82 Roe Street, Mayfield
MAYFIELD pulled in a strong auction result for a dilapidated property that came under the hammer for $592,000 on Saturday.
We spoke to Tony Gough of Ray White Newcastle about the property and the result.
The property: A derelict weatherboard and tile three-bedroom home at 82 Roe Street, Mayfield on a level, corner block on approximately 361 square metres.
Agents and agency: Tony Gough and Angela Woods at Ray White Newcastle and Lake Macquarie.
How long did the campaign run? We ran a four-week auction campaign that attracted 77 groups through the property.
How many registered bidders were at the auction? On the day of the auction, we had 17 registered bidders which, in this market, is absolutely unheard of. That is a cracker of a result. There was spirited bidding and 21 bids in total and the end result was $592,000 under the hammer.
Was the result of $592,000 a surprise? I always guide from buyer feedback and this was a great result. In week one I was holding an offer at $490,000 but I parked that because that was only the first week. In the early open house inspections, all of the feedback was that it was a knockdown. I supplied a building and pest report and that turned it around completely. The bones of the home are good. It's all made of hardwood and the bones were all there. The floors were great, beautiful hardwood timber floors, but on the second open home after getting that report it completely changed it around. The buyers had gone from 'Hang on, you can't salvage this' to 'Yes, the bones are good'.
Where were potential buyers from? The buyer was from out of the area but most of the registered bidders on the day were local. There were a lot of young tradies interested in the property and I also had one Sydney buyer. In the end, it was not a knockdown. It was about seizing the opportunity and spending a few bucks on it, and giving it a new lease of life. The buyer is planning to renovate the home and, put it this way, it did not scare him. The fact is this property scared people because it was too much work. That was the general feedback.
Why was this property popular with buyers? The location. It's a corner block and while it's not a big block, Roe Street is a great spot. It's within walking distance of the shops and the train station. Once the building and pest report was supplied people could see the opportunity and the potential. It's a nice, flat block and Mayfield is becoming very sought-after, so I think it was seen as a good opportunity.
How did the auction unfold? On auction day both the weather and buyers came out in force. There was a substantial crowd of approximately 60 spectators. Our chief auctioneer Mel Payne commenced the auction and refereed spirited bidding. Throughout the course of the auction, Mel engaged with multiple prospective buyers all competing for ownership which resulted in 21 bids in total and sold under the hammer for an outstanding price. Both the successful buyer and owner were over the moon with the final result.
