PHOTO: Now a residence, the building used to be a butcher’s shop and then a barber shop. Photo: Anna Kucer
A young couple made a significant investment of $3,415,000 to purchase a unique home in Newtown, once a butcher’s shop, during a highly competitive auction on Saturday. They outbid a pair of downsizers and surpassed the reserve price by $415,000, exceeding both the agent and seller’s expectations. This property, located at 223-225 Australia Street and designed by architect Stephen Sainsbury, changed ownership for the first time in nearly two decades, with its previous sale price being $1.2 million.
The house offers a private courtyard and a plunge pool while retaining its original 1880s facade, the sole remaining feature hinting at its history as a former butcher’s shop and, at one point during the 1940s, a barber’s establishment.
This auction was one of 892 scheduled in Sydney that Saturday. By evening, Domain Group reported a preliminary auction clearance rate of 69.7% based on 564 reported results, with 110 auctions being withdrawn, counted as unsold properties in the clearance rate calculation.
Thomas McGlynn, CEO of BresicWhitney and the auctioneer, expressed his satisfaction with the outcome, emphasizing the willingness of buyers to pay a premium for a one-of-a-kind property. He noted the strong competition and substantial interest from prospective buyers.
The initial price guide for the property was $2.7 million, and bidding commenced at that level, gradually increasing in $50,000 and then $25,000 increments until reaching the $3 million mark. A mix of younger couples and downsizers engaged in a spirited bidding war, with the winning buyers strategically placing their bid at the halfway point.
Renae Dickey, the selling agent from BresicWhitney Inner West, revealed that the underbidders were a downsizing couple from Balmain who had a clear budget limit. They persisted until the price reached approximately $3.4 million, at which point it exceeded their predetermined threshold.
SOURCE: DOMAIN