How a 70-year-old cottage benefitted from the 2020 market
From deluxe mansion to dilapidated shed, the true value of the property begins with the land the house sits on and the bones of the home.
When Belle Property Manly’s Emma Cameron was approached to oversee the sale of original 1950’s North Manly cottage - held by the same owner for the last 70 years – she knew she had a goldmine on her hands.
While the property’s look and feel was typical of it 1950’s era - including the original kitchen, wallpaper and carpets throughout – it was also situated in a desirable pocket of North Manly with close proximity to schools and shops on an expansive 692sqm parcel with grassy level lawns.
“While many would view the block as a renovator’s delight, given the antiquated design and fittings throughout, the bones of the house are very attractive. The generous bedroom and living space sizes are distinctive for the area, as are the sweeping lawns surrounding. This opened interest up to both those looking to enter the market with the original home, and those with the resources to undertake a complete redo. Knock down rebuild opportunities often attract a lot interest as it allows a buyer to build their ideal dream home,” says Emma.
On what she believed would motivate buyers, Emma commented “I was confident that the sale was coming at the right time to attract the maximum value for such a unique block.”
“There seems to be an insatiable appetite from buyers for houses on the Northern Beaches right now and with such low supply, conditions are proving exceptionally ripe for sellers. While the house was a unique selling point, it was the location of the property and the large plot of land that attracted interest.”
Buyer interest was so strong, in fact, that Emma was able to push the auction forward by a week and run a 3-week campaign. With a total of 26 registered bidders, some of whom registered sight-unseen on the day, the property sold under the hammer for a whopping $2,435,000 on a bidding guide of $1,700,000.
“The result was truly phenomenal given the original condition of the 70-year-old home. It can partially be explained by the level of pent-up interest across the market, due to the buying restrictions earlier in the year and the historically low interest rates,” Emma explains.
She advises “anyone thinking of selling a house and is holding off until next year should seriously consider going to market now as this demand from buyers is set to continue through the Christmas/New Year period due to travel restrictions.”