100 Great Buckingham Street, Redfern
Redfern Terrace Last Traded for $17,000 Resells for $2.15 Million
A four-bedroom Redfern terrace without parking has sold under the hammer for $2.15 million after the vendor decided to adjust his reserve price just minutes before bidding was scheduled to kick off.
Vendor Adrian Mole had initially set a reserve of $2.2 million but when a property four houses down passed in with a bid of $2.55 million at an earlier auction on the same day he decided to adjust the reserve to $2.15 million to “meet the market”. Mr Mole told the Sunday Telegraph he was still “very happy” with the result considering the current state of the market.
It was the first time the home at 100 Great Buckingham St changed hands in more than 40 years, with sales records revealing it last sold in 1978 for $17,000. That price was considered a bargain at the time considering Sydney’s median house price was $43,200, according to ABS figures.
Selling agent Mary Anne Cronin of Phillips Pantzer Donnelley in Woollahra showed more than 100 groups of keen buyers through the home, with eight registering for the auction. Three of those bidders took an active part in the auction and auctioneer Clarence White received an opening bid of $1.7 million. Bidding went up in increments of mostly $25,000 and $50,000 before slowing once offers passed the $2 million mark.