Downsizers bump auction prices well past reserve

Michael Garofolo calls the Eastwood auction.

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Downsizers “not mucking around,” have paid “big money” for a two-bedroom Eastwood villa, pushing it $230,000 past its reserve at auction.

The home at 2/163 North Rd attracted four registered bidders with three of them active selling for $1.66m.

“That’s big money for a two-bedroom villa,” auctioneer Michael Garofolo noted.

The property had a guide of $1.38m with a reserve of $1.43m, with Stone Real Estate’s James Sarzano noting the property was popular with downsizers.

“There’s a lack of quality villas for sale in the area,” Mr Sarzano said.

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Inside the Eastwood villa.

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The villa with street frontage.

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“It had its own street frontage instead of part of a complex and it was well looked after … I think good properties are always going to sell well.”

The auction had rapid bidding with no hesitation from buyers.

Mr Garofolo put it down to downsizers having the means and willing to go beyond market expectations for their perfect property.

“With downsizers they’re at the back end of their career, you’re at a position in your life where you’ve made great equity, you’ve paid of some debt, so you’re happy to pay that little bit more,” he said.

MORE: Real estate guru sells dream home at auction

“This could be the last purchase you ever make, so you don’t want to muck around,” he said.

An unrenovated Inner South property maintaining its retro 80s design has sold $295,000 above its reserve, for $2.395m.

Unrenovated retro 80s home sells $300k above reserve.

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Popular with local families, the three-bedroom Rosebery home attracted seven registered bidders, with four of them active.

The home at 32 Sutherland St had a guide of $1.8m-$2m and the reserve set at $2.1m.

The Agency’s Anthony Kassis said it was a “special auction,” with the home popular due to its homely ambience.

32 Sutherland St Rosebery sold for $2.395m.

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“It had a nice warm feel, a retro 80s home owned by the same owner for 55 years,” he said.

The successful buyer’s mother had bought a property off Mr Kassis 30 years earlier.

“They said to me they wanted to buy from me like his mother did, it was a nice generational thing, so, happy days.”

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