Lilianne Forbin’s estate in Rose Bay is selling $ 615,000 over the reserve

The home, at 3 Wilberforce Ave, Rose Bay, fetched $ 4.115.0000 under the hammer.

“We probably had eight or nine people actively bidding on it,” said Jeremy Wiesner of Wiesner Property, which provided $ 3 million.

With auctioneer Damien Cooley as chairman, bidding opened at $ 2.5 million and rose in increments of $ 50,000 and $ 100,000 to $ 3.8 million before two bidders battled to the end with a series of small steps.

Records show that the 316 sqm property was owned by Lilianne Forbin, who died in 2020.

It had cost her $ 175,000 in 1986.

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Although the kitchen has probably not been renovated since she bought it, the home has a practical layout where one of the bedrooms has its own bathroom and the local family buyers are likely to renovate and expand into the rear yard.

While the general market has become softer, Wiesner says buyers saw value with this detached home.

“It is a good street – it is very rare for houses to come up.

“I’ve sold two townhouses in Wilberforce over the last few months – one for $ 3.1 million and one for $ 2.7 million.

“There was a lot of attraction based on that, and the buyers knew this house was on its way.

“It’s a great place – where can you find a detached house for that kind of money?”

Wiesner agreed that the market had generally cooled this year.

“There’s definitely a lot of money left, but yesterday’s prices are not today’s prices,” he said.

“Many agents go into stock market listings with last year’s expectations, and buyers do not necessarily agree, so it’s a bit of a stalemate, and buyers persevere.

“But in terms of tent properties, people are playing a game on it, because when are they coming up again?

“Even if you include another rate hike, why would you let it go, because when’s the next option?”