Real Estate

east renters buy a petersham fort for 1 25 million

Written by The ReReport

46 Fort St, Petersham sold for $1.25 million

YOUNG renters from the east bought a wide-fronted semi in Petersham as their first home for $1.25 million at auction today, with many others interested but unable to secure finance.
Cobden & Hayson agent Namir Mikha had four bidders register for the three-bedroom property at 46 Fort St and they were all first home buyers.
With auctioneer Damien Cooley presiding, just two of them competed.
Bidding starting at $1.15 million and rose in $20,000 increments initially; then $10,000s and $5000s.
The auction was one of 526 scheduled for Sydney today. With 299 of the results collected, CoreLogic put the preliminary clearance rate at 53.18 per cent, slightly lower than last Saturday (-1.08 per cent).
There were 159 sales, but 96 of them occurred in the days leading up to the auction. That left just 63 sales under the hammer.

The spacious home at 46 Fort St, Petersham

The couple, who were in their 20s, had a friend doing the bidding for them because they had to attend a wedding.
“I had 14 contracts out on this property, but only the two who actually bid today had their finance approved, which is crazy!” Mr Mikha said.
“Two years ago we would have had much stronger competition.”
He’d sold the vendors the property eight years ago for $836,000 and they’d been renting it out for $800 a week since moving to Canberra four years ago.

One of the bedrooms at 46 Fort St, Petersham

Mr Mikha said the result was right on the reserve price. The home needed a new kitchen and bathroom. It’s right next door to a 17-room boarding house and motel.
But it was 200m to Fort Street High School, 300m to Petersham Park and swimming pool.
Petersham railway station was 600m away.
Meanwhile, another couple who’d been renting in the inner west bought a four-bedroom semi at 22 Roseby St, Marrickville for $1,832,500.
Raine and Horne Marrickville’s Filippo D’Arrigo had three bidders register, but only one of them participated in the negotiation.

22 Roseby St, Marrickville, sold for $1,832,500

“We just did a deal right then and there,” Mr D’Arrigo said.
He wouldn’t be drawn on what the written reserve had been.
The vendors had bought it as a brand new home for $1,265,000 in 2011.
In the Warren Estate, it has three bathrooms and a garage. Ferncourt Public School is close by.

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