Hopeful home seekers at an auction in Earlwood on Saturday morning. Picture: Sam Ruttyn
A dated 100 year old Penshurst home ripe with potential has sold under the hammer for $1.546m.
The vendor, Glenda Austin, was selling the home on behalf of her parents who had lived in the house for 65 years. She said the property was built in 1923, making it over 100 years old.
Ms Austin joked that once the auction started she felt “sick” she was so nervous to sell the home that held many childhood and family memories in it.
There were four registered bidders with two active at the auction for 24 George St.
“We had a lot of lower offers so it was a good result,” she said.
“And it’s a gift anyway, it’s a legacy from the family and money we haven’t earnt so a gift from God or whatever it may be.”
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24 George Street, Penshurst sold for $1.546m
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Ms Austin said she would be getting on the phone to her sisters in Taree and New Zealand to tell them the good news.
Selling almost $200k above reserve, the interested parties were all young families who planned to knockdown and rebuild or renovate the rundown home.
The winning bidder was mother of two, Elena Kumcevski, who said she was feeling very nervous during the auction.
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The home had great potential and the winning bidder planned to knock down and build a new home.
“I had to go a bit over budget so that just wrecked every nerve,” she said.
She had been looking for a whole year and said she purchased the property as an investment and planned to knockdown and build a brand new home.
“I live in Hurstville so we were looking to purchase there but we moved over to Penshurst because I liked this block,” she said.
The home sat on a large 480 sqm corner block.
Lead agent McGrath‘s Roger Lahoud said the property had huge potential.
“This is pretty rare, not often do you get properties like this that are in this condition,” he said,
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“Something like this, entry level for the suburb is popular, but there is still some caution with in the market with interest rates.”
In Auburn, another dated home has fetched 17 registered bidders, selling $300k above reserve.
The popular home at 40 Lily St sold under the hammer for $1.7m, despite its need for a renovation.
Selling to a family who planned to renovate and live in the abode, lead agent Sezer Yunus from Ray White Auburn said it was a “crazy” auction.
40 Lily Street, Auburn sold for $1.7m.
The old home was set to be renovated by the new buyers.
“There is huge demand in the area and not enough supply,” he said.
“In my office we have sold everything we have had listed. It’s crazy at the moment, if we had 10 more properties like this one we would have sold them all.”
The property was popular with investors, wanting to renovate the home.
Mr Yunus commended auctioneer Chris Scerrie, saying he did a “great job” guiding the heated auction.
Mr Scerrie, director of Scerri Auctions said there was really strong bidding until $1.6m.
All 17 bidders had a go bidding for the property.
“It was a development site with dual access … it was a ripping result,” he said.
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