Rundown deceased estate in Sydney’s north shore sold for almost $4 million in an intense auction. Picture: Savills Cordeau Marshall
A TIME-warped deceased estate on Sydney’s north shore has sold for almost $4 million in the longest auction the auctioneer has ever been involved in.
The old federation home at 11 Rose Street, Chatswood, went under the hammer on Saturday after being held by the previous owner for many decades. It finally sold for $3,910,000 — $910,000 above its reserve price — after an exhaustive 62 minute auction.
More than 200 bids were recorded at the auction of this old federation home in Chatswood on the weekend. Picture: Savills Cordeau MarshallSource:Supplied
Auctioneer Craig Marshall, Director of Savills Cordeau Marshall Gordon, told news.com.au it is the longest auction he has seen in his 33-year long career. An average auction, he said, typically takes 15 minutes. It is rare for an auction to last longer than 25 minutes.
The property sold for $910,000 above its reserve price, selling for almost $4 million. Picture: Savills Cordeau MarshallSource:Supplied
The 12 registered bidders battled it out with more than 200 bids recorded. Five serious bidders ended up pushing the price to almost $4 million.
Mr Marshall said it started off with bidding increments of about $50,000 but as the competition heat up bidding decreased to increments of just $1,000, at times even $500. He said there was a lengthy 10 minute stretch of $1,000 bids before hungry buyers threw in $20,000 and $30,000 bids to knock out the less serious competition.
With original, dated features still in tact, 11 Rose Street looks as though it is stuck in a time-warp. Picture: Savills Cordeau MarshallSource:Supplied
Despite its dated appearance, the original period home was sought after for its location.
“It is in an area of Chatswood which is all housing, rather than units,” Mr Marshall told news.com.au.
The five-bedroom home is on a large 891sqm block of land and is described on its listing as an “opportunity to restore it to its former splendour”. Original features include high ceilings, a traditional marble fireplace, plantation shutters and stained glass windows. However, it looks like its stuck in a time-warp, with its dated carpet, light fittings and wallpaper.
The home was eventually sold to a Chinese-born permanent resident who has plans to renovate and rent it out as an investment property.
The house is in a highly-sought after area of Chatswood. Picture: Savills Cordeau MarshallSource:Supplied