NSW real estate: Just $100 more seals the deal after nearly 1.5-hour auction of 279 bids for Warrawong home

An “epic” auction ensued as a Warrawong home sold after a staggering 279 bids were placed.

The auction attracted 20 registered bidders and a sizeable crowd of onlookers on Saturday.

The selling agent, Rachael Griffin from First National Wollongong filled us in on the sale.

The property: The three-bedroom home at 14 Jackson Avenue, Warrawong. The home sits on 658 square metres and features a single-level layout, updated bathroom, laminate timber kitchen with plenty of storage, spacious dining and a separate lounge room.

The old dwelling at the back was the original house, which is now dilapidated. The property had never been on the open market; it had been in the same family for about 60 years.

The result: The home sold for $800,000 under the hammer. It sold for well above the reserve price. The home had an auction guide of $590,000.

What made the property special?: The location — being close to the lake, and that it’s a tidy, three-bedroom brick home. It has good bones.

You could move straight in; there isn’t anything that’s not working. The kitchen is dated, but everything opens and closes, etc. It’s ready for its next owner to add their finishing touches to it.

Setting the scene at the auction: It was an epic auction; our auctioneer Leanne Brailey was definitely kept busy. We had 20 registered bidders, eight of which actively participated in the auction. The registered bidders were a mix of Sydney investors and locals.

It was intense, and we had a large crowd of 60-80 people. But because of the length of the auction, we lost a few spectators along the way.

How did the bidding unfold?: The auction went for an hour and 20 minutes, with 279 bids placed. Bidding opened at $600,000, and it hit the $700,000 mark pretty quickly. Then the bidding slowed down to lots of $500, $250, and then $100.

It was just two bidders that took it another $100,000 in small increments. They really battled it out. A lot of the bidding was rapid, but there were times when they were pausing to see what the other bidder was going to do.

Where are the buyers from?: The successful bidder was acting on behalf of their parents, who were unable to attend. The buyer is from out of the area, and they will be renting the property out. They opened the bidding and were ultimately the successful buyers on the day.

This story was originally published on view.com.au.