No. 25 Tripod Street at Concord has set the suburb high for 2020.
A luxury residence going under the hammer in one of the inner west’s most popular areas has left onlookers speechless after it sold for $1m over the reserve.
The five-bedroom home at 25 Tripod Street in Concord fetched $4.21m in dramatic scenes after 14 bidders battled on the day.
The mayhem began from the get go, with the opening bid of $3.4m already $200,000 above the reserve. From here it was rapid bidding between five parties who traded blow after blow over the next $800,000 worth of bids.
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Upsizers loved the Concord home.
Belle Property Strathfield principal Norman So said the thrilling scenes meant it was impossible for the nine other bidders to have a crack.
“So many potential bidders just didn’t have a chance to bid due to the rapid fire bidding we saw,” he said.
In the end, a local family upsizing emerged as victors — paying $4.21m. The sale price is also the highest price paid for a residential property in Concord this year, according to CoreLogic.
The backyard had a swimming pool and manicured lawns.
There are three levels and around 550sqm of internal space.
Mr So said he could hardly believe the property sold for so much over the reserve.
“We genuinely expected it to sell for around $3.2m based off comparable sales, so it was a huge shock to see it go a $1m over,” he said.
“It was a perfect storm with low stock level, a great location and it being a beautiful home.”
Mr So said the shortage of stock in the market was again seeing buyers compete over the few properties for sale.
“Along with this house, there was only one other luxury property for sale in Concord, so the 14 bidders had virtual no choice,” he said.
Real Estate: 25 Tripod St, Concord
The stunning tri-level home had plenty of luxury finishes over the 550sqm of internal living including a gym/rumpus room, home office, Miele appliances and a double garage. There was also a swimming pool with water feature, manicured gardens and multiple indoor/outdoor spaces.
No. 25 Tripod Street was one of 543 properties to sell on the weekend across Sydney. This secured the city a 74 per cent clearance rate — the same as this time last year, according to CoreLogic. The inner west was one of the best performing regions, with a clearance rate of 81.4 per cent from 78 auctions.
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