A tightly held Federation home in Petersham sold for $2,485,000 to a family upsizing from their Point Piper unit.11 Shaw StreetThe auction was quick to start at $2.2 million and rose in varying increments from $50,000 bids down to $10,000 bids as four buyers participated.
The home, which was on the market for the first time in more than 70 years, was last bought for about £5000, Mikha said.He said the price went above the guide and reserve because of realistic expectations from his sellers. The Rosebery family outbid the first timers with a winning bid of $2.12 million. The reserve was $1.95 million.
The five-bedroom, three-bathroom house guided at $3.5 million drew a huge crowd and five registered bidders – all young families hoping to upsize.