‘Tightly held’ pocket: Inner west home sells for $260,000 over reserve

A three-bedroom single fronted home sold for $2,461,000 in Petersham, more than $260,000 over the reserve on Saturday.Bidding for the home on 244 square metres at 66 Brighton Street opened at $2.1 million. A further bid of $50,000 followed, with bids going up in increments of $25,000, $20,000 and $10,000 before final bids of $5000 and $1000 drew the auctioneer’s hammer.The home, which has large bi-fold doors and windows leading onto a north-facing courtyard, had an advertised guide of $2 million and a reserve of $2.2 million.There is no legal requirement for a vendor’s reserve to be in line with their property’s price guide.A buyer’s agent was acting on behalf of the successful bidders, a family from Balmain, while the underbidders were a family from Birchgrove. Seven parties registered to bid for the property, with three active.Sales agent for BresicWhitney Inner West, Frederico Fraga-Matos said buyers were attracted by the size of the property and its proximity to local amenities such as Petersham Park and Petersham Bowling Club, a popular venue for families.“This particular pocket is pretty tightly held,” he said.Buyers had become accustomed to the “new environment”, he said.“What we are finding now, a lot of the outcomes that happened earlier in the year [such as interest rate increases], they have come out,” he said. “This is the new environment we are operating in and people are feeling more confident buying.”The renovated property at 66 Brighton Street has large bifolds opening onto a north-facing courtyard.DomainThe property was one of 532 scheduled to go to auction in Sydney this week.It was a similar result in Paddington, where a one-bedroom apartment with an enclosed balcony sold for $1.48 million, $180,000 above the reserve.Five parties registered to bid for 17/24 Gordon Street, with four active. Bidding opened at $1.2 million, followed by increments of $10,000 and $20,000. The property had a reserve of $1.3 million and a guide of $1,225,000.The successful bidder was a Queenslander who wanted to use the apartment as a Sydney bolthole. The underbidder was a downsizer seeking a property to be closer to family.Buyers were attracted to the contemporary building in the heritage suburb of Paddington. It’s also a flat walk to the shops.DomainSales agent for LJ Hooker Double Bay Darran Wyatt said buyers were attracted by the contemporary nature of the building and the fact that it was a flat walk to the shops.Market conditions, he said, felt “normal”.“People are looking to buy and properties are selling.”Property listingsFrom our partners