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An art deco apartment in Manly sold for $2,020,000 at auction on Saturday to a young couple who already live on the street.
The three-bedroom unit at 2/39 Eurobin Street was guided at $1.5 million and had a reserve of $1.7 million.
There is no legal requirement for a vendor’s reserve to be in line with their property’s price guide.
The property had been in the same family for 42 years and was being sold because its owner was going into aged care. The unit, which has lagoon access, is located at the rear of the block of four.
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Of nine registered bidders, five took part and all were families. Bidding opened at $1.5 million and rose in varying increments. The auction took place in front of about 100 people, and was over in about 17 minutes, said selling agent Tim Cullen of McGrath Manly.
The property was one of 380 scheduled to go to auction in Sydney on Saturday.
Cullen said buyers were excited to nab an apartment that was in its original condition and had “massive potential”.
“It went for quite a bit more than I would have expected, which I think shows the strength of the market,” he said.
An art deco apartment in Manly sold for $2,020,000 at auction on Saturday to a couple who already lived on the street.Credit: Domain
Some of the underbidders were locals, and the successful bidder, a couple in their 30s, were trading up and considering modifying the home.
“The top two contenders were both locals and the people who ended up securing it actually live in the street,” Cullen said.
A house in Concord which had been in the same family for more than 50 years sold at auction to a developer for $3,636,000 who plans to knock it down and build his dream home.
The three-bedroom home at 8 Ellis Street was guided at $3 million and had a reserve of $3.3 million.
The deceased estate was situated in a tightly held pocket of Concord. It is of solid brick and has multiple living areas, and is close to the Majors Bay Road shopping village, transport and schools.
Of 11 registered bidders, five took part. Bidding opened at $2.8 million and rose in varying increments.
Selling agent Steven Devine from The Agency Inner West described the auction as “quite spirited”.
The underbidders were a mix of people who planned to keep the property or knock it down.
The vendors were four sisters who were the co-executors of their late mother’s estate.
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