The 90-year-old owner of a four-bedroom terrace in one of Annandale’s best streets watched the house she’d bought for $235,000 in 1990 sell for almost $2 million, $256,000 over its reserve.
A real estate agent snapped up the home at 197 Trafalgar Street, which was one of 737 homes scheduled to go under the hammer in Sydney on Saturday.
By Saturday evening Domain Group had collected 599 results and put the clearance rate at a staggering 88.2 per cent – the highest result to date.
The previous record was set only a month ago when the city achieved a clearance of 87.5 per cent from a record number of auctions.
Annandale vendor Nora Salter has traded more than 20 properties since the 1950s and was pleased with her result.
Her niece had spotted the property 25 years ago and encouraged her to buy it. “I would look out for an investment, and I saw this one and went, ‘aha!’ this will be good – and it has been,” Ms Salter said.
“I have seven children, and originally wanted to look after my family financially, but still be able to care for them at home.”
She still has has her home in Newtown, which she says she’s planning to hang on to.
Hopes were high for Saturday’s auctions among vendors and their agents after last weekend’s 86.6 per cent auction clearance rate, the city’s second-best result on record.
The best was the weekend before Easter, with a clearance rate of 87.6 per cent when a record 1020 homes went under the hammer.
About 150 people – most of them from the neighbourhood – turned out to watch the auction of the property, which was split into two residences. The result was $1.96 million with the reserve $1.7 million.
After a slow start, decisive bidding by the soon-to-be owner saw bids jump in $100,000 increments.
Following a volley between several prospective owner-occupiers, the under-bidder was pipped at the post by Rocco Ranieri of Richardson and Wrench Real Estate, who won the day by just $1000.
Mr Ranieri phoned-in approval from his wife during the action.
“The wife has just granted approval to make one more bid,” he told a laughing crowd.
However, after his competitor came in again, he defied his spouse to make one more bid to clinch the deal.
The family plans to combine the two levels and create a single family home, to move in once renovations are complete.
Cobden and Hayson agents Ben Southwell and Matthew Hayson described it as a long-term proposition.
“Investors shied away, because this requires a bit of money to renovate to be ready for occupation,” Mr Hayson said.
Each of the residences was expected to rent out for $600 a week.
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