An opening bid of $1.5 million kicked off the proceedings at the auction of 17 Auld Ave, Eastwood.
The property sold for $1.801 million — a “six digit figure” above the reserve, according to co-selling agent Scott Baxter from Ray White — Epping.
Mr Baxter said the final sale price was achieved after a discussion with one of the two remaining bidders from a pool of five, who were pushing up the price in $1000 increments.
After the underbidder raised his paddle at $1.8 million, Mr Baxter approached the other bidder and explained that another $5000 would definitely secure the property.
But that bidder stood firm.
“He made another $1000 bid and that was enough,” Mr Baxter said.
The agency’s online ad described the well maintained 1920s California bungalow as “ultra rare’ and a “grand opportunity to renovate or rebuild to your taste”, with the “potential to add granny flat (stca) for guest living or rental”.
The full-brick house has ornate ceilings and cornices, timber floors, timber skirtings and timber architraves, plate and picture rails.
The new owners are from China with family members living in Australia, Mr Baxter said.
He said they would eventually move into the house but their main reason for buying the property was for the land and location, one kilometre (a 12-minute walk) to Eastwood station.
Mr Baxter said an intensive marketing campaign and having the trust of the vendors aided the successful outcome.
“We advertised with premium on the two major websites and had an LED signboard outside the house, day and night,” Mr Baxter said.
“In the end it came down to our relationship with the vendors and the trust they placed in us.”
RS Note: “Even a great marketing strategy with enough budget takes time. It’s just a matter of patience, understanding and work. Never lose your cool and let it run it.”