A six figure sum is set to be donated to some very lucky dogs after the sale of a rundown property in Ryde.
The late owner of the property had requested the vast majority of the sale of 24 Colston St be donated to Guide Dogs NSW/ACT and the Royal Flying Doctor Service on her passing.
About 200 onlookers watched as the weatherboard house sold at auction on Saturday afternoon for $2.2m – about $630,000 over reserve and well above the price guide of $1.55m.
While he couldn’t put an exact figure on the amount that would be donated to each charity, selling agent Michael Dowling said he understood it as being the lion’s share, with just a small bequest to two individuals the only other items specified.
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Under the assumption that the vast majority be about 90 per cent of the value of the property, a donation of just under $1m to each charity could well be possible.
Mr Dowling said it was a sale that the buyers could look back on with pride for decades to come – with each loan repayment potentially feeling like a charitable donation over the life of their mortgage.
“Bidding was ferocious and went up quite quickly,” he said. “The first comment from the buyers was, ‘We feel like we paid a bit too much, but we’re happy it’s going to a good cause’.”
He said the final sales price was much higher than other recent sales in the suburb with the sale bucking the trend thanks to buyers knowing it would definitely sell on the day and the fact that the proceeds were going to a good cause.
“As the price kept going up there were a lot of gasps from the crowd,” he said.
“Everyone was expecting this home to go for $1.6m – maybe $1.7m. To see the price go above $1.9m, everyone was in a bit of shock.”
While he didn’t know the owner personally, Mr Dowling said she had been a teacher at a school in St Ives and must have been a very generous person.
The double storey house had been built in the 1930s or 40s, with the second storey extension completed in the same era.
Much of the interiors were dated and in need of replacement.
The buyers planned to knock down the house and build their dream home.
Mr Dowling said he hadn’t been able to find out when the owner had purchased the property or how much she had paid despite scouring online records and contacting the local council.
He said it was likely the sale had occurred prior to the 1980s, before the digitisation of title documents.
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Originally published as Proceeds of $2.2m house sale in Ryde to be donated to charity
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