‘Realistic’ sellers cut reserve for home in Marrickville by $95,000

The pair said they were looking for the right spot rather than timing the market.

“We were really just waiting for the right place to drop by… [interest rates] clearly responds to that. That’s a factor for everyone right now. We certainly have that in mind, but we are quite happy,” said Charmaine.

Filippo D’Arrigo of Raine&Horne Marrickville said the auction went according to plan with four expected registered bidders on the day and reasonable sellers, who were also upgrading.

The two-bedroom home in Marrickville was initially priced at $1.45 million and then revised upwards to $1.5 million after buyer feedback.

The two-bedroom home in Marrickville was initially priced at $1.45 million and then revised upwards to $1.5 million after buyer feedback.Credit:Rhett Wyman

“The salespeople were realistic. There were no doubts when we asked the question [of reducing the reserve]’ said D’Arrigo. “They listened to the market and were happy to go through the process.

“Today was a faithful representation of a good quality home. It was a real family home and there were people who wanted to buy it.”

The house last traded for $1.48 million in 2017, data shows.

Marrickville’s median home price grew 24.4 percent in the year to June to $1.97 million based on domain data.

In Double Bay, a local downsizer cashed in on a one-bedroom unit for $2,005,000.

Six of the eight registered buyers placed an offer for G01/8 Patterson Street, which opened at $1.52 million.

Despite falling short of the $1.6 million guide, McGrath Paddington’s Georgia Cleary said the property was on the market within three bids, exceeding the $1.58 million reserve.

Cleary said the striking result was ultimately due to the quality of the property.

“If there’s a difference, it’s reflected in the price…in a normal market you see the better properties getting better prices, which should be the way,” she said, adding that the boom six months ago was “artificial”. and could never stand.

“This is a more sustainable market, and it’s better for buyers and sellers. There is a lot of local money and local interest in buying real estate.”

Double Bay’s median unit price grew 19.8 percent in the year to June to $2 million.

In Concord, a young couple with triplets bought a 1950s art deco all-brick house for just $4 million with plans to build their dream home.

Four of the seven registered buyers bid on 4 Sanders Parade, which did not have a price guide.

The auction quickly started at $3 million and the handbrakes went up to $3.9 million, where the agents and Cooley’s auctioneer Michael Garofolo said they “really had to earn our living”.

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The sellers eventually reduced their $4 million reserve and the highest bidders and sellers met for the final price of $3.94 million.

“The market is still there, the buyers are still there; as long as you’re realistic, you’ll sell,” Garofolo said.

“That is still a premium price, we have to get our heads out of the clouds from six months ago. Yes, the market has come back, but it hasn’t fallen off a cliff.”

In Lane Cove West, a local family purchased a three-bedroom property that entered the market for the first time in more than seven decades for $2.45 million as an investment.

The successful buyers bid more than six other registered lots, including two online bidders who started the auction for 34 Wood Street for $2 million.

Agency North’s Shane Slater said the buyers planned to do a minor renovation to rent it out before moving in after a few years.

“They’re going to paint and make carpets, clean up a bit, and then rent it out for the next three to five years,” Slater said.

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“We are really looking for it. Six months ago it probably would have been $2.6 million. These people are now pretty smart buyers and are jumping right in to get it at that price.

The reserve was $2.2 million.

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