In Australia’s crazy housing market, an apartment without a kitchen has attracted 14 registered bidders and sold for more than $3 million.
The two-bedroom unit, in Sydney’s exclusive suburb of Mosman, had a guide price of $1.8 million, but with six of the 14 people registered bidding, the price went well beyond that.
When the winning bid was made, the unit upon unit at 1/53 The Esplanade sold for an incredible $3.31 million.
This went far beyond what auctioneer Clarence White had expected, who said he was “stunned” by the speed at which the bidding escalated.
“It’s a rather run-down little apartment of only 64 square metres,” Mr White said real estate.com.au.
‘It was fanatically fast bidding. It is difficult at the moment, there is a lot of slow bidding. People are reluctant… but that was crazy.”
Although the target price was $1.8 million, the bidders showed how serious they were when the first bid was $2 million.
Mr White said the jumps in bids from $2 million to $3.31 million showed why properties were being brought to auction.
In Australia’s frenzied housing market, an apartment (pictured) without a kitchen sold for more than $3 million with 14 registered bidders
‘Because it is impossible to predict what the competition will do that day and if it goes well, the process can yield a prize that no one thought possible.’
The property, which came from a deceased estate, looked even worse before it was listed, said David Buttel of Aurora Property.
They took out the old kitchen and the window coverings that were falling apart.
This added to the appeal of the apartment, showing buyers how they could design a new kitchen, he said.
The location, a stone’s throw from Balmoral Beach, was the main driving force behind the bidding war.
Mr Buttel said most bidders were people who could see themselves living in the unit now or at some point in the future.
The two-bedroom unit, in Sydney’s exclusive suburb of Mosman, had a guide price of $1.8 million
The unit, in the exclusive Sydney suburb of Mosman (pictured), had a guide price of $1.8 million, but with six of the 14 people registered bidding, the price went well beyond that.
“If you have the money to live there, you take whatever it takes to live there. It was an emotional outcome,” he said.
Another big draw was that the property had parking – a very valuable asset in Mosman.
‘There are a few other apartments for sale (in the area), neither of which have a parking space, and it is very difficult to get a parking space within a few hundred meters of your apartment on a day like today. ‘
But despite the great location and parking, Mr Buttel still said: ‘It sold well beyond our wildest expectations.’