A local family has purchased an original Victorian home in the prestigious and coveted Toxteth Estate in Glebe for $2,705,000.
Four parties, all local, have registered to bid on the dated three-bedroom home 54 Toxteth Roadwhich had a list price of $2.3 million and was due for renovation.
It was one of 718 homes due to go under the hammer in Sydney on Saturday.
BresicWhitney auctioneer Thomas McGlynn was silent for several minutes before bidding began with an opening bid of $2 million.
Every buyer ended up participating in the auction, with bidding increasing in increments of $50,000 to $5,000 towards the end.
It sold for $2,705,000 to a local owner, his brother and their mother, who bought it together as a family purchase. The reserve was $2.6 million, revised up from $2.5 million on the day.
Local buyer Kel Foster said he was “shocked” and “excited” to be the winning bidder.
“We love Glebe and we live in Glebe. We’re considering having my mom move here, so it’s a really nice place, a nice street, so we’re really happy,” Foster said. “There is a lot of work to do, but we are ready for it.”
Although she said they weren’t timing the market, she thought they got the house at a better price than six months ago.
“It’s a downsizing opportunity for my mother. A house like this only comes around once in a while. The current [market] The situation probably didn’t have as much of an impact as in a normal situation.”
Shannan Whitney, partner and sales agent for BresicWhitney, said all four bidders had some sort of relationship with Toxteth Estate.
“That was the driver and the trigger and the main motive that came out of the sale,” Whitney said. “The Toxteth estate is probably one of the most prestigious and upscale areas of the city center.”
He said that with high-end properties around $12 million, the price guide for this home was a “very attractive” entry point.
“The terms are very attractive and attractive to buyers – it’s creating opportunities that might not have been possible two years ago.”
The result was well above the $13,000 the home last traded in 1970 and surpassed the median Glebe home price of $2,326,000, according to estate data.
In East Killara, a five-bedroom house in 113 Springdale Road sold for $5.32 million.
A dozen buyers registered to bid on the home, which had a $4.5 million guide.
Auctioneer Clarence White of Menck White Auctioneers said it took around 35 minutes to sell under the hammer, with five of the bidders competing.
“The increases were good, but the pace was slow,” White said.
“This [result] is the exception and not the rule compared to what we see at the moment. This auction was something we would have seen six months ago.”
He said buyers were cautious and cautious about the auction as they expected prices to fall further in the coming months. White declined to reveal the reservation.
The property was sold through William Chan of Marshall, Chan, Yahl North Shore, who also declined to disclose the reservation.
The house last traded for $801,000 in 2000, records show. The median home price in East Killara is $3.3 million.
In Gordon, a four-bedroom house in 10 McIntosh Street sold for $4.41 million to a modernizing family on the North Shore.
Ten buyers registered to bid on the home, which had a $3.5 million guide.
Although bidding opened below that, at $3.1 million, it exceeded the guide and reserve by $3.6 million, as four of the bidders competed.
LJ Hooker Gordon’s sales agent Jing Peng said people were ready to participate once they saw the competition.
“I can see they’re worried about the market reaction to interest rates, but they’re still offering up to $4.41 million…people are still willing to pay the value.”
The property last traded at $1,315,000 in 2010, records show.
Gordon’s median home price rose 24.1% to $3,165,000 in the year to March 2022.
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