Real Estate

first home buyers push price of marrickville unit to boom levels

Written by The ReReport

11/384 Illawarra Rd, Marrickville sold for way above expectations.

TWO first home buyers fought for a Marrickville apartment that sold at auction this morning for $862,000, which was $52,000 more than an almost identical apartment that sold at the peak of the boom.
The result for the two-bedroom, two-bathroom apartment with off-street parking and a city view at 11/384 Illawarra Rd was also $72,000 above the written reserve.
Adrian Tsavalas of McGrath had five groups — all first home buyers — register, but in the end only two of them could get bids in.

The balcony at 11/384 Illawarra Rd, Marrickville

Before auctioneer Emmanuel Comino, bidding started at $725,000 and rose in $25,000 increments to $775,000.
It then dropped down to $10,000, $5000 and finally $1000 bids.
“It’s quite rare to have five bidders register to bid in the current market but there is an appetite for this type of property,” Mr Tsavalas said.
“But it was well positioned, well-presented and well-marketed.
“It was a great campaign and it’s a delight that our clients were able to get a result that was significantly above market, above expectation and reserve.”

11/384 Illawarra Rd, Marrickville was styled beautifully

Two of the young first home buyers who registered were there with their parents, but the two active parties were their solo.
The successful bidder was an IT professional in his 30s from Erskineville and the underbidders were a professional couple, also understood to work in the tech field, from Marrickville.

10/384 Illawarra Rd, Marrickville, was almost identical but was sold as an empty shell

The almost identical apartment that sold for $810,000 in 2016 was in the same block and was a mirror image of this apartment at 10/384 Illawarra Rd, although it didn’t present as well since it had not furniture in it.
Most properties in the current market are selling for far less than what was being achieved in those boom days.
About 35 people were there to watch today’s auction.

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