The keen buyers in their 30s wanted to move closer to the beach and made such a strong first bid, it wiped out most competition.
A local man outbid five developers for a Malabar cottage.The former family home of a once famed Sydney photographer fetched $3 million at auction on Saturday after a young couple muscled out 10 other buyers to nab the three-bedroom fixer-upper., was the property of Valentin Sowada and his family for 67 years. The Swiss-born artist often developed his photos in the home’s custom-built darkroom.
“That basically wiped out the competition,” said selling agent Nicholas Kennan, of Ray White Eastern Beaches. “Just one couple from Adelaide were left.“The buyers were in their 30s and incredibly motivated. They’d sold their home in Paddington and were looking to move closer to the beach. Having also done a renovation project before, it was something they wanted to do again.”During the campaign Mr Kennan said more than 120 groups inspected the home.
The auction started with a developer bid of $4.3 million, then bids rose in $50,000 and then $25,000 increments before the buyer threw down $100,000 to clear out the competition.“It was an incredible result and it’s probably one of the best auctions I’ve done all year. We had a big crowd there and you couldn’t even move in the street.”
Selling agent Damian Kennedy of McGrath Ryde said the young woman paid $200,000 over the reserve and beat out three other active bidders, of which most were young families.“She even started the bidding at $2.18 million which was quite strong considering our price guide was $2.1 million. Mr Kennedy said their agency had sold a nearby, similar duplex just two months ago for $2,285,000 which showed how much buyer sentiment had recently strengthened.A three-bedroom brick home atalso fetched a strong sum at auction after a couple, who had been living with their children, paid $1.82 million after only joining the auction at the end.
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