45 Patricia Avenue, Charlestown
A six-bedroom house at Charlestown attracted strong bidding when it sold under the hammer for $1,222,000 on Saturday.
We spoke with auctioneer Josh Logan-Pye about the property and the auction.
The property: A brick and tile two-storey house with six bedrooms and four bathrooms on a 872 square metre block at 45 Patricia Avenue, Charlestown. The property sold for $1,222,000.
Agency and agent: Daniel Heath and PRD Presence.
What was the auction price guide? The guide throughout the campaign was $1 million so the vendors were very happy with the end result.
How many registered bidders were at the auction? We had four registered parties at the auction on Saturday.
Where were potential buyers from? There were two bidders from Sydney and two local buyers. The buyers that purchased it are investors from Sydney with aspirations to eventually move up here in a couple of years but they will keep it as an investment property for now.
Was the result of $1,222,000 a surprise? Yes, it was. Feedback from buyers throughout the campaign was at around that $1 million mark but on the day of the auction, those four registered bidders were really competitive. There were 38 bids on the property with a lot of toing and froing. The result was a surprise because we had gone over the reserve in the first seven bids or so.
Why was this property special? It's a six-bedroom, four-bathroom house with a double car garage and it had dual capabilities to lease upstairs and also lease downstairs with a bit more work. That is where there was a lot of interest because of the dual living it offered. It had a big backyard too so it was a big house on a big block which is really sought-after. It's also only a couple of hundred metres walk to Charlestown Square, Charlestown Bowling Cub and Charlestown East Public School.
How did the auction unfold? The bidding started at $900,000. They tried to come in at $800,000 but I knocked it back, so $900,000 was the starting bid and then it went up $50,000. By the end, it went down to $1,000 bids. It went from $1,200,000 to the final sale price of $1,222,000. Even though we had four registered bidders we actually only had two parties bidding on it at the auction. Those two bidders were aggressive from the start and they weren't mucking around. They got straight into it and kept going back and forth, and really didn't give any opportunity for the other bidders to put their hand up.
