A cottage built in 1914 that is understood to be the only remaining original property on Swansea's Channel Street sold at auction for a huge sum on Saturday.
The property at 5 Channel Street sold under the hammer for $2.56 million with Andrew McGrath from First National Real Estate Swansea after a spirited auction between two registered bidders.
Around 80 onlookers gathered to watch the auction unfold when it was held on-site at midday on Saturday.
"We had a lot of people through the property during the campaign," Mr McGrath said.
"There would have been at least 50 at the open house inspections and we had more than 90 email and phone enquiries from potential buyers.
"That was how big the level of enquiry was on this one. The bulk of those were from Sydney."
We spoke with the agent about the auction and the result:
The property: An original two-bedroom hardwood cottage built in 1914 positioned on a near-level block of 1069 square metres overlooking Swansea Channel. The property offered a 20-metre frontage and rear-lane access. Other features include 11-foot high timber-lined ceilings, original timber-lined walls and a double-sided fireplace.
The result: The property sold under the hammer for $2.56 million.
What made this property special: It is probably the last large block with a little old cottage on it on the Swansea Channel. It's on a 1069 square metre block and it had a 20-metre frontage and dual access.
How many registered bidders: We had five registered bidders on the day and two chased it from start to finish. Those two buyers were looking at it as a weekender property and to keep it as it was, but with a little work done to it. From what I could gather, most of the registered bidders were thinking $1.8 million to $2 million. We had recently exchanged 37 Channel Street for $1.63 million and that was on half as much land, so we felt this one was worth more. That one was a 100-year-old home as well but in better condition.
How did the auction unfold: It came down to two parties from Sydney who were bidding from the start to the end. It began with a vendor bid of $1.9 million. The auction actually kicked off quietly, no one spoke, so it kicked off with a vendor bid and then it jumped from there. It kept going up. Our first bid was $1.95 million and then it went up to $2 million. From there it went up to $2,050,000, then $2,070,000 and then it got a bit more serious. It went to $2.1 million, $2.3 million, $2.4 million, $2.45 million and then $2.5 million and $2,505,000. The final bid was $2,560,000.
Where were the potential buyers from: It was very mixed. A lot were looking at it as a block of land to knockdown and rebuild the dream home overlooking the water. The buyers are from Sydney and I believe their plan is to keep it as is but probably just do it up a little bit to enjoy.
Was the result a surprise: I thought it could go for that sort of money. We had been quoting $2.5 million but with auctions being auctions, anything could happen on the day. It could have stalled at $2.1 million or $2.2 million but no, it was a good result of $2.56 million.
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