3 Oates Ave, Gladesville. Picture: BresicWhitney
The scene is set for a strong auction when buyers become emotional about a property.
This happened at the auction of 3 Oates Ave, Gladesville.
The property sold for $1.978 million — $128,000 above a $1.85 million reserve.
“It was a competitive auction,” Peter Grayson from BresicWhitney Hunters Hill said.
“The person who bought the property had a connection to the street because his grandmother had lived there for many years,” Mr Grayson said.
The underbidders, a family from Gladesville, were familiar with the street because of friends who lived in it. They had planned to build their dream home on the 935sq m block
The auction took a good 25-minutes and 55 bids were made.
Both parties bid strategically, throwing in $1000 bids and then upping the ante to $10,000 bids in an attempt to knock the other one out, Mr Grayson said.
He said the large block did attract builders and one attended the auction to watch the proceedings from the sidelines.
“Builders were wading into the mix and one local builder attended the auction. He wanted to keep an eye on it and negotiate if it didn’t sell,” Mr Grayson said.
3 Oates Ave, Gladesville, sold at auction. Picture: BresicWhitney
“The block is pretty level and has no trees or easements.”
The property has the potential for a granny flat, subject to council approval. It was advertised as having “scope to live/rent now, transform later”.
The new owners are from Hunters Hill.
Mr Grayson described the current residential market as “a bit hit and miss”, adding that a successful outcome for vendors was best achieved by a proactive agent.
“The auction process is important but also important is how the agent communicates with the buyers,” he said.
Mr Grayson said it wasn’t until the week before the auction that the underbidders were convinced that they should throw their hat into the ring.
“That auction would have had a different outcome without that bidder,” Mr Grayson said.
Backyard: 3 Oates Ave, Gladesville. Picture: BresicWhitney