Raise It Up ... Knock It Down

Sun Herald

Sunday March 25, 2007

By Michelle Singer

A HIGH opening bid of $530,000 from Pam Alidenes and her daughter Nina was designed to make their competition - 20 other registered bidders - sweat a little more in yesterday's heat.

More than 40 contracts had gone out on the Edith Street, Leichhardt, property with its three-bedroom weatherboard home. But the high opening bid - only $20,000 off the reserve - scared most people away.

The final offer of $615,000 from Pam and Nina finished it off. "I didn't really want to pay that much," Pam said. "I was thinking more around the $590,000 mark."

The property, on 360 square metres and still in its original condition, had been owned by one family for 53 years. Its auction attracted first home buyers, developers and families.

Although Pam inspected the property four weeks ago, she only sold her own home on Wednesday. "I didn't consider this place again until last night, really," she said.

Nina, who left her Summer Hill business, the Envy Cafe & Gallery, during its busiest period to buy the home with her mum, said: "We've been looking but not committing, doing drive-bys, really. It's always for something that can be knocked down and rebuilt." And that is what they plan to do. They have two designs in mind and will talk with Leichhardt Council and builders soon.

"I have done quite a lot of research," Pam said.

"We'll have to see if the designs are suitable. I don't think what we want to put on it is outlandish. I just want to build a house."

The high opening bid had made Ray White Leichhardt agent Shane Howley nervous. "I thought it would scare the other buyers," he said. "I thought we were in trouble. I knew we had good buyers, but how high they would go I didn't know because they were keeping their cards close to their chest."

In nearby Cary Street a three-bedroom single-storey Federation home on 401 square metres sold for $985,000 - $85,000 above reserve. The original property, which was in the one family for 54 years, was bought by a developer.

Raine & Horne Leichhardt agent Elizabeth Casamento said there was "spirited bidding" from five registered parties.

"I thought it would go for around $900,000," she said. "The interested parties weren't prepared to waste any time."

© 2007 Sun Herald

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