A popular reno project in Terrigal has recently been purchased above reserve at a lively auction involving 13 registered bidders.
Agent Shaun Hudson-Smith from Ray White Terrigal said the majority of bidders were locals.
“I’d say about 25 per cent were Sydney-based and the rest from the coast. There was a mix of first home buyers, investors and renovators,” he said.
“There were about 50 or 60 people at the auction — it was a great crowd. We had over 100 inspections — people were excited at the idea of putting their own stamp on the property.”
The home offers a north easterly aspect with year-round sunshine and is located in a central Terrigal position close to Erina Fair.
Mr Hudson-Smith said that the four-bedroom house with pool would need to be completely gutted with new landscaping.
“We’ve noticed a trend where people are starting to prefer to do their own renos rather than pay for somebody else’s,” he said.
“People would rather know what sort of quality they’re getting. There are lots of trades out there and it’s becoming easier to do it yourself.”
The sale was a Trustee and Guardianship sale, so Mr Hudson-Smith was unable to reveal the auction reserve price, but he said that it sold just over.
The local buyers will give the house a makeover and rent it out for the short-term.