More than 30 bids were placed during a battle to secure a Tarrawanna home, on the market for the first time since the 1960s, at auction on Saturday.
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A local buyer secured the home after a half-hour long auction, as a crowd of dozens looked on.
For this week's Under the Hammer, the selling agent, Alexander Duncan from DiJones Illawarra gave us the lowdown on the sale.
The property: The three-bedroom home at 92 Meadow Street, Tarrawanna. Sitting on 714.5 square metres, the brick home has been in the same family since it was constructed in the 1960s.
The backyard opens to a double undercover carport plus a workshop/storage area. Other features include established gardens, chicken pens and additional single undercover carport.
The result: The home sold for $1,230,000 under the hammer. The guide was $950,000 to $1,030,000, and the result was above the reserve price.
What made the property special?: It's a single-level, original family home built in the early 1960s. It has a four to five-car garage, with great proximity to Tarrawanna village. It had renovation potential in the future.
Setting the scene at the auction: There were eight registered bidders, and five active bidders. We had three Sydney-based buyers, and five were local.
It was absolutely packed on the day. We probably had 70-100 people there watching it - bidders' families, neighbours, and people who had viewed it and were hoping it would pass in.
It was emotional for the family who were selling it; they shed a tear or two.
How did the bidding unfold?: Bidding started at $870,000, and then went up in $20,000 and $10,000 lots, and finally it was going up in $1000 increments at the end.
There were more than 30 bids placed in total, and the auction ran for about half an hour. There were two bidders really going for it from $1,050,000 onwards. Of the two that were really fighting for it, one was from Sydney and the other was local.
Where is the buyer from?: The local buyer won out in the end. I'm not certain what their plans are, but perhaps a renovation.
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