$6000 could have been the difference in blue-chip Morningside auction

Sometimes called "the last house in Morningside", 105 Main Avenue stands right on the edge of Morningside, just a stone's throw from the prestigious suburb of Balmoral.

The auction result was just as close, with buyers coming within a few thousand dollars of what the vendors may have been willing to take.

"It was very spirited bidding," auctioneer Paul Liddy said. "There were four registered bidders and they all participated."

Mr Liddy at first called for an opening bid of $700,000 but got just $650,000. It wasn't long before the eager buyers got cracking and within just a few minutes, the price climbed to $885,000 with barely a break to breathe between.

Past that, buyers weren't willing to take the auction any further. After consulting with the vendors, Mr Liddy placed a vendor bid of $890,000 and invited bids of $1000 or $500, and indicated the property was close to being placed on the market. However no bidders came to the table and the house passed in.

"If we didn't have anything higher than the people here on the day we may have pushed them to put it on the market," Mr Liddy said, indicating there was interest from buyers who couldn't or wouldn't bid at auction. "They were reasonable vendors, it was a great house for the money and we think they're better off waiting out the day's negotiations."

Mr Liddy said there was a bit of go left in the buyers, but they couldn't be coaxed to continue bidding..

"If it were announced it was on the market two of those bidders may have come back in but they may have set limits and thought they'd have a better chance of negotiating afterwards," he said.

However, the listing for the house has now been changed to an asking price of $900,000 to $930,000.

The elevated three-bedroom Queenslander had a classic exterior, living areas and bedrooms, but was updated with modern fittings in the kitchen and bathrooms.

With just one bathroom, Belle Property Bulimba principal Tony O'Doherty said the house was a good opportunity for buyers looking into to get into the better side of Morningside.

"It's the last house in Morningside. The neighbour next door is Balmoral," he said. "This is blue-chip Morningside."

The corner block of land also had further room for growth, if the buyers renovated down the line.

"There's a bit of growth left in it, there's still opportunity," he said. "For a young couple, move in, enjoy it and work on it down the track."

Mr Liddy agreed. "Theres the ability to improve it relatively inexpensively. You're getting into a whole new league of housing with very little effort," he said. "With $100,000 to $150,000 spent on this, you could make $200,000 to $250,000."

This story $6000 could have been the difference in blue-chip Morningside auction first appeared on The Sydney Morning Herald.