Families looking to expand their homes battled it out at an auction over the weekend, which saw a downtown property sell for $2.565 million.
The four-bedroom, two-bathroom home in 62 Lawrence Street in Alexandria gave buyers the option of purchasing a family sanctuary with open-air areas and green outlooks.
There were 99 groups inspecting the property, with 18 sales contracts handed over before the auction.
Listed by the agency’s Brad Gillespie and auctioned by Damien Cooley, the home is within walking distance of local shops, cafes, schools and the Erskineville Oval.
Mr Gillespie said the property had attracted a lot of interest from young families and couples looking to move into a larger home in the much-demanded suburb of Alexandria.
“I think what attracted buyers to this property was its overall size,” Mr Gillespie said.
“It is spread over three levels and includes a main level with an outdoor terrace on the upper level, which makes it unique.”
The home had been listed with an auction guide of $2 million and a reserve price of $2.3 million. Sellers of the property were delighted with the result of $2.565 million.
Mr Cooley said the buyer’s agent and founder of Henderson Advocacy, Jack Henderson, bought the property.
Property features include a kitchen with stainless steel worktops, stove and dishwasher, and four suite-style bedrooms that are accented with bathrobes and air conditioning.
“This result is good for current market conditions, I think the early spring market will be better for sellers – the level of supply and demand will fluctuate well in October,” Cooley said.
“Buyers are always willing to pay high prices for good quality properties…the confidence of bidders at auction actually drives their competitors to step up and seize their chance to own their dream home.”
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Despite comments from auction participants about the market stabilizing or concerns that some buyers are paying too much for their properties, Cooley said many buyer agents are still watching the market very closely.
Jack Henderson actually made an offer to buy the Alexandria property the day before the auction for $2.3 million.
The 145 m² house also includes a family bathroom with a glass shower, a bathtub and two sinks.
Over the past 12 months, median home prices in Alexandria edged up 5.4% to $1.95 million, while median home prices hovered around $807,500.
Originally published as ‘Trust is Key’ Bidders Raise Competition Ahead of Spring Sales