Young couple outbid downsizers for $2.3m inner west home

A young couple with plans to marry outbid a downsizing couple, paying $2,303,000 for a three-bedroom home in Burwood on Saturday.

The property at 17A Gloucester Avenue, had a price guide of $1.8 million but eventually sold $453,000 above the reserve of $1.85 million. It last sold in 1997 for $330,000.

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

The opening bid was $1.8 million and there were six active bidders.

McGrath Strathfield agent Carlos Ouyang said the vendor, who is moving into a retirement village, bought the property from the builder almost 30 years ago just as it was being completed.

“It was a bittersweet sale even though it sold above expectations,” Ouyang said.

This house in Gloucester Avenue just sold for $2,303,000.Credit: Domain

The property was one of 596 scheduled to go to auction in Sydney this week.

Despite this week’s rate hike, interest in Burwood continues to be strong, Ouyang said, especially in properties available for less than $2.5 million.

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“The good properties and the good locations are still doing well,” he said. “Up to $2.5 million will still do well but properties above that might struggle. There is still a lot of demand.”

Construction of Burwood North Metro station is under way and expected to be completed in the next five or six years while a new shopping precinct, Burwood Place is also planned.

But it is the existing amenities including its proximity to public and private schools and reputation as a destination for food lovers that are drawing buyers now. Last year, it ranked 16 in Time Out’s annual list of world’s coolest suburbs.

In Randwick, a pair of brothers snapped up a two-bedroom apartment with garage at 5/25 Cowper Street, winning the property for $1.28 million, which was the same as the reserve.

The guide was $1,175,000 and there were four registered bidders, three active.

Bidding opened at $1,175,000, with increments initially at $25,000 and then slowing to $10,000.

Ray White Eastern Beaches agent Nick Wiggan said while the light-filled corner apartment in a small block of six generated interest, it was the off-street parking that won over bidders.

“It’s in a really good top floor spot open from three sides, really nice and bright and rear lane access with a garage,” he said. “Garaging is becoming more important in the apartment market.”

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