UPDATE: A renovation-ready apartment in Enmore has just sold for $1,061,000, exceeding its reserve price by $111,000. The competitive auction attracted 14 registered bidders and took place earlier today, showcasing the high demand for properties in Sydney’s inner west.
The two-bedroom apartment, located at 6/33-37 Tupper Street, was estimated to fetch between $900,000 and $990,000. Despite its outdated features, including salmon-colored walls and floral kitchen tiles, the apartment captured the interest of mainly owner-occupiers, including the winning bidder from nearby Tempe.
“This property offers a unique blend of size, location, and potential,” stated auctioneer Brad Heffernan. The 93-square-metre unit is situated in a block of 15, just a stone’s throw from the vibrant King Street in Newtown, an area noted for its lively atmosphere.
Real estate agent Michael White of Adrian William Real Estate emphasized the apartment’s favorable attributes, saying, “Even though it needs a lot of work, it has fundamentals that are hard to find: decent size, car parking, a good spot, private, north aspect, top floor, and the light.”
The auction commenced with an opening bid of $875,000, moving in increments of $5,000 before hitting the final price. The apartment’s proximity to Enmore Road—dubbed Sydney’s coolest street by Time Out magazine in 2022—adds to its allure.
This sale was part of a larger auction event, with 702 auctions scheduled across Sydney this weekend, reflecting the ongoing demand in the property market. As the city continues to evolve, properties like this one demonstrate the potential for value despite their current condition.
For those considering entering the Sydney real estate market, the competitive nature of today’s auction serves as a critical indicator of the high stakes involved. What happens next? Watch for more developments as the market adapts and evolves in real-time.
