No. 109 Albion St, Surry Hills, sold for $2.5m — $500k above its reserve.
A builder mum has paid $2.5m — $500k over reserve — for a Surry Hills renovator’s delight for her daughter to live in.
Laing and Simmons Double Bay principal Steven Zoellner said his investor client would have been happy to secure $1.8m for the rundown five-bedroom terrace on busy Albion St that they’d been renting out to students.
“But this was one of those auctions you only get every 10 years,” Zoellner said.
“Both myself and the owner were jumping for joy at the result … the house needed a major reno and it’s not the quietest street!”
The student digs attracted swarms of builders and renovators, who could see the potential beyond the peeling paint, rising damp and dated, very basic interiors. Part of the appeal was a four-car garage, which is rare in the inner-city.
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There was evidence of rising damp and peeling paint, both inside …
… and out.
At this week’s auction with auctioneer David Scholes, Zoellner had five register with four ultimately fighting it out from $1.75m, initially with $50k increments but then a series of $1000 bids.
“It went on forever — at least half an hour,” Zoellner said.
The mum, who works for a building company, plans to do the well-needed renovation before her daughter moves in.
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There’ll be no such work required at a Paddington home, which sold for a whopping $6.72m at last night’s auction.
Richardson & Wrench Double Bay’s Marion Badenoch and Veronika Turnbull were guiding $6m before the Wentworth Courier House of the Week at the start of the campaign but this rose to $6.6m as interest grew in 13 Stephen St.
No. 13 Stephen St, Paddington, is freestanding and extra wide at 12m across.
It has beautiful interiors.
It was called onto the market at $6.6m last night.
With auctioneer Jesse Davidson presiding, the bidding opened at $5.9m and initially rose in $50k increments, with then a series of $10,000 and $5000 offers.
It was also a long auction lasting about half an hour.
There’d been 104 people through the home during the campaign. “It was a great result,” said Badenoch.
“Wide freestanding homes in Paddington are rare … the space brought them here.
“There were five generous bedrooms and four bathrooms and people loved that you could enter the home on the middle floor.”
Although the home attracted a lot of interest from Paddington families, the eventual buyers came through with a buyer’s agent and they were from outside the area.
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