Auctioneer Michael Garofolo at the sale of a Putney house that sold for $1.93 million. Picture: Tim Hunter
A dated 1950s-era brick cottage in Putney in Sydney’s northwest changed hands at auction on Saturday for $1.93 million just to be bulldozed.
The four-bedroom house on a 670sqm block on Charles St was snapped up by part-time developer Sam Ashour who said it was an “impulse buy”.
The developer, who is a pharmacist by trade and is understood to own multiple stores, said he would knock the home down to replace it with new housing.
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20 bidders register as home sells $625k over reserve
Mr Ashour beat out seven other registered bidders. A crowd of about 50 people were observing the auction, including neighbours watching from their yards.
The property was marketed with a guide of $1.7 million to $1.8 million but the sellers set a high reserve on the morning of the auction at $1.9 million.
The auction attracted eight registered bidders.
The sale was initially slow to get started. One of the registered buyers tried to open the bidding at $1.55 million but the offer was knocked back by auctioneer Michael Garofolo.
The bidder increased his offer to $1.6 million and the auction was officially underway. The next bids went up in $25,000 increments but minutes usually passed before another offer was made.
“It was only bargain hunters making offers at the beginning so the auction was slow to get started,” Mr Garofolo said. “It was only once the bidding passed $1.8 million that the serious buyers became clear.”
Buyer Sam Ashour is congratulated after winning the auction. Picture: Tim Hunter
A local familiar with the area, Mr Ashour said he deliberately entered the auction as late as possible.
“I wanted to come in when the other bidders were exhausted … I wasn’t going to let it go,” he said, adding he was prepared to spend $2 million for the block.
Mr Ashour almost didn’t register. He told the Sunday Telegraph he had viewed the property at an inspection weeks before but nearly forgot about the auction. “I only realised in the morning,” he said.
Selling agent Fred Jabbour of First National-Ryde said there was strong interest in the property in the lead up to the auction. More than 10 contracts of sale were issued.
The house was one of the few remaining original condition homes on the street. Many of the other houses built during the same era were knocked down to make way for two-storey modern housing.
“Even the few single-level houses that are left have been modernised, this was one of the last houses in mostly original condition,” Mr Jabbour said. “It’s a good convenient location so the price was justified. This market is always in demand and is stable during downturns.”
The Charles St house was on a 670sqm block.
The house was one of one of about 500 properties to go under the hammer over the weekend. About 60 per cent of auctions were a success for the vendors over the past two weeks.
Other sales included an original condition house in Bondi Junction. The auction attracted 20 registered bidders and sold for $3,125,000, $625,000 above reserve.
The four-bedroom, two-bathroom circa 1910 home on Birrell St had the same owners for almost 50 years.
In the St George area, a four-bedroom house on Forest Rd in Arncliffe sold for $2.014 million to the next-door neighbour, beating the reserve by $264,000.
120 Forest Rd, Arncliffe sold for $264,000 over reserve.
Ten bidders registered with selling agents Nicholas and Con Economos of Ray White-Rockdale and the opening bid was $1.45 million.
“This was an incredible result with a huge 77 bids taking place as the final two bidders slugged it out as if it was the 12th round from $1.85 million onwards,” Mr Nicholas Economos said.
“The emotional attachment for both final bidders was clear. The eventual under-bidders (there with family) even considered pooling their finances to ensure they won.”
The next door neighbour who snapped up the home was reported to have been hoping to purchase the property for many years.
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