Gingerbread House in Glebe Sells for $2.78 Million

The single-front terrace at 38 Bellevue Street, Glebe sold for $2.78 million at an auction in Sydney on Saturday, exceeding its $2.4 million price guide. Bidding opened at $2.4 million after auctioneer Emma Brown-Garrett rejected an initial bid of $2.3 million. The reserve was set at $2.6 million, with final increments of $3,000 securing the sale. The property, nicknamed the “gingerbread house” by one attendee, features four bedrooms, one bathroom, and a powder room, spread across three levels with rear-lane access.

Auction Trends

Two determined buyers competed intensely, with bidding increments narrowing from $25,000 to $1,000, $2,000, and $3,000. The auction was one of 1,283 scheduled sales in Sydney that week. By evening, Domain Group reported a preliminary clearance rate of 66.5% from 810 reported results, with 178 auctions withdrawn, counted as unsold in the calculation.

Brown-Garrett noted that while registered bidder numbers were lower than usual for the season, the few participants present were highly motivated. “We are not seeing overly high registration numbers but get a couple of people, and you create competition. That’s all it takes,” she said.

Property Details and Location

The Glebe home last sold in 2000 for $650,000, reflecting significant capital growth. It is in an raised position on a quiet street, within walking distance of Wentworth Park and the new Sydney Fish Market. The renovated terrace has four bedrooms and two bathrooms – plus a loo under the stairs – set over three levels, with coveted rear-lane access.

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Agent Walter Burfitt-Williams of Ray White Touma Taylor praised the successful bidders, who intended to retain the property as an investment. He also commended the underbidders, who traveled from Canberra to participate. “These people are very canny. This is a really good piece of property. If it were in Darlinghurst or Redfern, you could add another million dollars to the price,” Burfitt-Williams remarked.

Market Context and Trends

In Gordon, a two-storey renovated 1920s bungalow sold for $3,998,000. The property had a price guide of $3.6 million and a reserve of $3.85 million. There were four registered bidders, with three active. The four-bedroom house at 34 Highlands Avenue, Gordon is set on a 1005-square-metre site and is fully renovated, with multiple living areas, formal dining and outdoor spaces, and a pool. 34 Highlands Avenue, Gordon NSW 20724 Beds3 Baths2 Parking It sold to a local family looking to upgrade.

Closer to the city, a five-bedroom, three-bathroom house at 36 Budyan Road, Grays Point sold for $2,825,000 to a family from nearby Gymea looking to upgrade while still being near their children’s schools. 36 Budyan Road, Grays Point NSW 22325 Beds3 Baths2 Parking The property’s price guide was $2.5 million to $2.6 million. The initial reserve of $2.7 million was reduced during the auction to $2,660,000 as four active bidders competed. Bidding opened at $2.2 million and stalled at $2.5 million before picking up again. Agent Ben Jensen said the underbidders were a local couple who wanted to buy the fully renovated home, rather than renovate their own property.