An inner west real estate agent outbid 18 other buyers for a two-bedroom Surry Hills home in need of a substantial renovation.Two bidders competed for a North Ryde knockdown, while just one made an offer on a Mosman home.A rundown Surry Hills cottage sold for $1,351,000 at auction on Saturday, with 19 buyers turning out to compete for the home despite the cooling property market and soaring building costs., a two-bedroom home with an overgrown backyard, marketed as a “renovator’s delight”.
Bidding then climbed in $30,000 and $20,000 jumps to $1.3 million, before slowing to smaller increases, as six bidders made offers. “We’d like to turn it into a four-bedroom contemporary residence, and would definitely like to keep the facade ... we’ve added a couple of hundred thousand dollars onto what we initially thought it was going to cost and let’s hope it doesn’t exceed that.”
In North Ryde, two bidders competed for an original-condition three-bedroom house at 317 Pittwater Road, which sold for $1.63 million – $5000 above the reserve. Auctioneer Michael Garofolo, of Cooley Auctions, said buyers were typically making smaller bid increases at auctions now, due to fear of overpaying.
The buyers, local downsizers, made an offer of $3.8 million, below the $4 million price guide. When the two other parties remained silent, it was made clear that the home would not sell at that level and negotiations began on the auction floor.
OMG !!!
Interest rates still clearly too low.