Port Kembla renovator fetches $912K as 10 bidders battle it out in online auction
A Port Kembla home, on the market for the first time in decades has been hotly contested under the virtual hammer.
The property was sold via an online auction whereby 10 bidders registered to take part with the three-bedroom home eventually fetching $912,500.
Shane Szakacs from Ray White South Wollongong filled us in on the sale.
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By continuing you agree to our Terms and Privacy Policy.Sitting on a 531 sq m block, the three-bedroom home at 203 Wentworth Street, featured two living areas, a sunroom, and a second kitchen at the rear, he said.
According to CoreLogic records, the home was built in 1955 and had remained in the same family’s ownership since.
CoreLogic also put the current median sales price of houses in Port Kembla at $926,200.
The property was marketed as likely being a renovation project for its next owners.
The home had great bones and solid foundations, and plenty of potential for those ready to bring it back to life, according to Mr Szakacs.
“There was interest from investors; because you’ve got the rear lane access you could put a granny flat in the backyard )subject to council approval),” he said.
“It was an online timed auction which ran over a three-day period last week. There were 10 registered bidders, and seven of those were actively bidding.
“It’s not like eBay whereby it shuts down at a certain closing time.
“If someone makes a bid prior to that auction closing time, there’s a five-minute clock (that restarts).
“Each time there’s another bid there’s a five-minute clock added to it. So there’s plenty of time to have a discussion about whether to place another bid, as opposed to an in-room auction where you wouldn’t have that long to have that chat.”
The bidding started at $805,000 with 19 bids placed in total, mostly going up in $5000 and $2500 lots.
Despite the family who had owned the home giving it up after 70 years, it will still remain in local hands, Mr Szakacs said.
He confirmed the buyers were from the Illawarra and that they planned to renovate the property and move in.
