A very basic three bedroom cottage without parking attracted 15 bidders and sold $615,000 over reserve at auction last night.
The home, at 3 Wilberforce Ave, Rose Bay, fetched $4,115,0000 under the hammer.
“We probably had eight or nine actively bidding for it,” Jeremy Wiesner of Wiesner Property, who was guiding $3m, said.
With auctioneer Damien Cooley presiding, bidding had opened at $2.5m and risen in $50,000 and $100,000 increments to $3.8m, before two bidders battled to the end with a range of small increments.
Records show the 316sqm property was owned by Lilianne Forbin, who died in 2020.
It had cost her $175,000 in 1986.
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3 Wilberforce Ave, Rose Bay, traded for $175,000 in 1986.
The Rose Bay family who purchased it will most likely extend into the rear yard.
While the kitchen probably hasn’t been renovated since she bought it, the home has a practical layout, with one of the bedrooms having an ensuite and the local family purchasers likely to renovate and extend into the rear yard.
Whereas the general market has softened, Wiesner says buyers saw value with this freestanding home.
“It’s a good street — it’s very rare that houses come up.
“I’ve sold two townhouses in Wilberforce over the last couple of months — one for $3.1m and one for $2.7m.
The kitchen was last renovated in the 1980s.
Buyers liked the floorplan of the home.
“There was a lot attraction on the basis of that and buyers knew this house was coming up.
“It’s a good spot — where do you find a freestanding house for that sort of money?”
Wiesner agreed that generally the market had cooled this year.
“There’s definitely a lot of money about, but yesterday’s prices aren’t today’s prices,” he said.
High ceilings.
The home has three bedrooms.
“A lot of agents are going into listings with last year’s expectations and buyers aren’t necessarily agreeing so it’s a bit of a stalemate and buyers are holding off.
“But for marquee properties, people are making a play at it because when are they going to come up again?
“Even if you factor in another rate increase, why would you let it go, because when’s the next opportunity?”
The post Rose Bay deceased estate of Lilianne Forbin sells $615,000 above reserve appeared first on realestate.com.au.
