Surprise Waterfront Apartment Purchase Shocks Teenagers, Sparks Excitement, Australia

Date:

Updated: 12:32 PM, Sat September 16, 2023

Teenagers Left in Shock and Excitement as Surprise Waterfront Apartment Purchase Unveiled

In a surprising turn of events, two teenage boys were left in awe when their mother revealed her secret purchase of a stunning waterfront apartment in Sydney’s inner west. While the boys were engrossed in their video games, their mom, Elizabeth (who preferred not to disclose her surname), was busy outbidding 10 other buyers to secure the highly sought-after property in Drummoyne.

With a competitive auction that saw five out of the ten registered bidders actively participating, the three-bedroom waterfront apartment went under the hammer for an impressive $2.18 million. The property, located at 4/12 Wolseley St, had not been on the market for over 50 years. Originally purchased by its previous owner in the 1970s, the apartment had sentimental value attached to it. However, after the owner’s passing, her children were emotional yet pleased with the outcome of the auction.

The auction, presided over by Ray White NSW chief auctioneer Alex Pattaro, took place in the building’s communal pool and entertaining area, situated right on the waterfront. Pattaro emphasized the exceptional opportunity the apartment presented, given its prime location near schools, cafes, and restaurants. He also highlighted the unobstructed view that the apartment provided, stating that it was a view that could never be built out.

Bidding for the apartment commenced at $1.6 million and rapidly rose to $2.15 million, with increments of $100,000 and $50,000. Eventually, with a final bid of $20,000, Elizabeth, aided by a friend who bid on her behalf, triumphantly secured the new home for her family.

Elizabeth explained that she was immediately drawn to the apartment due to its fantastic location and breathtaking pool area, which overlooked the Parramatta River. Excitedly, she revealed her plans to move in with her sons and undertake some upgrades, including a new bathroom.

Real estate agents from Ray White Drummoyne, Mario Carbone and Jessica Carbone, commented on the overwhelming interest the property received. They reported that a staggering 160 groups toured the apartment, leading to the issuance of 30 contracts. The final sale price exceeded the reserve price by $280,000, highlighting the intense competition and favorable climate for property auctions.

As the auction market heats up with the arrival of warmer weather, the number of bidders continues to rise, bolstered by buyers’ confidence following three consecutive interest rate pauses. This particular auction in Drummoyne was one of 794 scheduled across Sydney that week, underscoring the ongoing demand in the city’s property market.

The remarkable story of Elizabeth surprising her teenage sons with the purchase of a waterfront apartment serves as a testament to the excitement and unpredictability within the real estate industry.

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Shreya Gupta
Shreya Gupta
Shreya Gupta is an insightful author at The Reportify who dives into the realm of business. With a keen understanding of industry trends, market developments, and entrepreneurship, Shreya brings you the latest news and analysis in the Business She can be reached at shreya@thereportify.com for any inquiries or further information.

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