Sydney auctions: Darlinghurst terrace resells for nearly $3m after John McGrath makes surprise appearance – realestate.com.au

Sydney auctions: Darlinghurst terrace resells for nearly $3m after John McGrath makes surprise appearance - realestate.com.au

McGrath Property Brokers founder and CEO John McGrath on the public sale for a Darlinghurst terrace. Image: David Swift


A historic Darlinghurst terrace final renovated within the Eighties has bought for practically $3m at a stress cooker public sale known as by actual property tycoon John McGrath.

The four-level property at 165 Crown St, which included a double storage, had final traded in 1977 for $24,000 and the value was practically $500,000 over reserve.

The property was final renovated within the Eighties and the dated inside was thought-about a “clean canvas” for renovators. 9 patrons registered to bid.

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Whereas introducing the property to bidders, Mr McGrath mentioned the household who had lived there for 45 years had “fond reminiscences” of the property within the coronary heart of Darlinghurst.

“On this location, why wouldn’t you?” he mentioned, including that they have been sitting on a “gold mine”.

Darlinghurst auction

There was a crowd of onlookers, together with 9 registered bidders. Image: David Swift


“That is going to be one of the crucial wanted addresses in Sydney in coming years,” he mentioned, drawing parallels between Darlinghurst and historic New York suburbs the place the row homes now promote for upwards of $10m.

“You received’t be capable to purchase these in a couple of years,” he advised bidders.

Mr McGrath, the McGrath Property Brokers founder and TV character, not often auctions off properties and was not initially anticipated to be the auctioneer for the Crown St dwelling.

Promoting agent Fraser Turvey mentioned the sellers have been delighted to find the corporate CEO can be calling the sale.

The inside mirrored among the tastes of house owners within the Eighties: some rooms have been decked in wooden panel, whereas floral carpeting appeared within the lounge.

Darlinghurst auction

The Terrace final bought in 1977. Image: David Swift


Darlinghurst auction

It was final renovated within the Eighties. Image: David Swift


One room was painted pink. A rooftop space – extremely uncommon for a terrace – was embellished with small Roman-style pillars.

Bidding commenced at $2m and there was sturdy bidding from patrons making presents on web site, through phone or on-line.

The hammer ultimately dropped at $2,985,000. Mr McGrath mentioned in the course of the public sale that the underbidder might remorse not providing extra.

“He’ll be mendacity in mattress tonight wishing he had bid $3m … think about what will probably be value in a couple of years’ time.”

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