Auction round-up: $1000 seals the deal at auction of renovated three-bedder in Merewether

A renovated 1940s house on a modest-sized block has fetched more than $2.5 million at auction in Merewether.

The three-bedroom, one-bathroom bungalow on 349 square metres at 6 Livingstone Street was listed with Chasse Ede at Presence Real Estate with an auction guide of $2.2 million to $2.4 million.

The auction had six registered buyers, including downsizers and young couples, who opened the bidding at $2.2 million.

“We had six registrations and our auctioneer, Damien Cooley, did a tremendous job keeping it all moving,” Mr Ede said.

“Five of the six were involved, and it slowed down between two bidders at around $2.4 million.

“It came down to two young couples battling it out, and the bidding went up in $1000 and $2000 increments all the way to $2.521 million.

“It would have certainly felt like an eternity for the couple buying it.”

A final increment of $1000 sealed the deal at $2.521 million.

CoreLogic records show the property, 250 metres from the beach, was last sold in October 2017 for $1.532 million.

“They [sellers] paid around $1.5 million for it, and they had done some work to it, but you could still add a lot of value to the property,” the agent said.

“The result speaks volumes about the location and being as close as possible to the beach.

“The property is surrounded by homes on larger lots that start at $3 million, and there was 17 Livingstone Street that traded for $5.75 million in 2023, so you’re in good company.

“A knockdown at 5 Livingstone Street sold for around $2.6 million [$2.59 million] and another one sold for $2.75 million, but they were both on larger lots.”

The rendered double-brick period home included an open-plan lounge and dining room with ornate ceilings and an original fireplace.

Modern updates included the kitchen and landscaped gardens.

“We had solid levels of enquiry and that’s because of the location,” he said.

“A lot of the local interest was from people who have walked past this house for years and enquired with the owner when working in the front yard if he would ever sell.

“They had freshened up the property, opened up walls inside, and had the terraced courtyard out back, and they had plans to go out or up, so if someone wanted to do that, they could.

“You could add an ensuite and another bedroom on the back to add value.”

It was one of five properties auctioned by Presence Real Estate on April 17.

Other successful auction results included a renovated three-bedroom house near Lambton Park and Lambton Pool at 1 Rosmar Street in Lambton.

It sold for $1.27 million with Ryan Houston at Presence Real Estate, five years after it was last sold for $810,000.

In Mayfield West, Presence’s Ryan Nichols and Adamnda Reid’s listing of a renovated three-bedroom period home at 32 Groongal Street fetched $940,000 at auction.

It previously sold for $460,000 in 2016.

Spillane Property’s auction of a modern three-bedroom house at 25 Elizabeth Street in Dudley had one registered bidder.

After an opening bid of $1.27 million, the property sold for $1.37 million.

The volume of auctions fell in the week ending April 20 due to Easter.

According to CoreLogic, there were just 672 capital city homes scheduled for auction last week, down 78.1 per cent on the previous week (3,066).