Couple Cashes in on Renovation

A couple’s hard work renovating an inner-west terrace paid off on Saturday, with the home selling for more than double what it last traded for less than seven years ago.

About 30 people packed into the living room of 230 Livingstone Road, Marrickville, one of about 390 homes scheduled to go under the hammer on the June long weekend, which would prove by evening to be a disappointment for many sellers.

Although auction numbers were unsurprisingly down on last weekend’s June record of 789 auctions, there were significantly more homes up for auction than the 284 properties listed over the same holiday weekend last year. Listings have been up 30 per cent over the first five months of the year.

The three-bedroom terrace at 230 Livingstone Road, Marrickville, more than doubled in price since it last traded.

“We’re still seeing a continuation of that rush to market,” Domain Group chief economist Andrew Wilson said. “Vendors are saying let’s get in while [the market] is still pretty hot.”

But by evening, the market appeared lukewarm at best. Domain Group had collected 265 auction results to put the clearance rate at 67.1 per cent, a considerable dip from recent weekends.

“The market was down sharply [this weekend], heaving under exceptionally high Queen’s Birthday auction numbers,” Dr Wilson said.

In Marrickville, bidding on the three-bedroom, one-bathroom renovated terrace opened at $1.45 million, and went up in $10,000 and $5000 bids as two parties went back and forth.

The bidding quickly hit the $1.5 million reserve, at which point auctioneer Troy Malcolm of McGrath Estate Agents welcomed a new party – the eventual underbidder – to the auction.

He looked set to secure the 190-square-metre property for $1.53 million, however, before the hamer fell a fourth party – a family on the deck outside – piped up with an offer of $1.54 million.

While the underbidder hit back with a $1,545,000 bid, he missed out to the latecomer, who made a second and final offer of $1,555,000. The property sold to him for $55,000 above reserve.

“I wanted no one to see me and to just come in right at the end,” said Earlwood buyer Mathew, who did not wish to disclose his surname.

“I have been the second highest bidder at several auctions, so I’m glad to have finally got a place.”

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Photo: Hamish Clendinning