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HomeNewsSydney auction wrap: Supermarket shoppers buy Punchbowl home sight unseen

Sydney auction wrap: Supermarket shoppers buy Punchbowl home sight unseen

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There were a number of properties that passed in without a sale over the weekend.


Offered to the market for the first time in 100 years, a Western Sydney home has surpassed price expectations at auction over the weekend.

Situated just 400 metres from Punchbowl station, the four bedroom and one bathroom property at 34 Matthews St in Punchbowl had been passed down through the same family for a century.

Prior to auction, Ray White agent John Yatman was expecting more than 10 bidders.

The auction itself saw 12 registered bidders, with the eight actively bidding.

Auction Photography for the Sunday Telegraph

Pictured is the winning bidder, who had just stumbled into the auction after going food shopping at the nearby centre. Picture: David Swift


But the biggest surprise on the day wasn’t the number of bidders or the sizeable crowd.

There were 78 bids in total, with bidding starting at $1m.

According to Mr Yatman, the home performed well above expectations – selling $200,000 above reserve.

“The properties we’ve listed to market have seen strong buyer activity, as evidenced by today’s auction,” Mr Yatman said.

“I think buyers are becoming more comfortable with the price. There is a degree of uncertainty among buyers looking for mortgage approvals, but they generally have kept up with the pace of change over the year.”
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Auction Photography for the Sunday Telegraph

Saturday Auction at 34 Matthews St, Punchbowl, the house has been in one family for 100 years. Auctioneer is Alex Pattaro. Picture: David Swift


The successful buyers of the Punchbowl home were identified as locals who had just come back from doing their food shopping, spotted the home for sale, and decided to bid on the property sight unseen.

Ray White Auctioneer Alex Pattaro, who conducted the sale, said the buyers were a young family looking to secure a spot in Western Sydney.

“It was a massive surprise for the vendors, John and myself,” Mr Pattaro said.

Auction Photography for the Sunday Telegraph

The home at 34 Matthews St, Punchbowl sold for $1.466m. Auctioneer is Alex Pattaro. Picture: David Swift


“We’ve seen plenty of buyers looking to secure a property before the end of the year, and I think this is an (albeit extreme) example of that.”

Location was a major selling point for the property, being close to local schools and the Punchbowl Shopping Centre.

The 733 sqm property included a range of features; a large kitchen with eat-in dining space, high ornate ceilings, airconditioning and a generous backyard with a lockup garage.
Buyers had the opportunity to further develop the property with potential R4 High Density Zoning subject to council approval.

Auction Photography for the Sunday Telegraph

The home at 34 Matthews St in Punchbowl hadn’t been offered to the market for 100 years. Auctioneer is Alex Pattaro. Picture: David Swift


Over the past year, median prices in Punchbowl have risen by 12.2 per cent – with the current home costing $1.167m to buy.
“This was an emotional sale for the family selling the Punchbowl home,” Mr Yatman concluded.

“They’re definitely happy with the result and the level of interest the home received throughout the campaign. Their mum who sadly passed away this year was a well known local.”
There were a number of successful sales over the weekend including a three bedroom and two bathroom Victorian terrace selling for $50,000 above its reserve price.
Built in circa 1888, the property at 15 Bowns Rd in Kogarah features an open outlook stretching over the Botany Bay foreshore.

15 Bowns Rd, Kogarah sold for $1.675m

15 Bowns Rd, Kogarah sold for $1.675m


Over 100 groups inspected the property prior to auction, which had been listed by Belle Property’s Rod Mumford.

Opening bids started at $1.4m, with the next bid jump-starting the price to $1.6m before slowly increasing towards the final result of $1.675m.

Auctioneer Andrew Cooley from Ave Auctions conducted the result, telling The Daily Telegraph that the property offered loads of character for buyers and also enjoyed a convenient location.

The property at 82/7 Macquarie St in Sydney sold for $4m at auction.

The property at 82/7 Macquarie St in Sydney sold for $4m at auction.


“Buyers are much more interested to get into the market at this time of year. I think sentiment has improved immensely, buyers see value in the properties available right now and vendors are genuine in their intent to sell,” Mr Cooley said.
The potential interest rate movement next week may have spooked some buyers, with an increasing number of properties passing in at auction.
Both 27 Alexandra St in Hunters Hill and 2605/71 Spring St, Bondi Junction passed in at auction over the weekend – with guides of $2.6m and $2.5m respectively.

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Story Credit: news.com.au

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