Unrenovated properties a popular trend in Sydney Autumn auctions
Unrenovated properties are proving to be the star performers at recent Sydney auctions with buyers purchasing for location rather than investment, according to Cooley Auctions.
The trend comes as an original fisherman’s cottage on Davies Avenue in Vaucluse sold at auction for $1.21 million after a bidding dual between 15 bidders.
It was the first time the three-bedroom property was offered in 54 years and it sold for 34% - $310,000 – over its reserve price.
Martin Maskin of Raine & Horne Double Bay listed the cottage.
A free standing federation cottage on Campbell Street in Waverley sold at auction for 28% over its reserve, securing a $1.41 million price tag.
The three-bedroom property includes period features of high patterned ceilings, timber floors and a period fireplace.
It was the first time the property was offered in 40 years and was listed through Alex Hart of Hart Estate Agents.
Meanwhile in Surry Hills, a circa 1865 terrace sold at auction for $1,355,000.
The war between seven bidders saw the property tip 28% over its reserve of $295,000.
Charles Touma of Belle Property Surry Hills listed the property.
Damien Cooley of Cooley Auctions says these un-renovated properties are not being bought for investment purposes but more for their locality and the long term.
The trend is expected to continue for a three-bedroom home on John Street in Erskinville as it goes under the hammer on April 27 with a price guide of $600,000.
The 180-square-metre property offers a 6.05-metre frontage and a large rear yard.
It last sold in 1989 for $165,000 and is currently listed by Braden Walters of True Property.
Walters has given out 62 contracts to date for the Saturday auction and had over 190 groups through in the four weeks its been on the market.
"The opportunity value is what makes it so attractive to buyers, the fact that people can just completely redo something withought having to keep anything," says Walters.
Walters says the Erskinville property has been empty for eight years and has tree roots pushing the floorboards up.
"The sale will absolutely smash the reserve," says Walters.
Walters says a minimum of $100,000 will need to be spent on doing a basic renovation.
