Sydney estate

PHOTO: The house sold on Saturday for $2.3 million.

It sold for $400,000 above reserve even though it hasn’t been renovated for 53 years.

Mr Carvalho explained that in the weeks leading up to the auction, he had to work hard to water down his client’s expectations.

He added that although it had a “good land size for the area” and was in a good location, the house was “in need of a full renovation”.

They had set the reserve price at $1.9 million but he thought they would be lucky to get that.


The 311sqm property was a deceased estate in need of a “full renovation” according to the realtor after 53 years of disrepair.


“No-one had really indicated more than $1.8 million (in what they were willing to pay),” he said.

“The campaign didn’t start very strong, the numbers were right down, we juiced our buyers’ guide from $1.7 million to $1.6 million,” Mr Carvalho added.

A house a few doors down had recently sold “just shy of $2 million” but it was in a much better condition. so logically this one should have gone for less.

But things turned around at the last minute.

“In the final week all of a sudden we picked up quite a lot interest,” he said.

They had been expecting half a dozen registered bidders but on the day, nine showed up.