Twin brothers sell inner west terrace for $1.72m in two-minute auction

Twin brothers going their separate ways financially sold their five-bedroom terrace in Erskineville for $1.72 million on Saturday.

With the smell of fresh paint in the air, auctioneer David McMahon opened the bidding at 610 King Street at $1.66 million. The three-storey home had a price guide of $1.6 million and a reserve of $1.7 million. Two bidders registered and both were active.

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

Four more bids and two minutes later, the auction was over.

The winning bidders were a young couple moving in together for the first time. Despite opening bidding above the guide, they were surprised at the quick result.

“I am all churned up with nowhere to go,” said one of the new owners, who did not give his name.

The underbidders were a local couple.

The property was one of 832 scheduled to go to auction in Sydney this week. By evening, Domain Group recorded a preliminary auction clearance rate of 55 per cent from 478 reported results throughout the week, while 172 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.

The father of the vendors, who were not present, said his sons had held the property for 12 years, initially living in it with friends when they were in their 20s.

Their father, who did not give his name, said it was the right time to sell.

“They have always run their affairs together, but they are [turning] 40 this year,” he said. “One of them is in a relationship and expecting a baby and the other is overseas. It’s time to separate their affairs.”

Records show the property last sold in 2013 for $835,000.

Ray White Erskineville sales agent Shaun Stoker said the combination of an opening “power bid” and realistic vendors made for a speedy result.

“It’s a transition market where owners are looking at data from two months ago and buyers are looking at data from two weeks ago,” he said. “Three months ago, this could have sold for $1.9 million.”

In Kirrawee, a local woman looking to “future-proof” her life was the successful bidder for a four-bedroom home, paying $1,881,500 at auction.

Four parties registered to bid for 39 Acacia Road, with two active. The vendor is moving into aged care.

Bidding started at $1.75 million-the same as the reserve. The property’s guide was $1.7 million to $1.8 million.

The new owner liked the turnkey nature of the property and plans to move into it down the track. For now, her adult children will move in.

McGrath Cronulla sales agent Mitch Kenyon said Kirrawee was increasingly on the radar for value-conscious buyers in the Sutherland shire.

“It’s becoming a lot more popular as the coastal areas are getting more expensive,” he said.

A young family from Liverpool are moving almost 28km after snapping up a three-bedroom home in Carlingford for $2,056,000.

The three-bedroom home at 5 Coverdale Street had a price guide and a reserve of $2 million. Bidding opened at $1.8 million.

While six bidders registered, three were active, with starting increments of $50,000 and $25,000 slowing to $10,000. A final $1000 bid drew the auctioneer’s hammer.

Both the winning bidders and underbidders were young families looking to upsize.

The successful bidders chose the location for its work proximity, and school catchment area. The underbidders were from Emu Plains also looking to be closer to work.

The Agency Epping sales agent, Catherine Murphy, said the 1170 square metre block appealed to families, as did the unrenovated nature of the home, which was built by the former owners in the 1960s and being offered for the first time.

“[The new owners] are planning a structural renovation, but they are going to take photos of it [as it is],” said Murphy. “It’s a real changing of the guard, but they are going to love it.”

In Bondi Junction, two downsizers thrashed it out for a spacious three-bedroom apartment at 2009/83-85 Spring Street, which sold for $2.74 million.

The property had a guide of $2.6 million and reserve of $2.65 million.

While bidding started at $2.4 million and initially rose by $50,000 increments, it slowed to bids of $10,000 and $5000. Bidding varied considerably, however, with the auctioneer accepting a bid of $1800 and another of $500.

After 34 bids, a final bid of $5000 saw the hammer fall. Both bidders were locals attracted by the apartment’s size and the building’s amenities, which include tennis courts, saunas and a swimming pool.

McGrath Double Bay sales agent James Ledgerwood said the vendors, who are relocating to Port Macquarie, had been “pragmatic”.

“All my vendors are making decisions based on where the market is right now.”