house,” Beth said. “It’s a beautiful house, and we’re very happy that people who love it for what it is are buying it.”
Happy vendors Beth and Austin after the successful auction.Credit: Peter Rae
Auctioneer Edward Riley said it was a great result for a market that was dotted with different outcomes.
“It was a great result. The market is still fairly strong. It’s best described as patchy though,” Riley said. “I was due to have 13 auctions today, but I am only calling three now. That’s a mixture of properties that sold prior, some that were withdrawn and a couple that need a bit more time, so we’ve pushed them out a little bit, which I’m seeing happen a little bit at the moment.”
It sold through Joseph Tropiano of Stone Real Estate Newtown.
The home last sold for $970,000 in 2010, records show.
It was one of 750 auctions scheduled in Sydney on Saturday. By evening, Domain Group recorded a preliminary auction clearance rate of 67.7 per cent from 502 reported results, while 107 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
In Prairiewood, first timers bought 4 Clegg Place for $1.13 million, outbidding five others.
The reserve was $1.1 million and was revised down to $1 million.
Three parties placed bids on the home in small increments from the $1 million opening bid until the hammer fell.
LJ Hooker Edensor Park’s Darko Horvat said while most interested parties were first home buyers, the home would require more money spent on it.
“The house still needed renovating, factoring that in and stamp duty. We can call it an entry level property. But you still had to throw a bit of money to bring it up to 2024,” Horvat said. “I don’t see it slowing down. It’s only going to get harder and dearer, especially in our area [if rates go down].”
Elsewhere, a family has pooled resources to buy a Concord knockdown for $3.85 million to build a duplex, with plans to live side by side.
Eight buyers, a mix of families and developers, registered to bid on the three-bedroom house at 4 Arthur Street, which had a price guide of $3 million.
Bidding opened at $3 million and went up in $100,000 increments, down to $25,000 as six buyers placed offers on the home.
It sold for $3.85 million to a young family in Concord and their parents who plan to move to the suburb once the duplex is built. The reserve was $3.5 million.
Selling agent Ben Horwood of Horwood Nolan said it sold well above expectations due to the sheer interest and hefty competition.
“Pooling family funds makes it easier for people to buy quality blocks and build homes side by side,” Horwood said. “It’s easier than buying two freestanding homes … [which cost] a total of $10 million. Whereas this block of a $3.85 million purchase price, plus $2 million in building – you’re a long way below that.”
He said duplexes and Concord have become one of the most sought-after markets in the inner west.
“[With] the allowance of duplexes in the City of Canada Bay, it’s become one of the most popular things to do – either build duplexes and sell them for a profit or bring families together.”
Concord’s median house price rose 3.2 per cent to $2.8 million in 2023, according to data from Domain.
In Camperdown, a young professional has bought a three-bedroom terrace for $2.18 million, outbidding four other buyers including one who had the bank of mum and dad behind them.
The home at 22 Bishopgate Street, which had two bathrooms and a car space, was guided at $1.7 million before it was revised to a range of $1.7 million to $1.9 million due to interest.
An opening bid of $1.65 million kicked off the auction, and bids rose in varying increments until the hammer fell at $2.18 million. The reserve was $1.85 million.
Selling agent Shad Hassen of The Agency Inner West said it was a strong result for the vendors, who owned it as an investment and had realistic expectations.
“It seemed to be quite popular, and I genuinely think it’s a strong result but I’ve seen other results out there that didn’t go as well. It did have the parking and three bedrooms,” Hassen said.
“Consumer confidence is really good, but they are confused about the results that are happening so they are not sure which way to go. But because of some sketchy results, they’re unsure of what to make of the market.”
The home last sold for $63,500 in 1996, records show.
Camperdown’s median house price rose 11.3 per cent to $1,842,500 in 2023.