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A rundown Paddington terrace on the market for the first time since the 1930s has sold for $3,385,000 to the son of media mogul Bruce McWilliam.
The Seven commercial director bid on behalf of his son for a five-bedroom terrace that went to auction on Saturday with a price guide of $2.5 million.
The Paddington terrace which sold for $3,385,000 at auction on Saturday. Credit: Peter Rae
He was among half a dozen buyers – a mix of builders and owner-occupiers – who registered to bid on the 158-square-metre corner block.
The home needs a major renovation as it has not had any significant improvements made since World War II, when it was extended to board sailors from Rushcutters Bay as a way of helping pay off the then-owner’s mortgage from the Great Depression, according to the sellers.
Bidding for the home opened at $2 million and each party made offers.
McWilliam, who was bidding on behalf of his son, at one point yelled “put it on the market” before entering the fray.
Seven’s commercial director Bruce McWilliam, second from right, was bidding at the auction on behalf of his son.Credit: Peter Rae
After dozens of bids, McWilliam’s son made the winning offer, outbidding a builder for the keys. The reserve was $2.7 million.
The sale price equates to $21,424 per square metre, which is still cheaper than Paddington’s median rate of almost $27,000 per square metre, the most expensive in Sydney.
McWilliam is a keen property investor himself, with a $15 million duplex in North Bondi among his more recent purchases.
Sellers Josephine, Sharyn and Astrid Cobby. with photos of family that lived in the terrace house.Credit: Peter Rae
The sale was a bittersweet moment for the sellers as the terrace had been in their family for several generations.
“This was my grandmother’s grandmother’s house,” said Josephine Cobby. “It’s the first recorded ownership of the house.
“[I have] mixed emotions. It kind of crept up on me and took me by surprise this morning. But we hope the new owners will make as wonderful memories as we have.”
The home sold through Maclay Longhurst of BresicWhitney Inner East.
The home needs a major renovation as it has not had any significant improvements made since World War II.Credit: Peter Rae
It was one of 844 Sydney homes scheduled to go under the hammer on Saturday. By evening, Domain Group recorded a preliminary auction clearance rate of 60.7 per cent from 562 reported results, while 160 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
In Padstow, a three-bedroom villa at 1/98 Iberia Street sold to downsizers for $987,500, which was $128,500 above its reserve.
They were among seven buyers, including first timers and an investor, who had registered to bid on the home with a price guide of $800,000 to $850,000.
But only three of the bidders were able to place offers before the hammer fell. Selling agent Megan Moss, of Megan Moss Property, said the result exceeded expectations as the successful buyers were less affected by interest rate rises.
“Given the property needed renovations, the property went above value and the amount of interest was absolutely phenomenal,” Moss said.
The home last sold for $280,000 in 1999, records show.
In Denistone, a federation home sold for $2.65 million to a young couple upgrading from an inner west apartment.
A whopping 15 buyers registered to bid on the four-bedroom house at 60 Anthony Road, which had a guide of $2.1 million. They were families hoping to upsize and young couples, including a first home buyer with help from the bank of mum and dad.
Seven buyers placed offers in varying increments after the auction began with an opening bid of $2 million. They pushed the price well past the $2.4 million reserve, and the home sold to the young inner west couple.
Selling agent Wayne Vaughan of McGrath Epping said the property market had been patchy, as rising interest rates had affected some market segments more than others.
Buyers at the upper end of the market were typically less affected by rising rates than those at lower price points, who were harder hit by changes that reduced borrowing power and increased mortgage repayments, he said.
The sellers who were downsizing bought the property for $393,000 in 1992, records show.
In Camperdown, a three-bedroom terrace at 69 Australia Street is still up for sale after it passed in at auction for $2.05 million.
The 126-square-metre block was guided at $1.8 million and had four registered bidders – all of who participated but failed to meet the seller’s expectation.
The buyers included an expat bidding on the phone from Dubai, a first home buyer and two families hoping to upgrade.
Ray White Inner West Group’s Tina O’Connor said there was uncertainty among buyers.
“It feels like that’s happened in the last week, because we’ve had auctions until now that were highly contested,” she said. “It’s a recent change – when people are unsure they wait.”
The owners previously lived in the property which they purchased for $650,000 in 2001, but they had rented it out for the past decade.
Camperdown’s median house price slid 2.1 per cent to $1,811,000 in the year to September on Domain data.
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