No. 84 Palace St at Petersham has set a new suburb record of $3.3 million.
A buzzing auction has stunned onlookers after a sprawling inner west property not only broke the suburb record, but also shattered the reserve.
The Petersham property at 84 Palace St sold to a local inner west family for a whopping $650,000 above reserve after a tussle broke out between three of the eight registered bidders.
This saw the property sell for $3.3 million, in what is the highest sale ever recorded for a residential house in Petersham.
MORE: Inside Karl Stefanovic’s new waterfront mansion
2020’s most popular homes show tastes are changing
Seller’s plan to get record low price backfires
The home had a modern extension.
CoreLogic reveals this is around $200,000 more than next highest sale in Petersham — achieved in 2015 by 23-25 Shaw St.
The Agency — Inner West’s Shad Hassen said the result was incredible, with a bidding frenzy following the opening bid of $2.8 million.
“The opening bid was already $150,000 over the reserve, and this knocked out five bidders who were not expecting it go that high,” he said.
The four-bedroom house with a swimming pool and a double garage was popular with lower north shore, eastern suburbs and inner west buyers who have remained confident during the pandemic.
There is also an upstairs office.
Character charm can still be found.
“There are a lot of buyers at the moment wanting quality homes, and those with stable income sense now is the time to buy with interest rates so low,” Mr Hassen said.
“This home ticked all the boxes with it occupying a block for Petersham, and that it was move in ready with off-street parking.”
The Petersham property was one of 632 auctions to take place across the Harbour City on a windy and cold weekend. CoreLogic reports a clearance rate of 71.9 per cent was achieved from 495 properties selling under the hammer.
The opening bid of $2.8 million was $150,000 above reserve.
This is only slightly less than the 78.1 per cent achieved this time last year.
The inner west had the best clearance rate of 89.5 per cent across Sydney, with 38 out of 47 properties going under the hammer selling.
With a quintessential Victorian era facade, the Palace St property mixes character charm with modern features on the inside. It had an early 2000s extension, swimming pool and a separate studio that could be used as a home office or for guest accommodation.
SIGN UP FOR THE LATEST NSW REAL ESTATE NEWSLETTER
The post Petersham scores new suburb record after sprawling property sells $650k above reserve appeared first on realestate.com.au.