Auctioneer Oliver Burton at a Mosman home that sold $875,000 over reserve.
A Mosman family selling a home they’d owned for more than 50 years got a welcome surprise after the hammer fell at $875,000 above their reserve at auction.
The seller had set a $3.7 million reserve for their four-bedroom house on Mandalong Rd but sold under the hammer for $4.575 million.
“We wouldn’t have dreamt we’d get that price,” said selling agent Adam Vernon of Vernon Partners.
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“We knew there would be a lot of interest but this was way beyond what we expected … the vendors are absolutely delighted.”
Auctioneer Oliver Burton of Cooley Auctions received an opening bid of $3.6 million.
Four of the 14 registered bidders submitted offers and a total 17 bids were made. “The offers went up very quickly,” Mr Burton said.
The Mandalong Rd house attracted 14 registered bidders.
“It was a very realistic reserve but it is hard to predict what will happen in this market. The vendors would have been very happy to accept ($3.7 million).”
Mr Vernon said the registered bidders were a mix of families with children and downsizing couples. The main appeal of the property was its location close to Balmoral Beach.
“It was a reasonable parcel of land but it’s only a few minutes’ walk from the beach so we had a lot of families coming through to look at the home.”
Mr Burton said the result made him “excited for spring”. “It just shows what happens when there are multiple buyers who see value,” he said.
The terrace was one of more than 600 properties to go under the hammer across Sydney this week – a mild increase on the number of auctions held last week.
On the Central Coast, the family behind the world-famous and known royal hotspot The Goring Hotel in London sold their stunning Central Coast hideaway for $3.225 million at auction.
The price was $325,000 over the reserve and six bidders registered for the auction. The buyers were a family from the north shore.
The Endeavour Dr home in Avoca Beach.
The home with stunning views was used as a holiday home.
The Goring family bought the Endeavour Drive property in 2012 from London without inspecting it. Then it was a “two-bedroom shed”.
They renovated it to use as their holiday home before putting it on the market this year. The home was listed with McGrath-Avoca Beach agents Chris Andrews and Ashlea Borland.
The Goring Hotel is the favourite hotel of the Queen and the Duchess of Cambridge who, with the Middleton family, spent the days leading up to the 2011 Royal Wedding there.
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