Real Estate

first timer pays 135k over reserve for lane cove deceased estate

Written by The ReReport

22/210 Longueville Rd, Lane Cove, is on the top floor and has a view to the city

THERE were 11 registered bidders for the two-bedroom apartment with city views in Lane Cove, but it was a young man in his 20s who secured the keys after paying $745,000 — $135,000 over the reserve.
And although Dad was there offering some encouragement at the auction of the deceased estate at 22/210 Longueville Rd, it’s understood the first home buyer from Terrey Hills was funding the purchase himself.
The Lane Cove result was one of the best in town from the 669 scheduled Sydney auctions today. Tonight, CoreLogic auction commentator Kevin Brogan put the preliminary clearance rate at 50.32 per cent — 2 per cent lower than the same time last week — and that was with agents revealing less than half the results (316) at this point. Expect the final clearance rate to be considerably lower.

22/210 Longueville Rd, Lane Cove, needs some TLC

At Lane Cove, Raine & Horne Lane Cove’s Rebecca Mitchell was stunned to have the huge response to the top-floor apartment, which needed a complete makeover.
“It really did need to be gutted,” Ms Mitchell said.
She said that seven of the 11 — a mix of investors and first home buyers — competed with bidding starting at $615,000 and rising in $10,000 and $20,000 increments.
The buyer, who won the apartment with a final $2000 bid, is intending to do a renovation and move in.

The kitchen could do with a makeover

“It’s the hottest auction I’ve seen for 12 months,” Ms Mitchell said.
The previous owner, who had passed away recently in a nursing home, had bought the flat, which came with off-street parking, for $26,748 in 1987.
There were two beneficiaries.
The apartment, which came with off-street parking, was at the rear of the sixties block of 23.
It was described as an “untapped gem” in its listing.
Clearly a lot of people agreed.

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