'Incredible potential': Bidding frenzy for Wollongong project at auction

There was a bidding frenzy as builders pursued a Wollongong project at auction on Saturday.

The home at 16a Greenacre Road, Wollongong was ultimately sold for $1.25 million.

The three-bedroom home sits on 832 square metres, and is believed to have been in the same family’s ownership since the 1960s.

The home was being marketed as having “incredible potential” for home owners, investors or developers.

Selling agent, Paul Spinelli from Spinelli Real Estate Wollongong said there were 10 registered bidders, with 26 bids placed in total.

Bidding kicked off at $800,000.

“The bidding was fast-paced,” Mr Spinelli said.

“The first couple of bids were in $100,000s, then it went up in lots of $50,000, and then $10,000 lots.”

Mr Spinelli said much of the buyer interest had been from young builders, some of them eyeing it as their first project.

The eventual buyer was an Illawarra-based builder, who would be undertaking a knockdown-rebuild.

Mr Spinelli said the property been vacant for some time due to the owner living overseas.

“It sold for $250,000 above expectations,” Mr Spinelli said.

“The location was key - near the hospital, tennis club, the university, and the free bus around the corner.”

Meanwhile, having one bidder participating was enough to secure sales under the hammer in other parts of the Illawarra.

The property at 23 Ben Nevis Road, Farmborough Heights changed hands for $1.2 million.

The four-bedroom home sits on 1110 square metres.

It features a resort-style backyard with palm-fringed in-ground pool and a terrace; and a studio with a private entry and ensuite.

Selling agent, Tonee Kisten from Belle Property Illawarra said there was one active bidder, who placed four bids during negotiations under the hammer.

Ms Kisten said the home was sold to an Illawarra buyer, who planned to move in.

Only one bid was required to seal the deal at an auction elsewhere in the region.

The home at 54 Glider Avenue, Blackbutt, sold for $1.47 million.

The five-bedroom, tri-level home features a reserve across the road, and three renovated bathrooms.

Selling agent, Jason Capelo from DiJones Illawarra said there was one registered bidder, who after some prior negotiations, placed one bid.

“They were there, they were registered and they were ready to buy,” Mr Capelo said.

“Sometimes one bid is all it takes. I always say to buyers, as long as you’re there and registered, you just never know what’s going to happen.”

Mr Capelo said the home was sold to Illawarra-based buyers, who were upsizing.