Real Estate

Potential the key to big auction sales

Written by The ReReport
As seen in the Source link, written by on 2019-03-12 11:40:58

Held in the same family for over 40 years, a four-bedroom house at 15 Cecil St in Wareemba sold under the hammer for $2.75 million on Saturday.

Sold through Fayez Yammine and Joe Kanaan of Devine Real Estate, there were seven registered bidders on the day, with interest around the $2.5 million mark.

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There was strong bidding from the outset, according to Mr Yammine, until it slowed around $2.65 million. From there is sold to a young family after some hard work from the agents.

It was a great weekend for Devine Real Estate, with agent Hanna Kim also selling a four-bedroom house at 105 Rochester St in Strathfield for $1.97 million.

There were also seven bidders at this auction, with families the main group interested.

“In a market where confidence may seem fickle, buyers seeing other buyers put their hand up ultimately gave them the confidence they needed to bid,” Ms Kim said.

This house was also in the same family for 40 years and is on a 578sqm block of land.

Over in Marrickville a renovated Victorian cottage has sold under the hammer for $1.185 million.

The property at 41 Juliett St had 10 registered bidders on the day, with seven competing.

In front of a crowd of around 50 people, Ray White-Erskineville agents Ercan Ersan and Astrid Joarder sold the home above the reserve of $1.1 million.

There was an opening bid of $950,000, with bidding increasing by $20,000, $10,000, $5000 and $3000, before a number of smaller $1000 bids finally reached the sale price.

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The two-bedroom home has a stylish kitchen with Bosch Appliances, a courtyard with timber deck and ornate ceilings.

There were 98 groups through the property throughout the campaign, with 20 contracts issued.