Inner west gem wins $300k more after ‘sketchy’ start

Auctioneer Damien Cooley sells inner west gem at auction. Picture: Sam Ruttyn

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A rocky start at an Inner West auction has ended successfully, selling $320,000 over reserve for $3.62m.

With three registered bidders and two active, the auction at 1 Morton St Lilyfield was looking slightly “sketchy,” as a hesitant second bidder began to stall at the $3.36m mark.

Auctioneer Damien Cooley, director of Cooley Auctioneers, said this was typical of bidder behaviour in the current climate.

“There is a tendency for buyers to not be so forthcoming, to keep their hands in their pocket not wanting to be the first person to make the bid or in this case, the second,” he said.

Sold. 1 Morton St, Lilyfield. Picture: Sam Ruttyn

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The bidding opened at $3.15m, just above the price guide of $3.1m.

“When we called it on the market at $3.36m, that really encouraged both of the buyers who had already competed to put all their cards on the table,” Mr Cooley said.

After multiple $10,000 bids and a final $5,000 effort, the winning bidder who wished to be known as Mr Ali, came out on top.

“It was a little bit more than we had hoped to pay but it’s a lovely location so it’ll be worth it in the long-term,” Mr Ali said.

He and his wife chose the property for their family for the “beautiful view and location,” as the property overlooked the bay and backed onto Leichardt Park.

The home had stunning water views. Picture: Sam Ruttyn

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Lead agent CobdenHayson’s Ben Southwell said the auction was “fun,” with “a bit of old Australian charm.”

“It’s nice in those parts of the world, they’re just good people … everyone talked about how much they loved the house and saying they felt like it has been loved,” he said.

It was an emotional sale for both the owners and the tight-knit street.

“One of the neighbours burst into tears when they heard they were leaving … and even the cat is almost like a neighbourhood cat.

“(The seller) is a lovely lady and its great to see good things happen to good people,” he said.

Vendor Jenny Boller and her daughter Coco Paige although “very sad,” to say goodbye, were thrilled with the result.

Ms Boller revealed her dream price was $3.5m and she was particularly pleased that it had sold to a family.

“I really didn’t want to sell it to a developer because we have had so many memories here,” she said.

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The backyard of the home. Picture: Sam Ruttyn

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Having owned the property since 1992, they had fond memories of kids growing up, birthday parties, Christmas’ and swims in the pool.

“We have a lovely street, a Christmas party every year, it’s a real community feel,” Ms Boller said.

“We are very unusual, we don’t have a plan, selling was such a big deal we may let the dust settle and rent for a bit as we would like to stay local.”

Both Mr Cooley and Mr Southwell revealed that they felt it was a good market at the moment that was levelling out for both buyers and sellers.

“There are buyers for everything, in a lot of cases properties are still getting good prices its not that they’re selling for significantly less, its just a little bit harder to find that buyer and get that bid,” Mr Cooley said.

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