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Architects buy $1.6 million Newtown terrace, but will not be renovating just yet

68 Newman Street Newtown

IT was a David and Goliath battle for a single level terrace at Newtown today that saw young newlyweds victorious over an older couple, family and two investors.

Double Bay architects Benz Tang, 33, and Nicole Chew, 26, paid $1.6 million for their first home together at 68 Newman St, bang on reserve.

It was one of 443 auctions around Sydney.

The two-bedroom, two-bathroom digs is already renovated and they’ve already paid “top end” for it.

But one day, once they have kids, they have a dream for their newly won home.

Plenty of character. Source:Supplied

“We would go up another floor if council lets us,” Mr Tang said.

The property, which has one car space, already has some pretty cool features — a bespoke circular stone bathtub and trapdoor underground wine cellar for 500+ bottles.

A crowd of 50 watched on as auctioneer Ricky Briggs took a $1.45 million first offer from the newlyweds — the same amount they offered for the terrace on the 152sqm, north-facing block the week before.

Bids of $25,000, $10,000 and $5000 were made by the newlyweds and their two rivals: a young family from Mosman and an Alexandria couple in their 50s.

Great finishes. Source:Supplied Family living. Source:Supplied

It was a competitive to start but stalled at the Alexandria couple’s offer of $1.59 million.

After a few minutes of waiting for vendor instructions, the newlyweds swooped in with $10,000 more to win the auction.

Mr Tang said they were relieved after missing out on so many properties in a 10-month search. He already owns an apartment but this was a first property buy for his wife.

“The price is crazy but that’s what the Sydney property market has been like for a while,” Mr Tang said.

“The jump from the price guide to the selling price is usually $200,000 to $300,000, but it is what it is.

“We have the luxury of living with family, paying minimal rent and saving as much as we can but we are both construction project managers for worldwide companies and work as hard as possible.”

The agent, Jonathan Viewey of Viewey Real Estate Newtown, who had 120 groups inspect, said the reserve was ambitious but got there in the end.

“Newtown is a resilient market regardless of what is happening everywhere else in Sydney,” he said.

“It’s a lifestyle suburb that caters for all stages of life and this property has potential to add value in the future.”

He said the vendor renovated the property after buying it in December 2015 for $1.16 million, currently leasing it for $970 a week.

155 Majors Bay Road Concord Source:Supplied

Across Parramatta Road, Concord saw a new suburb record for a semi.

A cool blend of art deco and contemporary design, the three-bedroom home at 155 Majors Bay Road sold for $1.9 million.

A Canada Bay family beat eight registered families and couples from surrounding suburbs, paying $100,000 above reserve.

The agent, Dib Chidiac of Raine & Horne Concord, said ”quality properties are always going to get good interest but you need to price them well at the start”.

The opening bid for the house on the 407.7sqm block was $1.7 million..

Nice pool. Source:Supplied

Down the road at Petersham, another family home with unique detailing had a strong finish.

The four-bedroom, two-bathroom house at 2 Denning Street sold for $1.99 million.

The agent, Lars Foged of Ray White Petersham, said the reserve was confidential.

The buyers were an inner-west couple in their 50s who were upsizing.

They beat three families from Marrickville, Ryde and Stanmore.

2 Denning Street Petersham Source:Supplied

Despite the corner block being small for the suburb at 215sqm, the living space, location and dual access was what made it popular.

Bidding started at $1.75 million and went up mostly in $25,000 bids.