Sam Murden
Updated 12 Feb 2023, 8:59am
First published 12 Feb 2023, 12:00am
102 The Ave Hurstville NSW
A four bedroom home that offered a significant opportunity for potential developers and investors has sold under the hammer for $2.426m over the weekend.
The 720 sqm property at 102, The Ave in Hurstville
gave buyers the chance to own 15 metres of frontage and allowed the flexibility to design their new home or duplex subject to council approval.
Crowds line up to watch the auction of 102 The Ave in Hurstville. Pic: Julian Andrews
The two bathroom property saw a significantly sized crowd on Saturday, with a majority of interested bidders being local to the area and identifying themselves as investors and growing families.
Bidding on the home opened at $1.7m and slowly increased from there before briefly stalling at around $1.8m.
Auctioneer James Hurley brings down the gavel on the sale. Pics: Julian Andrews
A buyer who was determined to blow out the rest of their bidding competition raised the price to $2.2m, before bidding recommenced.
The property ultimately sold for $176,000 above the reserve price, enjoying 19 registrations and five active bidders.
The Hurstville property was listed via Ray White Hurstville Principal Michael Curtis who told The Daily Telegraph that the listing had seen a ‘super strong’ level of interest prior to auction, with 10 or so bidders predicted.
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The Hurstville property ended up selling for $176,000 above its reserve. Pics: Julian Andrews
“We’ve had the bulk of the homes in this area rising in prices, with increases in the number of groups walking through the property, huge registration figures prior to auction, good inspection levels etc.
“Last year, I think buyers were worried about rising interest rates and the associated costs of renovating or rebuilding a property like this. I think the returning levels of stock on the market and the appropriateness of the price guide has seen things going back to normal.
Location was a major selling point for the Hurstville home, being situated within walking distance of both local shops and the train station.
Pictures from the auction of 102 The Ave, Hurstville as auctioneer James Hurley brings down the gavel on the sale to bidder number 15 (who would not pose for photographs or give contact details). Pics: Julian Andrews
Features of the current existing home include a formal lounge room and dining area, an updated kitchen with a large benchspace, side access to the oversized garage and separate workshop, and a north facing backyard for entertainment.
Hurstville itself has experienced a significant level of growth over the past year, with the suburb’s median price jumping up 15.9 per cent since February 2022.
Houses in the suburb now cost $1.97m on average to purchase, being predominantly popular for growing families, professionals commuting to the city, and investors.
Looking at other auction results across Sydney, townhouses appeared to be in high demand this weekend, with a number selling above the expected reserve price.
2/17 Holtermann St, Crows Nest received an opening bid of $2m.
The three bedroom and two bathroom townhouse at 2/71 Holtermann St in Crows Nest sold $510,000 above its reserve price.
There were 12 registered bidders for the property, with six actively participating in the auction.
Bidding started at $2m, with increments of $100,000 that slowly dwindled down to $50,000 and then $25,000, to $10,000 to reach the final result.
It ended up selling under the hammer for $2.91m to a couple from the area, with the vendors downsizing and selling after living in the property for the past 15 years.
45 School Parade in Marrickville sold $20,000 above its reserve price. Pic: Phoenix Naman
Belle Property’s Chris Davies and Helen Wilson managed the listing, with Mr Davies seeing 33 contracts of sale and 254 groups inspecting the property during the campaign.
“We had massive inquiry throughout the campaign and over 100 buyers came on a hot sunny morning for the auction. Today showed what great interest there is in Crows Nest and regardless of the interest rates and uncertainty, buyers are prepared to pay for quality properties, with low stock for sale.
“Helen and I have sold four houses this week, all at auction or prior.”
Meanwhile, a three bedroom townhouse in Coogee smashed expectations by selling $185,000 above its reserve.
3/141 Oberon St in Coogee sold for $1.985m.
The property at 3/141 Oberon St in Coogee is spread over two levels and was marketed towards small families, downsizers, and professional couples prior to auction.
While only two of the four registered bidders actively participated in the sale, bidding on the townhouse started at $1.8m and quickly increased throughout the auction.
Ray White’s Ty Demirezen managed the listing and said both he and the vendors were pleased with the final $1.985m result.
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