Westmead unit block smashes reserve by $2m at on-site auction

A unit block in Westmead sold nearly $2 million over reserve to a local family for $3,855,000, as punters attended the first weekend of onsite auctions in six weeks due to an easing of COVID-19 restrictions.

The block of five units at 1-5/35 Park Ave, Westmead, sits on a total land size of 714.5sqm and features two two-bedroom units, two three-bedroom units and one three-bedroom split level unit.

Ray White Commercial Western Sydney Principal Peter Vines says of the 15 registered bidders 12 were active and made 118 bids before the hammer finally fell. He says the sales price wouldn’t have been as high if the auction was conducted online.

“The auction was originally due for Wednesday last week but when we got the tick to allow onsite auctions, we decided potential buyers would be more comfortable with an onsite auction and that’s the reason we received the price we did,” he says.

Close to the Children’s Hospital at Westmead

The block is just down the road from the local park.

“We marked out on the ground with tape where bidders could stand to respect social distancing rules and we had to register all attendees.

“In online auctions you cannot see other people, there is no back and forward between bidders and at a physical auction if you are about to miss out on a property and you can see the other people bidding it spurs on that competition … you don’t get the same level of emotional online.”

This article from The Daily Telegraph originally appeared as “Westmead unit block sells $2m over reserve in first onsite auctions after eased restrictions”.