The following article was published by Realestate.com.au on 24/08/21.
Three charities are set for a major financial boost following the epic auction of a rundown house in the inner west.
All proceeds from the sale of 197 Lilyfield Rd minus the marketing costs will be donated equally between RPA Cancer Research, Victor Chan Cardiac and Royal Guide Dogs.
The $1.825 million sale price has meant the three charity would receive a substantial boost after the deceased estate
Fourteen buyers registered for the virtual auction and about half took part in the fast and firey affair.
Bidders were made up of young couples, first homebuyers and those interested in a project.
The two-bedroom semi was purchased by two brothers who were in the market for their first property. The duo stunned Auctioneer Clarence White, the selling agents and other bidders with their first bid of $1.6 million.
This was a $200,000 jump on the previous and opening bid of $1.4 million and saw the auction held on Zoom fall into silence for several moments while buyers worked out how to combat that bid.
“In a hot market we find buyers will try to place a big bid like today to try to deter the competition,” Mr White said.
The bold bid knocked out most of competition and result in three bidders trading several blows over the rest of the auction. Bidding mostly rose mostly between $10,000 and $25,000 increments.
DIB CHIDAIC’S Olivia Bekiaris, who sold the property with Dib Chidiac, said the eventual sale price was beyond what they thought was possible after a strong campaign.
“All feedback had been between $1.4 million and $1.5 million, so this price was very unexpected,” she said.
