A clue that a house is probably beyond salvage is when the online ad only has 1 picture of the front or the back of the property. Such was the case for 15 Woodside Avenue in Lindfield on Sydney’s Upper North Shore.
This 2 bedroom full brick house on 887 m2 of land and only 400 metres walk to rail was Auctioned yesterday as a Deceased Estate.
The house itself was extremely run down and not worth salvaging. The backyard was an absolute mess and completely overgrown.
The selling agent quoted a price of ‘over 1 million’ during the marketing campaign. Even taking into account the state of the house itself, this price guide was clearly well below land value for this area. A much more accurate price guide for the property would have been ‘around 1.3-1.4 million’.
The Auction attracted enormous interest and around 25 registered bidders. A lot of these prospective buyers were upset that the agent had under-quoted the property which eventually sold for 1.425 million.
At another Auction this weekend, a weatherboard property on approximately 932 m2 clear and level block of land in St Ives was Passed In with No Bids. This block of land is ideal for tear down and rebuild. However, the Vendors’ expectations were probably not aligned with the market.
About Oliver Stier
Oliver J. Stier is the Director of OH Property Group, a leading Sydney buyers agency. He studied Quantitative Economics and Finance at Cambridge University (UK), University of Toronto (Canada) and Princeton University (USA). In addition to being a licensed real estate agent, Oliver also holds the Chartered Financial Analyst (CFA) designation.