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A Victorian terrace in Forest Lodge has sold for $2.93 million to a young family upsizing from Chippendale.
Four buyers registered to bid on the three-bedroom, two-bathroom house at 18 Lodge Street, which had a price guide of $2.5 million.
The Forest Lodge terrace had a price guide of $2.5 millionCredit:Peter Rae
All the registered parties took part in the auction, with the first bid bang on the guide thanks to a downsizing couple from Melbourne dialling in.
The hammer finally fell after a few more than two dozen bids, selling for $2.93 million. The reserve was $2.75 million.
Selling agent Matthew Carvalho, of Ray White Erskineville, Alexandria, Glebe and Surry Hills, said the vendors, who were downsizing, had maintained the property in immaculate condition.
“It just shows good quality homes around the inner city are still performing well,” Carvalho said. “There are a lot of young families that have felt the walls closing in on them in the last few years and are probably leaning towards upsizing rather than renovating due to building costs.”
The successful, happy buyers in Chippendale received family support to bid during the auction. Credit:Peter Rae
The home last traded for $1.15 million in 2007, records show.
It was one of 763 homes scheduled to go under the hammer in Sydney on Saturday.
Another well-maintained property, this time in Lane Cove, was also strongly contested. Eight buyers registered to bid on the four-bedroom semi-detached house at 7B Henley Street.
With a guide of $2.2 million, the opening bid came in well below at $2.08 million.
But it wasn’t long before half of the buyers had taken part. A duel emerged at the $2.45 million mark between two upsizers and lasted 45 minutes, with $2000 and $1000 bidding increments.
Eventually, the home sold for $2,605,000 to an upsizing couple from Eastwood. The reserve was $2.47 million.
Selling agent Sam Lloyd, of McGrath Lane Cove, said it was a strong result for a type of property that was rare in the suburb.
“It’s a unique property in the area – there are not many Torrens-title duplexes – and it was fully renovated; there was not much to touch,” Lloyd said.
“[With] the cost and delays with trades, buyers are leaning towards properties fully renovated. It was turn-key and you could move straight in.”
The Lane Cove semi last traded for $1,445,000 in 2014, records show.
Lane Cove’s median house price rose 5.7 per cent to $2.7 million in the year to September.
In Tempe, an investor from Sans Souci walked away with the keys to a rundown house at 66 Station Street for $1,261,000.
The four-bedroom, two-bathroom Federation house, with a guide of $1.05 million, is split into two separate homes and was tenanted separately. On auction day it attracted eight registered buyers, from first-home-owning hopefuls to investors.
The sell-off jumped off the blocks at $990,000 and quickly rose to its sale price of $1,261,000. The reserve was $1,125,000.
Selling agent Duncan Gordon, of Raine&Horne, said more investors were returning to the market thanks to lower property prices and higher rents.
“What’s also encouraging for the investor is that once rates stabilise we might see a bounce in the market. If investors get in now, there could be good future capital growth,” Gordon said.
He said Tempe was a “sleeping giant” that offered better value for money than some neighbouring suburbs.
The 276-square-metre block sold for the same price as another unrenovated Newtown house on half the land size, Gordon said.
The Tempe home last traded for $355,000 in 2001, records show.
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