In a unique event in the Australian real estate market, a one-bedroom house, with only one door inside, nestled in a former factory in Northcote, recently sold. This three-level property demonstrated the strength and appeal of an unconditional offer in a competitive market. The property, located at 8/26-36 High St, attracted attention from all over the country. However, despite multiple interested buyers, only one party was eligible to bid without a ‘subject to finance’ clause from their bank.
The auction kicked off with an initial vendor bid of $600,000. This was followed by a bid of $620,000 from a couple planning to move back to Melbourne after residing in Canberra. However, due to the lack of further eligible bidders, the property was passed in for negotiation, falling slightly short of its $630,000-$680,000 price guide. Eventually, the property was sold for $670,000.
The irony of a single bidder for a one-bedroom home was not lost on the vendor, Kate Van Der Lit. Despite its compact size, she stated that she never felt confined while living there, even during Melbourne’s extended Covid-19 lockdowns. She compared living in the home to residing in any two-storey house, albeit with the exception of having only one door inside the property.
Van Der Lit spent most of her time in the top-floor living area. The bedroom and study space on the second mezzanine level were surprisingly quiet due to the thick brickwork of the former factory. She expressed her confidence in the rising market after observing it closely for several weeks. “People are seeing the end in sight with interest rates, and they’re always a lot happier at this time of year when the sun starts shining,” she mentioned.
The former owner also commented on how she would miss the walking lifestyle that her unique home offered after moving to Chirnside Park to accommodate her expanding family.
Denise Kriaris, a Northern Beaches Buyers Agent from Nelson Alexander Northcote, noted that there were four potential buyers at the auction who were interested in bidding. However, their banks had stipulated they could only make an offer subject to finance. Shortly after the auction, Kriaris received a call from another prospective buyer based in Sydney, who also wanted to make an offer subject to finance. This Sydney Buyers Agent noted that several people missed out on this unique property and added that there was nothing else like it currently on the market.
Kriaris also mentioned that the Northcote market was performing well in the spring season. This unique sale demonstrates the value of unconditional offers and the importance of having your finances in order before bidding at an auction. If you’re looking to Get help buying in Sydney or any other Australian city, it’s important to have a clear understanding of the local market and the requirements for making a successful bid.
This unique property sale highlights the dynamism and variety of the Australian property market. From one-bedroom homes built into former factories to sprawling estates, there’s something for every buyer. Whether you’re a Lower North Shore Buyers Agent or a first-time buyer, understanding the intricacies of the market is key to finding the right property at the right price.