Ten bidders battle over one property in hot auction for multi-generational house
Ten bidders registered to take part as a West Wollongong home with multi-generational appeal went under the hammer.
Strong bidding took place during the auction, with two buyers ultimately fighting it out by the end of the proceedings.
For this week’s Under the Hammer, the selling agent, Jake O’Connor from The Agency Illawarra filled us in on the sale.
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The property: The property at 28 Therry Street, West Wollongong. It features two self-contained homes in one on a 610 square metre block. The five-bedroom main home is complemented by a one-bedroom backyard flat. The property is also located close to shopping and schools.
“This quality property is perfect for a multi-generational household or ‘mum and dad’ investor,” the marketing stated.
The result: The home was sold for $1.455 million under the hammer.
According to CoreLogic, currently the median sales price of houses in West Wollongong is $1.039 million.
What made the property special?: The location, the size of the home, and it was a good, flat block as well which can be difficult to find in West Wollongong. It was a well-presented home, with plenty of accommodation including the granny flat, which appealed to a lot of people.
Setting the scene at the auction: There were 10 registered bidders on the night; five of them were actively taking part. They were mainly locals, and mainly younger families looking to upsize into a larger family home.
It was a full room at the Steelers Club for the auction. We had the bidders there, and a smaller crowd of spectators as well who weren’t there to bid.
How did the bidding progress?: The opening bid was $1.15 million. We had strong momentum the whole way through with the bidding. We were mainly jumping up by $50,000 and $25,000 bids at the start, and going back-and-forth in smaller increments towards the end.
There were two bidders who fought it out by the end. It was competitive bidding, there were 27 bids placed in total.
What are the buyer’s plans?: They’re a local couple who live nearby; their kids go to the local school, and they’re just ready to upsize. They may look to do some cosmetic work at some point, such as updating the bathroom and kitchen, but nothing structural.
Originally published as Ten bidders vie for West Wollongong home during 'competitive' auction
