A charming inner west property held by the same family for 100 years has sold under the hammer for $1.52 million — $20,000 above reserve.
Built in the 1890s and featuring fireplaces, high ceilings and an iron lace balcony, the Balmain terrace at 35 Waterview St went to auction earlier today with seven registered bidders.
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Four parties were active and bidding opened at $1.1 million, quickly meeting the $1.45 million price guide set by Cobden and Hayson agents Peter Gordon and Ralph Daher.
“It’s a good sign that the inner west market has found a level of demand — that is a classic case of buyers recognising value and being prepared to pay the right price but not pushing themselves beyond that,” Mr Gordon said.
The eventual buyers were a family planning to spruce up the interiors and move into the house.
“They are experienced builders and they had grown up in the surrounding streets so they were really attached to the location,” the selling agent said.
On a parcel of land spanning 183 sqm, the terrace has a 6m frontage. It comes with three bedrooms, a study and two bathrooms, as well as separate dining room and kitchen.
It also has a courtyard with a storage shed and there is scope for extend and take advantage of harbour views with an attic conversion, subject to council approval.
Mr Gordon said while it was a bittersweet sale, there were many people known to each other in the crowd of about 100 people.
“There were quite a lot of family members, friends and neighbours there for support, which was nice, and they were really happy with the result.”
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CoreLogic data shows the property presented value for money, selling for less than the suburb’s median house price of $1.945 million.
In the past 12 months, home values in the area dropped 10.2 per cent based on 154 sales.