Business & Investment

Sydney Auction: After attracting 22 bidders, a small house with structural cracks is sold at a tremendous price

A small house in Rykart, with structural cracks, asbestos on the back, and a room for peeling paint, sold for $ 1.75 million after attracting 22 bidders at auction.

Real estate surveys have recently found that home listings have fallen to record lows, making finding available homes a major issue for buyers.

The sale of the liquor was a surprising price even for Adrian William’s agents Nathan Doyle and Adrian Zabalas, who were expecting a price of nearly $ 1.3 million before the house first went public.

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The seller of a two-bedroom home on Rose Road has set a reserve of $ 1.54 million. The auction crossed that mark in the second bid.

Two bidders attempted to open the bid at the same time, and auctioneer Clarence White accepted $ 1.5 million as a starting point.

Eight registered parties have submitted their offers. Tsavalas said the property was not well accepted when it first hit the market due to the major work involved.

Likart family agent Nathan Doyle. Photo: Tim Hunter.


“It requires a foundation and rebrick, which puts people off,” he said. “The situation changed as more and more buyers noticed that the area was low on inventory.”

Mr White said 22 registered parties are a sign of a low-listing environment.

Tsavalas said he was interested in a mix of buyers wishing to refurbish the property, and other buyers considered knocking it down and replacing it with a larger one. “Upgrading the level could create four bedrooms there,” said Tsavalas.

Most of the bidders registered at the Lecihhardt auction, and most Inner West auctions, have been looking for a home for at least six months, the agent said.

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Auctioneer Clarence White received a $ 1.5 million bid opening at a virtual auction. Photo: Sam Ruttyn


Other important results in the area included a three-bedroom semi on Denison Road in Dulwich Hill. After attracting 10 registered bidders, it sold for $ 1.815m.

Auctioneer Alex Pattarro received $ 1 million in the first bid for the house, and the vendor set a reserve of $ 1.55 million.

In Newtown, nine bidders competed for a two-bedroom home on Wells Street and sold for $ 1.76 million through Ray White-Earthkinville.

63 Road Street homes needed work.


Nearly 500 homes were hit this week. If the blockade numbers from last week were any sign, about 80 percent could sell.

The sale occurred in one of the largest list slumps ever recorded. Most homeowners planning to sell withdrew their property from the market during the blockade. This hesitation from sellers did not match buyers who remained active in the market – many were stimulated by low interest rates.

Sydney Auction: After attracting 22 bidders, a small house with structural cracks is sold at a tremendous price

https://www.realestate.com.au/news/sydney-auctions-tiny-house-with-structural-cracks-sells-for-whopper-price-after-attracting-22-bidders/ Sydney Auction: After attracting 22 bidders, a small house with structural cracks is sold at a tremendous price

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