Sydney auctions: Dilapidated terrace in Paddington sells more than … – realestate.com.au

Fiona Killman, Real Estate Reporter
First published 16 Sep 2023, 5:54pm
A Paddington dump has sold at auction for over $2.7m.
A dilapidated terrace in the heart of Paddington has sold more than $650K over its reserve in a “dead set belter” of an auction.
The two bedroom terrace, at 38 William St, went to auction on Saturday afternoon selling under the hammer for $2.715m – which was a massive $665,000 over its reserve.
Auctioneer Clarence White, from Menck White Auctioneers, said the auction was a “dead set belter” with nine out of the 16 registered bidders active.
“We did the last $200-$300K in smaller increments,” he said.
“It kept hitting a spot where people thought it was over then it just kept going and going.
“A new bidder even jumped in at the $2.5m mark. It’s massive money for something that is completely run down. The appetite for Aussies keen to buy Paddington projects just blows my mind.”
38 William St, Paddington (middle) sold for $2.715m.
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Mr White was the auctioneer at a hoarder house auction in Windsor St Paddington back in July which sold for $3.85m.
PPD Real Estate agent Catherine Dixon said they received an offer on the terrace for just under $2m ahead of the auction.
“The eventual result was fantastic considering the home is unlivable,” she said.
“It goes to show that people are keen to renovate.”
The home was a deceased estate with the previous owner living there for 40 years.
“It sold to a builder in the end who will completely gut the place and start again,” Ms Dixon said.
The home had interest from first home buyers, investors, builders and families.
She said the home, which is in a commercial and residential area, had equal interest from investors, first home buyers, builders and families.
“There were people who wanted to use it as a shop, it covered a lot of demographics,” she said.
The house is full of cracks and will likely be gutted.
Strong results came from all areas of Sydney during weekend auctions with high bidder numbers continuing.
A suburb record was broken in Sydney’s northern suburb of Normanhurst.
Two properties backing onto each other, with the same owner, sold to separate buyers at auctions on Saturday.
One of the homes at 29 Normanhurst Rd sold under the hammer for $3.08 million, which was$81,000 above reserve.
The three registered bidders were all active during the auction, with the five-bedroom home bought by its current tenants.
29 Normanhurst Rd broke a suburb record.
The second home at 18 Buckingham Ave sold $295K over reserve.
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A buyer’s agent acted on their behalf, putting in both the first and final bids.
The sale broke Normanhurst’s suburb record by $91,000.
Meanwhile, the second property at 18 Buckingham Ave sold for $2.295 million, which was $295,000 above reserve.
The auction attracted six bidders, with two active with the buyers a young family wanting to move into the area.
“The campaign and timing of the market all worked in favour of the client,” Ray White Upper North Shore agent Thomas Merriman said.
“Despite our expectation, the properties sold independently with one of them reaching a new suburb record, selling $91,000 over the previous standing record.”
On the Central Coast, a three bedroom duplex which had its auction brought forward due to massive interest sold for $996,000 – $70,000 over its reserve.
There were 11 registered bidders with the home selling to a young family who were over the moon.
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The duplex, at 2/8 Cornwall Close Terrigal, had 180 inquires and 56 inspection over three open homes with The Agency’s Bindi-Joy Collins saying they were receiving daily calls.
“It was really amazing, we had people trying to put in offers beforehand,” she said.
“It was a good price range to get into the market for first home buyers and downsizers.
“It was a highly desirable property considering the limited stock in the area and it’s so close to Terrigal Beach as well as Erina Fair.”
The Sydney auction scene continues to gain momentum with more than 1000 auctions scheduled next week.
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