60 Second Auction In Kensington

fence of glebe terrrace

Vendor, Lawrence Tong, watched as his family home of almost 50 years was sold in a matter of seconds for $2.43 million.

It is the second last auction weekend of the year in Sydney and Damien Cooley the auctioneer from Cooley Auctions said, “You just saw what was probably 2015’s quickest auction.”

The Kensington property achieved $330,000 over its reserve price but that didn’t stop the vendor from “blinking away tears” as he said goodbye to a home that had housed four generations.

Mr Tong remembers Kensington to be a sleepy suburb. “In the 1960s and 1970s we didn’t need an alarm clock; we heard clip-clop of the horses every morning from the stables,” he said.

This was not the case on Saturday as 100 onlooker watched 10 registered to buy move the bidding along in a matter of seconds. Joe Recep of N G Farah believes the fast bidding was due to the size of the 700 square metre property which drew buyers who had been priced out of Surry Hills, Zetland and Randwick.

The house is immaculately presented, but dated and under new ownership the property is set for extensive renovations. This is good news for the much loved family home as the home is not slated for units.

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Are you planning to attend an auction? Make sure you know the condition of the property prior to committing an offer. Contact us to arrange a building and pest inspection so you know the condition of the home before you buy.

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