Attracting more than 120 people, a federation house in Chatswood sold at auction for $3,910,000.
Attracting more than 120 people, a federation house in Chatswood sold at auction for $3,910,000.
Selling for circa $910,000 over the reserve price, there was heated bidding for the house. With the first bid at $3 million, 206 bids later, the house sold.
Auctioneer, Craig Marshall of Savills Cordeau Marshall, said he hadn’t seen anything like this in his 30-year career.
11 Rose Street, Chatswood had been family owned for nearly 50 years and was packed with charming traditional features. Set on 891 square metres with northerly-facing level gardens, the house offered a special floorplan with endless potential to renovate and capitalise over time.
Selling agent Raymond Lin of Savills said that prior to the auction he had more than 120 inspections.
“This was a rare offering to the market. Not only was it located in a quiet street, there was the added benefits of only being a stroll to transport, Beauchamp Park and all of the Chatswood’s lifestyle facilities.”
In late October, William Chan of Savills Cordeau Marshall sold 74 Fullers Road prior to auction for in excess of $2.6 million. Built circa 1915, the fully renovated house offered character and charm.
With a median house price of $2,220,000 (CoreLogic), Chatswood has witnessed significant growth. Since 2010, Chatswood’s cumulative capital growth in median house prices has increased 72.5% compared to the wider Willoughby market at 56%.
“The market is being fuelled by the shortage of stock. The flow on effect is increased demand from buyers, resulting in competitive bidding and eventually higher prices,” added Mr Marshall.