A Neutral Bay auction for history books

A Neutral Bay auction for history books

More than 100 people gathered at a deceased estate at 3 Thrupp St, Neutral Bay, on Saturday — an auction turnout not seen in many months.

With 21 eager buyers registering to take part, the auction was shaping up to deliver a strong result.

And the crowd wasn’t disappointed. Bidding started at $2.2 million, which was already $100,000 above the reserve.

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From there bids went up by increments between $50,000 and $5,000. After 26 bids, the property sold to a local buyer for $2,620,000 — $520,000 above the reserve.

No. 3 Thrupp St was just one of 20 properties to sell prior to or at auction on the lower north shore on the weekend. This translated to an 86.96 per cent clearance rate — 24.94 per cent above Sydney’s 62.02 per cent rate.

David Buttel, of Raine and Horne Neutral Bay, said not all of the registered bidders ended up taking part.

“The opening bid really took the wind out of a number of interested parties,” he said.

Over the campaign, 45 contracts were issued and more than 220 groups attended an inspection.

“From the beginning we had a great campaign with a realistic vendor,” he said.

Interest came from young families and couples, people looking to redevelop the block and others looking to use it as an investment property for the time being, which is what the buyer plans to do.

Mr Buttel said the secret to the result was rather simple — go to auction.

“While many buyers wanted to snap it up prior, we were reluctant to go prior, as in some instances like this, it pays to have an open auction process and it delivered,” he said.

The Thrupp St home had been under the same ownership for more than 50 years.

The property features an artists studio workshop and a secret garden.


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