It was standing room only at the McGrath auction rooms as the 18 blocks at 140A Hawthorne Pde, Haberfield went under the hammer.
More than 60 bidders registered for Thursday night’s auction of 18 Department of Defence blocks in the inner west, with sales totalling a whopping $44m.
Young families and older couples, some with their builders in tow, turned up to the McGrath auction rooms as the 18 lots at the former Haberfield Army Reserve Depot went under the hammer.
The prices averaged $2.44m a lot, with the highest price $3.06m.
“The auction was a phenomenal success with all lots sold amid highly competitive bidding,” said McGrath national sales manager and auctioneer Troy Malcolm.
“Over 60 parties registered to bid underscoring the uniqueness and significance of this offering.”
McGrath Inner West specialist Michael Tringali, who led the campaign, said many of the reserves were exceeded.
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More than 60 parties registered to bid for the blocks.
National sales manager and auctioneer Troy Malcolm in full flight at last night’s auction.
“It demonstrated how highly sought-after vacant land, close to the CBD, can drive competition,” Mr Tringali said.
“Last night’s auction illustrates the simple rule of demand versus supply.”
The highest price paid was $3.06m for Lot 6, a 721 sqm block.
That auction was a battle of the locals after both the buyer and underbidder had tried to buy in Haberfield for more than two years.
The lowest price was $1.765m for a 571 sqm block.
The largest block offered was 1044 sqm – it sold for $2.25m.
The auction opened with multiple registered bidders placing 32 bids vying for Lot 2. It sold
to a young couple for $2.71m.
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McGrath inner west specialist Michael Tringali at last night’s auction.
The blocks were popular due to their proximity to the CBD.
The Department of Defence offered 17 individually titled lots
of prime vacant residential land and one lot was offered by a private owner.
In the lead-up to the campaign, McGrath CEO John McGrath had said: “This is one of the most significant residential land offerings to be released to the market in Inner Sydney in recent years.
“Haberfield is a coveted residential precinct and the opportunity to buy prime vacant land like this has rarely been available to buyers wanting to build their dream homes.
The blocks, ranging in size from 500 sqm to 1,044 sqm, are less than 1km from Haberfield village and a five-minute walk from light rail.
The median price for four-bedroom houses in Haberfield is $3.5m, according to PropTrack.
Prices have risen 11.1 per cent over the past year.
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