Real Estate

investor beats first home buyers as redfern terrace sells for 905k

Written by The ReReport

Happy vendors Jesse Douglass and Marsha Elimelakh in the kitchen of their Redfern home that sold this morning. Picture: Adam Yip

A LATE-BIDDING investor knocked out two first home buyers competing for a tiny two-bedroom Redfern terrace at auction this morning that sold for $905,000.
The result for the terrace, on a 57 sqm block at 68 Renwick St close by Redfern St and had no off-street parking, was $55,000 above reserve through Ray White’s Jack McGhee and Kieran Gianoudis.
Akiko Ieda, who works as a journalist for a Japanese newspaper but has been living in Summer Hill for several years., thought she’d got it for a good price.
“I think so — I was hoping for a lower, but it’s not as bad as I first thought,” she said.

iNNER CITY AUCTIONWinning bidder Akiko Ieda, standing with her parents, was all smiles after winning the auction for 68 Renwick St, Redfern, today. Picture: Adam Yip

Vendors Jesse Douglass, 32, a science teacher at Cranbrook, and Marsha Elimelakh, 33, who works in marketing at Sydney University, were ecstatic with the result.
“It beat our expectations,” Mr Douglass said.
They’re now looking to capitalise on the generally weak auction market to upgrade to a bigger home in Newtown for their two boys, Max, 4, and Lenny, 1.
“This house is great for one child but too small for two,” Ms Elimelakh said.
With its $800,000 buyer’s guide, it’s the sort of inner-city opportunity that’s going to intrigue first home buyers in any market so no wonder three of the four registered parties fell into that group.

Vendors Jesse Douglass and Marsha Elimelakh have done a considerable amount of work to the property since purchasing it for $775,000 four years ago.

Auctioneer James Keenan had targeted one of them straight away, suggesting the young man offer $800,000.
Once upon a time he might have got it, but now buyers know they’ve got the upper hand so the reply was “Maybe a bit lower?”
“So $750,000?” Mr Keenan suggested hopefully, which the buyer agreed to. Another first homebuyer came back with $760,000 and the pair bounced $20,000, $10,000, $30,000 and then $5000 bids between them until Ms Ieda entered the race at $885,000.
She’d waited until Mr Keenan announced it would be selling at $875,000.

The couple have made the most of their small amount of outdoor space at 68 Renwick St, Redfern

The opening bidder had dropped out by then so Ms Ieda only had to deal with the keen young first homebuyer couple, who had quite clearly almost exhausted their spending power — they were down to $5000 bids and their $900,000 bid was their last.
Ms Ieda, who had her parents by her side, sealed the deal with a final $5000 bid and was all smiles as the gavel fell in her favour.
Mr Gianoudis said she could expect between $700 and $730 a week in rent and a tenant will be able to move straight into the well-kept family home.
Mr Douglass and Ms Elimelakh have replaced the staircase and some of the floorboards, put in a new kitchen, put on the gas (there’s a shiny new big stainless steel oven) and introduced air-conditioning.

68 Renwick St, Redfern, is the one on the right.

“We’ve put a lot of love into the house,” Ms Elimelakh said.
It had been their first home when they’d bought it for $775,000 four years ago. They haven’t made a huge amount of money out it, but the property has been a good stepping stone for the couple.
CoreLogic data shows the median value of Redfern houses is $1.46 million, down 8.5 per cent over three months and down 14.1 per cent over the year. But values are up 20.4 per cent over three years and 68.8 per cent over five years.
Mr McGhee said Redfern was growing in popularity and there’d been strong interest in the terrace because it was entry level for a house.
“You can get an apartment for $900,000 but not that many houses,” he said.

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