40 Station Street, Petersham is a three bedroom, two bathroom Gothic Victorian style house.
A small piece of Petersham history was auctioned off on Saturday in a heated bidding war that could signal the start of a market upturn.
A crowd of about 70 people gathered on the street corner where bidding opened for 40 Station Street with a guide price of $1.9 million.
Bidding and banter ensued over the next 20 minutes as the other bidders fell behind, leaving just two remaining to fight their way over the $2 million reserve price.
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The main living room leads into the kitchen and outside, past a separate small study and laundry room.
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Over the course of a total of 34 bids, both bidders carefully considered their counteroffers, but different personalities emerged from the two bidders.
Louis Adriaenssens, who won the contract, got a few laughs from the crowd with the line that became his trademark: “You know the story, we need more time to think.”
The underbidder claimed he had dropped out of the race four times.
The underbidder at 40 Station Street was beaten by just $6,000. Image Monique Harmer
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First he shook his head at $2.225 million, then at $2.275 million, saying, “That’s a hard no, not a soft no,” and then again, “That’s a real turnoff” at $2.300 million.
Auctioneer Briannan Davis was right when she said she had a hard time believing him because he had a final bid of $2.305 million.
In the end, he was beaten by just $6,000 when Mr. Adriaenssens made the $2.311 million winning bid.
As the gavel fell, he lifted his wife off the ground in a celebratory embrace before turning to their two young daughters and shouting, “Come here! We have a house!”
The winning family literally jumped for joy when the hammer fell. Image: Monique Harmer
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“When we first saw (the house) two and a half years ago, my wife and I thought it would be so fantastic to live there, but we never thought it would happen,” Mr Adriaenssens said.
“We had a plan, we stuck to the plan… and we feel super comfortable moving in here.
“We live on the other side of the train tracks, so we walk through here with the girls all the time to take them to the park,” he said.
The three-bedroom, two-bathroom house was originally built in the 1890s for the Irish station master of nearby Petersham station.
Louis Adriaenssens, who won the bid, said they were attracted to the house because it really stood out from the crowd and was on a quiet street. Image: Monique Harmer
Real estate partner Ramon Raneal of The Agency Inner West said he believed the character of the property and its location were the key selling points.
“Some of these Victorian houses are really dark, so I think if it’s a corner block that gets good light it sold well,” Mr Raneal said.
Midweek figures from realestate.com.au revealed there were 27 per cent fewer auctions scheduled in NSW compared to this time last year.
Ms. Davis, of Cooley Auction House, said they only had 40 auctions scheduled this week, as opposed to the usual 100 in September, but said the market seemed to be improving.
“It was nice to have a bit of active bidding and a bit of positivity in the market again,” Ms Davis said.
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Auctioneer Briannan Davis said she believed there was strong interest in the property because it “represents good value for the inner west”. Image: Monique Harmer
Property records show the home last sold in 2004 for $517,500 and the suburb’s median price is currently about $2.14 million.
It was a similar story for Ray White this week. Dave McMahon, head of auctions in New South Wales, said 118 auctions were booked for Saturday.
“It’s still below last year, but it’s slowly and steadily increasing,” McMahon said.
“We are 65 percent under the hammer this week, a significant increase on last week with 88 percent of all scheduled auctions sold.
“Bidding numbers have returned to more normal levels with an average of 2.4 registered and 1.7 active bidders per auction,” he said.
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MORE AUCTIONS
North bank
12/74 Wrights Road, Drummoyne, NSW 2047 sold for $2.161 million and is located on Sydney Harbour.
The apartment attracted the attention of downsizer buyers and renovators.
A young buyer walked away with the keys to a harborside apartment in Drummoyne.
Five active bidders pushed past the reserve of $1.85 million for 12/74 Wrights Road, which went under the hammer for $2.161 million.
Ray White Drummoyne head agent Mario Carbone said buyers were still interested in premium properties if the price was right.
“The buyer is a young downsizer who wants to enjoy the location and as they get older they know there is a lift, meaning it will be accessible for years to come,” Mr Carbone said.
“There is no better way for buyers to get an overview of the market than the social proof of an auction competition,” he said.
A total of ten bidders registered for the auction, including a mix of locals looking to downsize or renovate.
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Western Suburbs
69 Fairfax Street, The Ponds is a five-bedroom, three-bathroom home that sold at auction on Saturday for $2.33 million.
The property also features a media room to the left of this main living and dining area.
A single-family home in western Sydney has sold for $2.33 million in what is known as Auction 101.
“We had two buyers who loved the home, a seller who set a really reasonable reserve price, and the auction forum gave both buyers a fair shot at getting the keys,” said auctioneer Stu Benson of Benson Auctions.
“The suburban home is always desirable, but in the current building climate it is becoming much, much more attractive,” he said.
Two active bidders opened at $1.9 million and had exceeded the reserve price by the eighth bid. Image: Included
The property sold for $205,000 more than the reserve price to a buyer who had missed out on other auctions in recent months.
Real estate records show the home last sold in 2022 for $2.025 million.
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