Business & Investment

Sydney Auction: Home Dealers $ 480,000 More Than Paid Six Months Ago

Auctioneer Stubenson at the sale of Cherrybrook’s home in Patu Place.

Cherrybrook’s homeowner has pocketed a $ 480,000 profit from real estate owned for six months.

The seller bought a two-story house Patu Place After making a minor refurbishment for $ 1.9 million in September, it sold it at an auction on Saturday with a new suburban record of $ 2.38 million.

Prices are $ 380,000 above reserves, showing how rapidly prices are rising in the current boom.

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A crowd of over 100 people was reported participating in the auction and I heard some of the bids breathtaking.

Fifteen bidders registered, some after the auction started, and auctioneer Stu Benson received a total of 64 bids, 46 of which were from two buyers.

Patu Place’s house was sold for $ 1.9 million six months ago.

“It was just great,” Benson said. “The two bidders went to their toes trying to find each other’s limits. No one wanted to give up.”

The final buyer made a “knockout” offer that was $ 9000 higher than the previous bid, with the last few price increases being less than $ 1000. The bidder responded by pushing the bidder card away and applauding.

Louis Carr Real Estate distributor Greg Nicolson said the six-month sharp rise in prices was the result of a significant inventory shortage in the region.

“Cherry Brook’s home sales are only 15 units, which is very low and in high demand in the region, so buyers don’t have many options,” he said.

kitcehn was being refurbished.

“I’ve never seen a market like this. The urgency of buyers, the number of buyers, and how aggressive they are, it’s like we’ve never experienced before. Thing.”

It is unknown why the owners decided to list their property immediately after purchasing it. The list image shows that the kitchen and bathroom have been upgraded and new floors have been installed, but no structural renovations have been attempted.

Early in the morning, a three-bedroom home on Parkland Road in Noslide sold for $ 19.31 million under a hammer after attracting 20 registered bidders. The price was $ 131,000 above the reserve.

CooleyAuctions auctioneer Michael Garofolo said it was an impressive result, but not a surprise.

“It’s no longer surprising to have 20 bidders,” he said. “A good property in a good suburb will attract people to this market.”

Laing and Simmons-Wentworthville distributor Alan Fowler said that much of Noslide’s interest in homes comes from families who are enthusiastic about knocking down homes and starting new ones.

Sydney Auction: Home Dealers $ 480,000 More Than Paid Six Months Ago Sydney Auction: Home Dealers $ 480,000 More Than Paid Six Months Ago

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