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“It’s 48 steps up to the upper floor. That takes up a big chunk of the market, but people don’t seem to be concerned. It has a nice balcony with views of the ocean,” he said. “Three months ago a similar unit in the same building, two floors down, sold for $1.8 million. This (result) is fantastic.”
He believes a cash-rich buyer base and a shortage of quality homes have helped the property achieve its price.
The auction was held indoors in the rain.Credit: Peter Ray
The average price of an apartment in Vaucluse rose 16.7 per cent to $1,535,000 in the year to March, according to Domain data.
Meanwhile, another tightly held unit was sold this time at a higher price than expected 10/17 Moruben Road, MosmanA first-home buyer in St Ives paid $1,455,000 with the help of a parent loan.
The direct bidder was an investor who lived locally but bid by phone from Singapore and had not set foot in the apartment in person.
The two-bedroom apartment started at $1.1 million, but due to rising interest, the price was raised to $1.2 million, which was also the reserve price.
Bidding started just above that figure and continued to rise in a tight auction as five of the six buyers, most of them first-time buyers, participated.
Michael White, of Adrian William, said the home sold well because of its quality and location.
“The house is in a beautiful, quiet, well-oriented location, on the top floor, small, well-maintained, and in a tightly held neighborhood. The owner has never sold the house since 1963,” White said.
“This is a great example of how the market is only 10% A-rated stocks … there is a shortage of quality stocks.”
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Mosman unit prices increased 13.3 per cent in the year to March to a median of $1.36 million.
A three-bedroom home in Alexandria 3 Avenue of Power Sold for $3.11 million to a couple looking to upsize in the suburbs.
The property’s price guide was raised from $2.2 million to $2.4 million due to the interest.
Only four of the dozen registered buyers had the opportunity to bid, both upsizers and downsizers. The opening bid of $1.9 million was quickly overwhelmed by a $900,000 counteroffer, and the price eventually rose to the reserve price of $2.8 million. From the reserve price, bidders raised the price in $20,000 and $10,000 increments until the hammer fell.
The Agency’s eastern suburbs selling agent Brad Gillespie said it was a standout result in an uncertain market.
“The results we’re seeing may be a little patchy, but overall they’re very strong,” Gillespie said.
“In this case, it’s a 10-year-old all-concrete building with three levels and a lock-up garage, it ticks all the boxes and it’s facing north, right across from Alexander Park. You can’t go wrong.”
As of March, home prices in Alexandria increased 16.9 percent to a median of $2,105,000.
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