Mark Strain sold the family house along with his siblings at North Turramurra today for $151,000 above reserve. Picture: David Swift.
UNDER the basking morning sun, an army of buyers converged on an original north shore house being offered for the first time in 62 years.
Home to Strain family since 1958, the three-bedroom home at North Turramurra sold on Saturday for $151,000 over reserve at $1.901m. It was also $301,000 above the auction guide set by McGrath St Ives agent George Carey.
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Auctioneer Edward Riley had 12 registered bidders. Picture: David Swift.
The impressive result of 20 Ellalong Rd came after 12 bidders registered to take part on what was the first weekend of the popular spring selling season.
Sitting on a deep 917sqm block and in need of a TLC, the interiors were completely original with the kitchen, bedrooms and fixtures largely unchanged since the home was built in 1958 after a subdivision.
A young family from Drummoyne emerged as the buyers after edging out two Western Sydney builders by $1000.
The home had been owned by the Strain family since 1958.
Five bidders took part in proceedings for the home, with auctioneer Edward Riley getting proceedings under way at the $1.6m mark. From there, bidding rose in $50,000 increments from a number of parties before it was surpassed the $1.75m reserve.
For the next $151,000 worth of bids, it was a two-horse race between the builders and the inner west family looking to construct their dream home.
As both parties tried to call each other’s bluff, the pressure continued to mount as bidding jumped in increments as low as $1000.
After close to 20 minutes of nailbiting drama in front of a socially distanced crowd, the hammer fell for $1.901m after the underbidder pulled out at $1.9m mark.
The huge block offered buyers plenty of opportunity.
Mark Strain, who was selling his late mother’s home with his three siblings, said it will be sad to farewell a house full of memories.
“It is very emotional for us, as all us kids grew up here, and mum lived at the house for 62 years,” he said.
“But we are glad it is going to another family, as this neighbourhood is a perfect setting to raise kids.”
With a 125 inspections and 42 contracts requested for 20 Ellalong Rd throughout the campaign, Mr Carey said the result proved the market was looking strong heading into spring.
“A lot of buyers are feeling very positive about purchasing in the current climate,” he said.
Five bidders made up of families and builders were active. Picture: David Swift.
“With the level of confidence remaining very high, spring is looking like it will be a very strong market.”
The North Turramurra sale was one of about 638 Sydney auctions scheduled for the week, a 3.1 per cent increase on the volume of auctions recorded last weekend, Realestate.com.au showed. Auction volumes are expected to continue to rise over the coming weeks as more sellers look to take advantage of favourable selling conditions.
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The post Sydney auctions: Original North Turramurra home sells for $151k above reserve in hot auction appeared first on realestate.com.au.