3 Consett St Dulwich Hill Auction

Why properties are selling for 20% over the price guide right now

The property

3 Consett Street Dulwich Hill is a freestanding modern home, that has some character and charm. A 3 bedroom, 2 bathroom and parking on title make it an attractive asset. Especially to young or growing families.

Location and access is great, natural light was great, small outdoor area and move in ready for a number of buyers.

The property came to market with a standard campaign followed by an auction and had a price guide of $1,700,000.

The Auction | >5 active bidders

The start

• Person 1 opens on the guide of $1,700,000

• A minute later, enters Person 2 at $1,750,000

  These two get it to $1,850,000 after a couple of minutes when someone attempts to enter with a $5000 bid. Emma Brown-Garrett, the auctioneer, politely declines a $5,000 at this stage.

The middle

• Person 3 then comes to the party with $1,875,000

• Person 4 then attempts to enter at $1,875,000 - not realising the auction was already there! They re-adjust and enter at the $1,890,000 point.

  With the auction stalled at $1,900,000, someone in the crowd heckles out about if the property has passed reserve / is on the market.

The business end (cracking $2million)

• The auction has been going for >20mins by the time it hits $2,000,000. A great job by auctioneer Emma because it was pretty obvious a home of this quality was going to sell for over $2m.

• At $2,220,000, bidder 5 decides to throw in an extra $1,000 thinking it will be enough. It wasn’t.

The result

The property sold under the hammer for $2,025,000. That is $325,000 over the price guide - reflective of the demand for well built, modern family homes.

A lot of buyers currently in the market are people who held off buying last year, on the belief prices had further to fall. What they didn’t appreciate is that price reflects supply and demand. Where they could have bought last year with either no competition or just one other registered bidders, we are now seeing Inner West auctions back to on average 5 active bidders per auction.