18-02-2017 – Buying Property At Auctions – Upper North Shore

Today I’m attending two auctions in the Upper North Shore.

It’s a day of potential knockdown and re-builds.

The first auction is in Hornsby. I’m predicting this property will sell around $1.2m.

The second property is in Gordon. The guide price is just over $1m. I’m predicting this property will sell for around $1.55m.

I will elaborate in more detail about the properties and auctions later today.

An overview of the auctions:

The first property at 31 Nursery St, Hornsby was very interesting.

31 Nursery St Hornsby

It’s a total knockdown in my opinion. The land at the back has a big slope. You would need to undertake alot of excavation or have a very clever home design.

The auction had about 30 people there.

Auction One Hornsby

There were 3 serious buyers.

The auction started at $1m. Gradually went up to $1.1m. Then $1.2m. From $1.2m the price gradually crept at times of $500 increments, $1,000 increments, back to $5,000 increments. Eventually landing up at $1.29m.

The second property was at 82 Ridge St, Gordon.

82 Ridge Rd Gordon

As soon as I entered this property I knew my earlier prediction would be well out.

There must’ve been about 100 people at the auction.

Auction Two Gordon

The reserve was apparently $1.1m. Which is probably why!

The property is another total knockdown in my opinion.

The buyer will likely knock it down. Then build a granny flat on the back with the side access.

The auction was quick and too the point. Like a 100m final with one Usain Bolt. Moving from $1m with pace through to $1.7m then gradually to $1.8m and finishing at $1.81m.

All in all an interesting day of auctions.

Dean Berman