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In Burwood, another father and daughter were ordered by the District Court to sell their investment property after they were unable to resolve a dispute. 7 Ethel Streetwith an average weekly rent of $347 and a sale price of $5,650,000.
Twelve developers registered for the dilapidated site, with four bidding, all of whom wanted it demolished because it was in “poor condition.” Belle Property’s Norman So said the court had not allowed anyone to visit the property, but the buyers said they were willing to pay about $4.5 million during the bidding process.
The first bid was $5,000,000, which put most people off. Then a $50,000 bid pushed the price up to $5.3 million, at which point both sellers agreed to sell. Once on the market, the final buyer began bidding, with bids of $50,000 and $20,000, until the final price was $5,650,000.
The reserve price was set at $5.3 million. Records show the apartment building last traded for $640,000 in 1994.
A vendor who inherited a property in the small suburb of Tennyson Point said the $5.32 million sale price changed their lives forever.
lie in 126 Tennyson Road The price guide is $4 million to $4.4 million, with the reserve set at $4.3 million.
A total of 11 people registered and 4 bid. Most of the potential buyers are developers of duplexes and high-end homes.
Bidding opened at a reserve price of $4.3 million. Towards the end of the auction, buyers aggressively bid in $10,000 increments until it was bought by a Turramurra duplex developer for $1.02 million above reserve.
Michael Gallina of Belle Property, who handled the sale, said the buyers didn’t expect the home to sell for much more than the reserve, and the extra $1.02 million meant a lot to the vendor and his family.
In Strathfield, No. 19 South Street Sold for $6.2 million.
The home has a price guide of $5.1 million and has development approval for a five-bedroom dwelling. McGrath’s Tarun Sethi said the plan would cost $100,000 and take six to nine months to get through council.
Nine people registered and five bidders were placed. Bidding started at $5 million and after three bids, a buyer raised the price by $500,000 to the reserve price of $5.8 million. A few small bids were mixed in and the price was finally set.
The land’s value has increased by $1 million in three years. Records show it last traded in 2021 for $5.2 million.
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Dr. Diaswati Mardiasmo of PRD said the clearance rate has been hovering around 64.8% for the past six weeks.
“Buyers are still stubborn. They are still cautious, especially at auctions where they have to make a decision on the spot, whether they want to buy or not,” Mr Mardiasmo said.
“We’re at a stage now where everybody is managing things very tightly, so (you) really want to make sure you’re getting the best bang for your buck.”
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