Domain SHD Auction of run down 239 Lilyfield Rd, Lilyfield, Sydney which sold for $1,260,000 by auctioneer Craig Marshall from Savills Cordeau on Saturday the 22nd of July, 2017 Picture by FIONA MORRIS Damaged walls, broken floors and a collapsing ceiling weren’t enough to deter buyers from a rundown home in Sydney’s inner west on Saturday.
Ten groups registered to bid on the three-bedroom Lilyfield home, on the market for the first time in almost 30 years.
The long-held investment property at 239 Lilyfield Road was one of more than 503 Sydney homes scheduled to go under the hammer on Saturday. By evening, Domain Group had recorded a 70 per cent clearance rate from 324 reported auctions.
The house was divided into two separate residences. While the front part, tenanted until recently, was in decent condition, the back section was a different story.
“It’s shocking, I’ve never seen anything like it,” said one would-be buyer, as she passed through rooms marked with signs warning people to watch their step and mind their head.
The three back rooms, last home to a hoarder about five years ago, had fallen into a derelict state.
Despite the challenges of the home, it took just seconds for auctioneer Craig Marshall of Savills Cordeau Marshall to take an opening bid of $1 million.
Bidding on the 180-square-metre block jumped up in $50,000 and $25,000 increments until hitting the $1.2 million reserve. Related: Sweet slice of urban pie in LilyfieldRelated: Lilyfield lures in north shore familiesRelated: A Lilyfield home full of flavour
From there it went up in $10,000 and $5000 jumps, with five bidders making offers before the hammer fell at $1.26 million – $60,000 above reserve.
It was well above the $88,000 vendor David Adams bought the property for in 1988.
The Gladesville resident and his daughter, Jane Ramsey, were delighted with the result. “We were always hoping for $1.2 million, to get over that is just great,” said Mr Adams. “[Prices in Lilyfield] have gone off the charts.”
Selling agent Thomas Skelly, also of Savills Cordeau Marshall, said it was an entry-level property for the suburb. Lilyfield’s median house price, now at $1.73 million, has risen 22.1 per cent in the last year.
He said the effort and cost of the extensive renovations required put off many young buyers interested in the property.
“People were talking of spending anywhere from $100,000 to $800,000 to fix it up, depending on the scope of work they wanted to do to the place,” he said.
“It was a bit too overwhelming for [young buyers], it’s really for somebody who is not afraid of renovating.”
That person was the opening bidder, a buyer from nearby Rozelle, who did not wish to be identified.
She was delighted to nab the home – which will be her third renovation project – after missing out at several auctions. She plans to respectfully renovate it before moving in.
In nearby Glebe, a tightly held three-bedroom terrace owned by the same family for more than a century, sold for $1,666,000.
Despite six parties registering to bid on the 130-square-metre corner block, it came down to a two-man race for 1 Darghan Street.
After an opening offer of $1.2 million was knocked back for being too low, a vendor bid of $1.6 million was made.
From there bidding jumped to $1.62 million, then $1.63 million and $1.65 million. It then dropped to smaller $5000 and $1000 increments until it sold.
Selling agent Eleanor Fitzpatrick of Ray White Glebe said the buyers were a local family who planned to renovate the original-condition home before moving in.
In Surry Hills, there were roughly 140 bids for a modern three-bedroom terrace at 619 Bourke Street before it sold under the hammer.
Bidding on the 158-square-metre block started at $2 million and went up in $50,000 and $25,000 increments, quickly passing the $2.2 million reserve, as six of seven registered bidders vied for the keys.
By the time bidding reached about $2.45 million it was down to just two parties, who tried to outbid each other with $1000 jumps until the property sold for $2,551,000 – $351,000 above reserve.
The home, which records show last traded for $454,000 in 1996, sold through Chris Chung of McGrath Edgecliffe to a young family upsizing from Redfern. Elsewhere in Sydney…
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An upsizing young family outbid four other registered groups to nab this tightly held home owned by the same family for several generations. The auction for the 910-square-metre block in a bush setting opened with an offer of $950,000. Bidding went up in $10,000 jumps before dropping to smaller increments. It sold for the reserve price through Luke Jeffree of Century 21 Jeffree Real Estate, who showed about 70 groups through the property.
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It was a two-man race for this freestanding home which records show last sold for $1,111,000 just over four years ago. Bidding started at the $1.6 million price guide and went up in $20,000 and $10,000 bids, quickly passing the $1.65 million reserve. The property was snapped up by an investor, who bought the home for their young child to live in when they grow up. It sold through Michael Field of Belle Property Annandale. The vendors plan to upsize to another home in the inner west.