Petersham boarding house fetches $3.3 million in Sydney weekend auctions

Petersham boarding house fetches $3.3 million in Sydney weekend auctions
Petersham boarding house fetches $3.3 million in Sydney weekend auctions

A 12-bedroom 1888 Victorian Petersham trophy home sold at weekend auction for $3.3 million to an investor.

Converted into 10 apartments in 1942, the four-storey mansion comes with 10 bathrooms.

The owners, Isabel Crespo and Vincente Traversa, who live in a three-bedroom rooftop apartment, collected an annual rental income of about $154,000. It will be higher once the vendor moves out and the investor buyer finds tenants for the two level penthouse, which is tipped to likely be around $650 a week, thereby giving a 5.6% overall yield.

They paid $75,000 for it in 1985, reflecting 13% annual price growth.

More than $2.5 million was tipped by selling agents Rob Clarke and Callum Edmonds of Belle Property Annandale for 29 Croydon Street, Petersham. The reserve price was $2.8 million. The suburb's median house price is $945,000, according to RP Data.

It was among the 399 auctions are scheduled over the weekend in Sydney, some 92 more than the 307 homes auctioned over the same weekend last year, according to Australian Property Monitors.

The preliminary clearance rate was 77.3%, so another strong result.

"The weekend will likely prove to be the low point for auction listings this winter with numbers now set to rise through to spring with the July school holiday break now over," Dr Andrew Wilson, the Domain Group senior economist said.

The inner west hosted the most number of auctions with 64 followed by the city and east with 52, the south with 51, the upper north shore with 46 and the west with 41.

Mosman was the most popular suburbs for auctions along with Greenacre in Canterbury Bankstown and Blacktown in the west, each with eight.

The Potts Point apartment of the founder of Cara&Co fashion and accessories concept store Rosa Alpert was withdrawn from weekend auction.

It is in the converted Victorian Italianate mansion Tarana.

The three-level apartment, first listed in 2012 with hopes of $5 million, was bought in 2005 for $4 million.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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