106 Edgeware Road Enmore
All smoke and a tiny little fire!
The property
106 Edgeware Road Newtown is a single level, 2 bedroom + study, 1 bathroom semi detached house with a car space and rear lane access. The land size is 113.8 sqm and the property faces onto a busy road. The home sits within a stones throw of the Marrickville Metro shopping centre.
The property needed a lot of love. It was unliveable in the condition it was sold. The floor in the dining area was sagging and likely the property needed restumping.
It needed new flooring, mould removal, new paint, a kitchen, a new bathroom and probably a number of other things not visible to the naked eye.
The car space out the back was probably the best part of the property!
The location had pros and cons. On the plus side, a 5 minute walk to Marrickville Metro, a 5 minute walk up to Enmore road shops or King St Newtown and 12mins to Newtown station. However, it does face a busy road which puts people off when you have the main bedroom facing the street.
Reportedly, the property last sold in 1986 for $55,000. The crazy part here is that the stamp duty alone to buy the property in 2024 is more than the last purchase price!!
The sales campaign
The property was a deceased estate. It’s unclear when the property was last lived in.
The property did not have an advertised guide. This is not unusual on properties for sale in this condition as it can be difficult to compare with other recent sales. The auction was scheduled for 20 July 2024 - a mid winter campaign at a time when the market is relatively stable.
Almost a year to the day since a very similar property sold on the same road, 242 Edgeware Road for $1,516,000. 242 Edgeware was a slightly larger block, and in slightly better condition, although still needed quite a bit of work. Plus the market has moved upwards by ~6% in that time.
The Auction | ~15 registered bidders | 3 active bidders
An incredibly low ratio of number of registered bidders versus number of actual bidders
The bidding opened quickly at $1,200,000 and based on how many people were registered you’d have expected some fireworks. There was a relatively quick return bid of $1,300,000. The opening bidder tried to come back at $1,320,000 but was knocked back, eventually increasing their bid to $1,350,000. This is where it basically stalled.
Auctioneer Ben Mitchell seemed a little surprised at the lack of registered bidders willing to participate.
4 bids later and the auction is basically done!
Eventually a new bidder comes in at $1,352,000 trying their luck with a cheeky $2,000. A couple of $1,000 bids to take it up to a total of seven bids. That is less than half the number of people registered!
The hammer comes down in favour of the opening bidder and SOLD for $1,355,000.
What this result says about the market
Buyers remain cautious with spending and a lot of buyers are in the market hoping for ‘a bargain’. Only two of the registered parties were willing to bid over $1,300,000 and it is fascinating that ~13 parties turned up thinking they may buy a 2.5 bed house in Enmore for under $1.3m.
