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The main retail street in Eastwood was crowded with more than just shoppers, as bidders turned out for a rare retail auction.
More than 150 people lined the paved street as a tenanted shop hit the market for the first time in more than 40 years.
The western Sydney suburb property drew a lot of attention, and it had more than 60 contracts issued before auction day, Ray White’s Victor Sheu said.
“It’s no exaggeration to say the street was absolutely packed, and in the crowd of more than 150, there were around 50 bidders wanting to compete.”
The opening bid was a little less than $3.5 million, and by the time the bidders lost steam, the property sold for $7.25 million.
The bidders were mainly Asian investors and local business operators, and two of the bidders flew in from overseas to be at the auction, Mr Sheu said.
“Eastwood is surrounded by affluent suburbs that have attracted a high volume of Asian migrants seeking comfort and convenience, and like Chatswood and Burwood, has been an extremely tightly held market.
“The property was on the western side of the station, and this area has always attracted Asian investors, particularly of Chinese background.”
The retail slowdown has not hit the area. As a result, businesses in the area are hungry for more retail space, Ray White’s Peter Vines said.
“There seems to be anticipation the rent could be increased with some work done on the property,” he said.
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