10 Bailey Crescent, North Epping sold for over $1.34 million.
10 Bailey Crescent, North Epping sold for over $1.34 million.

Buyers don’t want house they bought for $1.34m

There was a pool, three bedrooms and a roomy kitchen - but none of these attributes appeared to matter when a brick cottage in North Epping went under the hammer.

The 1950s-built home at 10 Bailey St sold for $1,345,000 - $145,000 above the reserve price at a packed out auction today.

Selling agent Catherine Murphy of The Agency said the price represented "land value-only" since the buyers planned to knock the home down and rebuild.

The auction was one of the biggest across Sydney today as buyers tried to find time for auctions in between voting at the NSW state election.

The North Epping home was in decent condition but was more sought after because of the land value.
The North Epping home was in decent condition but was more sought after because of the land value.

A crowd of about 150 people converged on the home for the auction and 17 registered, 10 of who actively submitted bids.

The opening bid was $850,000 and bidding quickly surpassed the $1.15 million price guide and then the $1.2 million reserve.

At 1113sqm, the property offered the "perfect block", Ms Murphy said. "You could build a monster of a house there if you wanted."

Ms Murphy showed more than 70 groups through the home in the lead up to the auction and issued 16 contracts of sale.

"Buyers are still out there," she said. "There has been a lot of negativity about the market but now people are realising that it's actually a fantastic time to buy.

"You can get much better value than you would have as a buyer two years ago … the (market) is more accessible."

The Bailey St auction was one of only 343 homes scheduled to go under the hammer for the day in what was a subdued weekend of property sales, largely due to the election.

Last weekend there were about 500 auctions and over the same time last year there were more than 1000.

CoreLogic auctions analyst Kevin Brogan said the softer market was discouraging many homeowners from taking their homes to auctions but sales volumes would likely pick up in the weeks before Easter.


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