A property believed to have been built in 1910 went under the hammer over the weekend in a $3.1million sale after the buyer viewed the property 15 minutes before the auction .

The three-bedroom, one-bathroom property at 11A Soudan St had received more than 100 groups through its doors to inspect it ahead of the auction.

Listed via Ray White Eastern Beaches agents Angus Gorrie and Cristian De Nigris with a $2.4 million buyer’s guide, the property has attracted a demographic of buyers consisting of young families, people looking to start a family and people in reduction.

According to Mr Gorrie, 5-7 bidders were expected at the auction – and were delighted with the 60 people who were seen attending the weekend auction despite the rain.

“The sellers are an older couple who bought the property in 2011 for $1.060 million,” Mr Gorrie said.

“Many of the groups that have passed through the house have admired the traditional facade and the vestiges of 1930s grace and personality conveyed through the interiors of the house.”

The winning bid went to a couple of downsizers who saw the house for the first time just 15 minutes before the auction started.
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The sellers planned to downsize and move to their new home in Maroubra.

Features of the 298m² property include a wraparound entertaining garden with a paved terrace and lawns, a stone gas kitchen with a pantry and a dining room that includes glass beams and slate floors .

It also includes high ceilings, floors, water tanks and air conditioning.

Buyers also had the option to expand and add a secure closed garage to the property.

Location was also a major selling point for buyers, with the home located within walking distance of Randwick Village, UNSW, light rail and CBD buses.

“Openings were busy in the first week of the spring selling season, we saw very high numbers with an average of 10 shoppers per opening,” Mr Gorrie said.
“If buyers see the competition, it will often increase the value of a property.”

Median prices in Randwick have risen sharply by 11.3% over the past 12 months, with the current home costing $3.4 million to buy.

Units also rose 6.8%, with median prices hovering around $1.132 million.

Originally published as Buyer buys $3.1million home in Randwick 15 minutes after first auction inspection