A nervous home seller was seen teary eyed after her Willoughby home sold $350,000 above reserve at auction this weekend.
Selling for $3.65m, Pam Joh, owner of 9 Penkivil St Willoughby was feeling bitter sweet about saying goodbye to her home of 15 years.
“I’m going to miss it here,” she said.
“It’s been great (living here). When I first saw the for sale sign, I almost cried,” she said.
Ms Joh was however surrounded by family and close friends that were very supportive and happy for her.
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![Hot auction](data:image/svg+xml,%3Csvg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720"%3E%3C/svg%3E)
Seller Pam Joh was teary eyed but had support from friends and family saying goodbye to her Willoughby home. Picture: Sam Ruttyn
Property records show the house sold for $830,000 in November 2008, leaving Ms Joh with a $2.82m windfall in 15.5 years.
Despite her love for the area and the hefty result, Ms Joh said she’d be moving out of the suburb.
“I think I’ll be moving further west, I can’t afford here,” she laughed.
One of Ms Joh’s friends however said she was sure she would move back into the area eventually.
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Ray White Upper North Shore agent Jessica Cao said the final result was a big surprise.
“It sold well beyond expectation,” she said.
Jason Keen auctioneered the home which sold for $3.65m, $350,000 above reserve. Picture: Sam Ruttyn
The reserve was set at $3.3m, but she said Ms Joh’s dream was to sell at $3.4m.
There were 11 registered bidders with four of them actively bidding.
“We thought we would get five bidders, best case eight,” Ms Cao said.
The winning bidders were a young family who jumped into action towards the end of the bidding.
The bidding was competitive, starting right on the price guide at $3m.
Within three bids, the property was on the market and had hit the reserve.
The backyard was packed. Picture: Sam Ruttyn
Indicating it was a sellers market, Ms Cao said there wasn’t a lot of turnover in Willoughby and surrounds.
“When people have family they tend to come to the North Shore because of the schools and the area. They typically stay at least 10 years before they move on,” she said.
“So there’s quite a shortage of family homes.”
PropTrack data indicated that there were over 1,100 seriously interested buyers in Willoughby in the past month, with only eight houses on the market.
Inside the Willoughby home. Picture: Sam Ruttyn
Lead agent Jessica Cao, Lyndon Towns and seller Pam Joh.
Willoughby’s median house price was currently $3.238m, up 7.9 per cent in the last 12 months, according to PropTrack data.
In another North Shore auction, a Lane Cove home has sold for $3.5175m, smashing its reserve by more than $600,000.
The property at 28 Tambourine Bay Rd had an auction guide and reserve of $2.9m
With 11 registered bidders, a local family who loved the character of an older home came out on top.
Lead agent and Belle Property Lane Cove Principal, James Bennett, said it was an “amazing” result.
“We had big interest in the property with the unencumbered block that you could renovate or rebuild on, with great proximity to the village,” he said.
The simple Lane Cove home sold for $3.5147m, $600k above reserve.
Inside the 28 Tambourine Bay Rd.
The vendors were investors who had owned the property for a long time and were cashing in on their investment.
The buyers planned to renovate and extend on the current abode, according to Mr Bennett.
“It was a really good price, unexpected, but at the same time its hard to find these kind of opportunities.”
Lane Cove’s median house price is $3.2m, according to PropTrack data.
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