Family pays $4.2m to spare East Lindfield home from wrecking ball

A family with young children fought off fierce competition to nab the keys to a neat East Lindfield home for $4,236,000, sparing it from demolition.

Among seven registered bidders – five of whom took part – were prospective buyers who intended to raze the double-brick 19 Pleasant Avenue and construct a new property.

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19 Pleasant Avenue, East Lindfield NSW 2070

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But both the buyers and underbidders – also a family – liked the three-bedroom house as it stands, said Jessica Cao, an agent at Ray White Upper North Shore.

The East Lindfield house has polished timber floors, a fire pit, fishpond and verdant lawns. It has been owned by the same family since it was built in the 1960s. “The street is beautiful and the frontage – the property’s street appeal – is just amazing,” Cao said.

The home had a pre-auction guide of $3.6 million. Bidding opened at $3.4 million and crept up slowly, albeit in large gains of up to $100,000. The reserve was $3.8 million.

There is no legal requirement for a vendor’s reserve to be in line with their property’s price guide.

“Once we hit the reserve, it became supercharged,” Cao said. “Bidders jumped in and started bidding very fiercely.” The hammer dropped at $4,236,000.

The buyers’ children were big fans of the fish, Cao said. Quality schools, a safe community and proximity to the city drew families with youngsters to the suburb, she said.

In Newtown, a couple secured the keys to a one-bedroom, one-bathroom terrace for $1,615,000.

AUCTION GUIDE $1,250,000

8 Angel Street, Newtown NSW 2042

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The petite property on the cusp of the shopping village had a guide of $1.25 million and attracted prospective buyers who were also considering similarly priced apartments.

The buyers – a woman from Cronulla and her partner, who lives nearby – intend to move in and eventually renovate 8 Angel Street.

“They are putting together a portfolio of properties,” said agent Rami Abdallah, of Prestige Property Group Realty.

The opening bid of $1.35 million – exactly on the reserve – knocked out most of the competition. “There was silence for about two minutes,” Abdallah said.

Eight bidders had registered – all of them young professionals – but some never got their chance after such a bullish start. Five did take part.

Once the shock had subsided, the showdown rolled in increments of $10,000, $20,000 and $50,000, trickling to $5000 as the last two contenders stuck it out. The underbidder was a young man and his partner, who had support at the auction from friends.

In Marrickville, a couple snagged a two-bedroom cottage, built in 1919, on 322 square metres, for $2,010,000. The underbidders were first-home buyers.

The charming 69 Illawarra Road has an outdoor deck beneath a jacaranda, leadlight windows and a contemporary kitchen and bathroom.

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69 Illawarra Road, Marrickville NSW 2204

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The campaign had a guide of $1.7 million, and the reserve was set at $1.9 million. The buyers had sold their respective units in Summer Hill and Enfield to embark on their first purchase together, said Ercan Ersan, an agent at Ray White Surry Hills.

Six parties registered and all but two took part. One was an investor, and the rest were first-home buyers and young upsizers. “They were future-proofing themselves; if they outgrew the two bedrooms, they could renovate the house because they’d have the block size for it,” Ersan said.

Bidding began at $1.7 million, with two parties jousting until $1.86 million, before a third dived in. A fourth made a late dash at $1.95 million, helping the price to break past the $2 million mark.

In Kirrawee, a two-storey, three-bedroom townhouse in a boutique block changed hands for $1,502,000, following a campaign quoting $1.2 million.

Auction | Guide $1,200,000

1/28 Hunter Street, Kirrawee NSW 2232

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Six bidders – including downsizers, first-home buyers and young professionals – registered for 1/28 Hunter Street. Four competed, pushing the price above a $1.35 million reserve.

The ground-floor main bedroom appealed to older buyers, while the lack of strata fees was a broad selling point, said agent Luke Lombardi, of Pulse Property Agents.

“Bidding opened at $1.1 million, it was very confident, no one hesitated, and it was up to $1.4 million in only a few bids,” Lombardi said.

A family that had emigrated from England and were renting for a few years signed the contract. The underbidders were downsizers, who persevered under pressure. “They said they were ‘out’ about five times,” Lombardi said.