A dozen bidders lined up to bid at the auction of a tiny ‘blank canvas’ with a view of the Harbour Bridge in Potts Point last night, but a forward-thinking couple got it for $540,000.
The pair, from the inner west, wanted the deceased estate on the top floor at 49/8 Wylde St as a future home for their son, who is currently just five years old.
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The studio has an interior measuring just 27.8 sqm and is in a dilapidated condition.
But Raine and Horne Double Bay’s Juan D’Arcy had no shortage of interest — first home buyers, people wanting a city bolthole and investors were all keen.
The relatively affordable $450,000 to $500,000 price guide; car space on title and yes, that view, measured up to a good buy for many.
Of the 12, eight bidders competed from the first offer of $430,000.
The bids came thick and fast up to $500,000. From then on it was down to two parties — a couple from the Hunter Valley wanting a city bolthole and the eventual buyers.
The result was $40,000 above the reserve.
Mr D’Arcy, who shared the listing with his colleague, Peter Starr, said the buyers were planning to do a $50,000 renovation and rent it out for between $425 and $450 a week until it becomes a home for their son.
The listing went up on realestate.com.au before the Australia Day weekend.
The phone immediately ran hot with first-timers who realised over Christmas that 2019 was a great time to take advantage of the softer market.
The ad specified: “Talk to a builder and get an interior designer on the phone.”
Mr D’Arcy said at the time: “Hand on heart, I’m hoping a first homebuyer gets it, because it’s such a great option.”
He didn’t imagine then that it would be bought for a five-year-old.