NSW real estate: Art deco-era property at The Junction earns seller profit of almost $2 million at auction

An art deco-era property at The Junction has delivered the seller a whopping profit at auction.

The four-bedroom, two-bathroom house at 56 Bar Beach Avenue listed with Mike Flook at Robinson Property sold under the hammer for $2.8 million.

CoreLogic records show the seller bought the property, which is 400 metres from Bar Beach and directly opposite Empire Park, in 2011 for $950,000.

The auction drew two registered bidders, both from Newcastle.

“There were two other parties who would have loved to purchase the property but couldn’t buy under auction conditions,” Mr Flook said.

“There were two registered parties but it was mainly just the one buyer who opened it at $2.5 million.

“The other buyer basically sat on their paddle and then we negotiated the sale price at $2.8 million and the hammer dropped there.”

Set on a prominent position on the corner of Bar Beach Avenue and Darby Street, the property included a garage and a courtyard.

Mr Flook said the two-storey brick property had been configured into flats with two kitchens but could be transformed back into a standard house with changes to the floorplan.

“It was a very unique art deco-style home and it suited a particular buyer given it was once two flats,” he said.

“Whilst we went ahead and took it back to what resembled a single residence by putting a new internal stairwell in, it still had two bathrooms and two kitchens.

“The buyer will keep the home and just change the floorplan around to suit their needs.”

Inside included period features such as high ceilings, picture rails and decorative glass internal doors.

Bar Beach Avenue is one of the most sought-after strips in The Junction due to its close proximity to the beach, shopping village and Empire Park.

In November last year, a 1960s house on the same street at 2 Bar Beach Avenue sold for $7.05 million, however, that property had ocean and beach views.

The median house price in The Junction has climbed to $1.89 million, according to CoreLogic.

Mr Flook also took a three-bedroom cottage at 29 Ravenshaw Street in The Junction to auction with six registered bidders.

The property was listed for the first time in 20 years having previously sold in 2004 for $505,000.

“It opened at $1.3 million and then it got quite heated from there and came down to two parties slogging it out,” he said.

“It sold for $1.56 million.”

The buyer plans to lease the property for 12 months before demolishing it to build a new house.

There was strong interest in a renovated three-bedroom house on 228 square metres at 74 Victoria Street in Adamstown listed with Wilton Lemke Stewart.

The auction drew six registrations and started with an opening bid of $920,000 and rose to an eventual sale price of $1.075 million.

Belle Property’s listing of a three-bedroom villa at 30 Florence Street, Cardiff also sold at auction and drew six registered bidders.

The property received several pre-auction offers however, the vendor chose to go ahead with the auction, with the property selling $61,000 above the guide for $711,000.

In Wickham, Walkom Real Estate agent Kate Rundle’s listing of a run-down warehouse-style property at 28 Fleming Street drew seven registered bidders.

The sale price was undisclosed however, it is understood to have sold in excess of $850,000.

This story was first published as Art deco relic at The Junction earns seller profit of almost $2 million at auction on view.com.au