Tiny Paddington terrace sells for $1.72m, $232k over reserve, in nailbiting public sale

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Victorian Terrace Auction

The profitable purchaser of 76 Caledonia Avenue, Paddington, which offered for $1.72m tonight. Image: Richard Dobson


A younger couple paid $1.72m — a whopping $232k over reserve — for a tiny rundown Paddington terrace at a nailbiting public sale tonight.

The person, who seemed to be in his 30s, jokingly provided a bid of $20 directly stage.

“No it’ll must be $1,720,” the auctioneer Damien Cooley replied, which amounted to a $3000 bid. There have been then a collection of $1000, $2000 and $4000 bids earlier than the gavel fell.

Costing its homeowners $41,500 in 1979, the two-bedroom terrace at 76 Caledonia Street was on simply 74 sqm of land.

It had two dingy bedrooms upstairs and the kitchen, with its cabinets hanging off their hinges, and 70s-era toilet, have been in the back of the property.

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The kitchen and toilet haven’t modified a lot for the reason that Seventies.


The main bedroom was in British racing inexperienced colors.


There’s even a non-working ramshackle outside dunny on the rear of the tiny courtyard.

The bidding was intense from the get-go, beginning at $1.3m (from purchaser’s agent Mark Cadry) and rising shortly in $25,000 increments.

The profitable purchasers, who didn’t want to be recognized, entered the race about midway by.

Benjamin Storrier, the son of Archibald Prize-winning artist, Tim Storrier, was within the entrance row along with his associate and a good friend, and made a couple of early presents on the well-located property.

The property was provided as an empty shell.


Victorian Terrace Auction

Auctioneer Damien Cooley, with colleague Jake Moore, at tonight’s public sale. Image: Richard Dobson


The agent, Evan Williams of Ray White The Rubinstein Group, had 18 registered events, with all however two — two separate teams of builders — competing.

Williams was gobsmacked with the response.

“I ended up having 45 contracts out on this property, which I’ve by no means ever had earlier than,” he mentioned.

“And to have 12 registered events forward of the public sale as I did, is unparalleled.”

Three of these competing for the property have been bidding on-line from their loungerooms, which is lucky as a result of packed public sale rooms are, today, not allowed.

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Victorian Terrace Auction

The group at tonight’s public sale. Image: Richard Dobson


Victorian Terrace Auction

Vendor Clytie Cullip had purchased it in 1979 for $41,500. Image: Richard Dobson


One other COVID-19 development is the disappearance of buyers. “Gone are the times the place they’re wanting on the rental estimate, it’s extra about future prospects,” says Williams.

So rich Child Boomers are there shopping for both for his or her first-home-buyer kids — “they’re asset-rich in order that they’re lending or gifting bigger deposits to their kids” — or themselves.

“They could lease it out for a brief time frame, however they’re wanting on the walkability,” he provides.

“This one was solely 150m to Queen Avenue, so anybody that desires that cafe way of life they’re taking a look at buying one thing like this that they will add worth to.”

In 1979, Clytie Cullip had purchased the terrace for her brother, people singer Sean Cullip, of Sean and Sonya fame, to stay in.

First house consumers are additionally energetic within the inner-city, says Charles Touma, principal of of Ray White Touma Group, the place tiny two-bedroom unrenovated terraces have dropped to the $1.1m to $1.3m mark.

“Something that’s renovated or larger is nearer to $1.4m to $1.5m,” he says.

And he mentioned there first timers have been preferring renovated properties over unrenovated.

“There’s much less danger, so renovated is extra in style,” he mentioned.

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