Buyer who fell in love with unique Annandale home spends $5.65 million at auction

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Key points

• An Annandale home that was so dilapidated buyers could only do a drive-by inspection sold for $1.35 million.
• A waterfront home in Abbotsford sold to a buyer who plans to knock it down and rebuild.
• In Redfern, a classic Victorian terrace sold for more than $200,o00 above its reserve.

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A former automotive workshop that was turned into a luxury four-bedroom home in Annandale was snapped up by a man in his 30s for $5.65 million, after he fell in love with the property.

The buyer of 22 Nelson Street muscled out an underbidder – a single dad of teenagers – but was left to compete with the auctioneer, who made vendor bids.

Bidding opened at $5 million, with bids of mostly $10,000 following. The underbidder bowed out at $5.2 million, leaving the buyer to trade bids with Ray White auctioneer Tim Snell, before the property sold under the hammer.

Listing agent Ray White Erskineville’s Matthew Carvalho said the buyer had been one of the first to look through the property, and had been keen to buy ever since.

“He was living in a smaller version of that property in the inner west, and he was after something that was a bit of a trophy home,” Carvalho said.

The unique home was part of a larger workshop until 2014, when the property was subdivided into three warehouses and sold off.

The home sold for $5.65 million under the hammer.Credit: Brent Lewin

The original owners worked with Sam Crawford Architects to transform the building into a home with four bedrooms, three bathrooms, a leafy courtyard, a glass-roofed wine cellar and a cocktail bar.

The property last sold in 2019, for $4.18 million.

The home was one of 522 auctions scheduled across Sydney on the NRL Grand Final long weekend.

Another home in Annandale, which was so dilapidated only drive-by inspections were allowed, sold for $1.35 million under the hammer to a builder who had seen the home for the first time just before the auction.

He was one of two bidders on the property at 78 Alfred Street, with both wanting to knock down and rebuild on the 221 square metre block. The buyer is now planning to build a four-bedroom home.

Bidding opened at $1 million, with offers rising in $50,000 increments until it reached the sale price.

Michael White, of BresicWhitney Inner West, said the property had garnered a lot of interest, including from the media.

“While we had a lot of interest and attention on the property, not as many people were ultimately willing to commit to the cost of knocking this home down,” White said. “But there’s a rareness about having a blank canvas in an area that is filled with 100-year-old houses. So, builders will come from far (get their hands on one).”

In Redfern, a classic two-bedroom Victorian terrace at 70 Kepos Street sold for $1.819 million – more than $200,000 over the $1.6 million reserve.

Adrian William’s Adrian Tsavalas said the hotly contested auction saw eight registered bidders battle it out for the keys, including the home’s current tenants, who were hoping to make it their first home.

Sadly for them, it was a second home buyer who became the winning bidder, who wanted to upgrade from a smaller property. Bidding opened at $1.5 million, with aggressive bids taking it quickly to its sale price.

“Everyone was surprised by the outcome and the buyers didn’t think they’d have to push that hard to secure it,” Mr Tsavalas said.

In Abbotsford, a local buyer snapped up a California bungalow for $4.72 million – $500,000 above the reserve. One of seven bidders on the waterfront spread, at 15 Marmion Road, the buyer now plans to build his dream home.

Raine and Horne Five Dock’s Chris Haliloglu said it was the first time in decades the four-bedroom home has hit the market.

“It was a unique buy … but we got lucky too. Everyone thought it wasn’t a good weekend to auction,” Haliloglu said.

Meanwhile, in Wareemba, a three-bedroom townhouse at 4/106 Edenholme Road sold under the hammer for $1,955,000, from a $1,925,000 reserve.

Nine registered bidders, five of them active, battled it out for the keys. An upsizer was the winning bidder.

Ray White Drummoyne’s Mario Carbone said the clever renovation and location attracted first home buyers and downsizers to the auction.

“It’s such a niche suburb here and homes like this rarely come up,” Carbone said.

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