Source : the age
A developer was the successful bidder for an unrenovated house in Marrickville, paying $4.5 million for the 727-square-metre site with dual access, beating out an underbidder with restoration plans.
The property at 16 Darley Street, Marrickville was being offered for the first time in 60 years and was marketed as an opportunity to renovate and restore or to redevelop.
The price guide for the property was $4 million while the reserve was $4.2 million. There is no legal requirement for a vendor’s reserve to be in line with their property’s price guide.
McGrath Leichhardt agent Alexandra Stamatiou-Buda said the underbidder had plans to restore the single level, five-bedroom Federation home. Interest in the level site was strong, she said, with all six registered bidders active.
McGrath Real Estate managing director John McGrath acted as auctioneer for the sale. He had a longstanding connection to the family home and had dined there in the past.
16 Darley Street sold on Saturday to a developer. The underbidder wanted to restore it.Credit:
Stamatiou-Buda said she was unsurprised by the interest in the level block, which was marketed with “dual frontage and superb potential”. It is also within walking distance of shops, cafes and transport hubs such as the soon-to-be-completed Metro station.
“There’s strong interest in these properties,” she said. “The size and the quality – they don’t come around often.”
The property was one of 718 scheduled to go to auction in Sydney this week.
In nearby Dulwich Hill, it was a different story. Four bidders registered for the auction of 35 Herbert Street, Dulwich Hill, a c1917 four-bedroom Californian bungalow that went under the hammer for $3.5 million.
It had a price guide of $3.2 million and a reserve of $3.5 million.
The bungalow has been updated and restored, maintaining many of its original features, including patterned ceilings and original timberwork, and is surrounded by a well-maintained garden.
Adrian William Real Estate agent Norman Tran said all bidders were owner-occupiers attracted by the character and condition of the house.
“The house was a testament to the owners, to how they have kept and restored the house,” he said.
All the bidders were from the inner west, looking to upgrade and enjoy access to local amenities.
“Dulwich Hill’s popularity is underpinned by the recent opening of the GreenWay,” Tran said. “It’s been a value add. The buyer was talking about it with the owner, telling them he cycles a lot so the GreenWay was a big drawcard.”
The six-kilometre GreenWay is a walking and cycling corridor that extends from the Cooks River at Earlwood to the Parramatta River at Iron Cove and the Bay Run.
