Federation Property In Homebush Gets Auctioned Off For $3.08m
Featuring a fine sample of hardwood flooring in Sydney, a renovated Federation home in the city’s Home bush suburb managed to sell at an auction held over an early weekend in May 2018. The winning bid for the property amounted to a total of $3.08 million, which is $80,000 over the reserve set for the property.
Located at 69 Burlington Road, the home managed to attract six daring bidders who registered and fought for ownership of the property, before coming down to two determined bidders, with the auction ending at the price, with a local family gaining ownership of the house. The house went under the hammer following a campaign which resulted in eight contracts being issued and 66 groups inspected.
The starting bid sat at $2.75 million, before escalating to the set reserve of $3 million, and, eventually the winning bid. Reportedly, the bidding started slow, with some expecting the property to sell at the starting bid, before another bidder entered the fray with a $20,000 bid at the last moment. Following that, the entrant competed with the original bidder, who would become the eventual buyer, trading $10,000 bids until hitting the sale price.
The house features five large bedrooms, complimented by marble fireplaces and fine work of hardwood flooring in Sydney, with a pool for outdoor recreation. The property was purchased by a local family who was upgrading from their strata-tiled property. Notably, the property had already been sold in the past, having been last bought back in July of 2010, with a price tag of $1.55 million.
Belle Property Strathfield’s Selling Agent Norman So, says that the certain areas in the region’s real estate market were still going strong, despite the general slowdown that’s been seen. He says that, even though the clearance rates remain low and the lending conditions are still quite difficult, the $3 million to $4 million price point is still viable, pointing to the inspection and contract numbers as proof.
He adds that the real estate firm has had eight sales around that price point since February of 2018, with some even managing to sell prior to launch.