An investor outbid seven first home buyers for a one-bedroom Coogee unit.A two-bedroom semi in Rozelle sold for $1.57 million at auction on Saturday to local investors, who outlasted four other buyers and even bid against themselves to secure the keys.but it was a stop-start auction in which bidders were reluctant to show their cards until the property was called on the market.
Discussions between agents and bidders ensued, and the investors eventually increased their offer to $1,505,000, at which point the home was called on the market. It was then that another couple, also investors, entered the contest, and the two parties pushed the price a further $65,000 over some 16 bids.Nikki Short
“We had a lot of people [show interest] through the campaign but ... buyers in this market, with interest rates and everything like that, they are a bit more cautious at times.”While the auction required a bit of juggling, it ended with a fantastic result, Este said.Auctioneer Thomas McGlynn prepares to sell the home at 34 Quirk Street, Rozelle.It was one of 676 Sydney homes scheduled for auction on Saturday. By evening, Domain Group recorded a preliminary auction clearance rate of 72.
It then climbed in smaller increments, dropping as low as $1000 raises as three of the bidders made offers before the fall of the gavel. The vendor had owned the home for 30 years, and was selling to move in with her daughter. Records show the property last traded for $240,000.