A modest house in Pagewood has sold for an unexpected $3.02 million after initially going to market with a $2.2 million guide.
The price for the Murray Rd house was clearly a shock, as murmurs of “oh my God” were heard just before the live stream was turned off at the end of the virtual auction.
Selling agent Amanda Rekes of McGrath-Maroubra said the guide was raised to $2.5 million in the later stages of the marketing campaign on account of strong interest from buyers. The reserve was set at $2.6 million and the vendor got $420,000 above that.
Ms Rekes said before the auction that $2.7 million would have been a strong price for the property, but that amount ended up being the opening bid.
The opening bidder was the eventual buyer and the strong opening offer likely blew most of the other registered parties out of contention.
There was a long pause after the opening bid, with auctioneer Zak Morillo remarking to the opening bidder that it could be “one and done, maybe your lucky day”. Two buyers later put in rival bids.
Ms Rekes said it was a “phenomenal” result. “We never imagined it would be $3 million. The house is single level and still needs a lot of work,” she said.
The agent added that only minor cosmetic changes were made prior to the sale. “It’s not even open plan,” she said. “We put in a bit of paint, some new floors, spray painted the kitchen. You’d still need to improve the bathroom, which is not the greatest.”
In Alexandria, a new suburb price record was set when a property described as a “character residence” sold for $4 million.
Selling agent Chris Nunn of BresicWhitney said the vendors were advised the property would likely sell for around $3.3 million to $3.6 million at the start of the sales campaign. He said much of the auction was a contest between two committed bidders.
The double-storey house included a basement cellar, lap pool and attic storage. “It’s a beautiful home but there was a house sold for $3.6 million in Alexandria and that was a monster,” Mr Nunn said. “This was a lot more modest in comparison but a higher price.”
There were only two houses available in Alexandria this week. “Normally there are more than a dozen,” Mr Nunn said.
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