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The seller was a developer and he was very happy with the outcome.
The property was one of 805 auctions scheduled in Sydney over the weekend.
As of Saturday night, Domain Group reported a preliminary auction clearance rate of 67.4 per cent from 534 auction results, with 113 auctions withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
In Artarmon, a recently renovated four-bedroom home at 8 Sydney Street sold for $3,615,000. The sale price was $415,000 above the $3.2 million reserve and $615,000 above the $3 million guide.
A total of six bidders registered, three of whom competed for the property; most were young families with children.
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Bidding opened at $3.05 million, a second bid pushed the price up to $3.1 million, and then the bids stayed in $25,000 increments until the final $5,000 bid sealed the deal.
McGrath Crows Nest selling agent Peter Chauncy said there was strong interest in the family home as he issued 20 contracts during the event.
“It’s a beautiful old home that we renovated before we sold it,” Chauncy said.
“It’s now considered an affordable entry-level property in the $3 million to $4 million range for the area. It’s just a good, solid family home that’s been recently painted, floored and landscaped,” he said.
The buyers were a family expecting their second child who were moving from an apartment in Ultimo to a larger unit. The vendors were an estate with 14 beneficiaries, most of whom attended the auction.
In Narrabeen, a two-bedroom apartment one street from the beach sold for $1,325,000, the reserve price, $130,000 above the $1,195,000 guide.
There were three bidders registered, two of whom bid for the unit 2/1283-1287 Pittwater RoadLJ Hooker selling agent Kylie Segedin said they were all owner-occupiers who were downsizing from the northern beaches.
Garden apartments have long been popular with downsizers and typically attract twice as many potential buyers at showings, Segedin said.
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Bidding started at $1,175,000 and someone offered $25,000 more until the price reached $1.2 million. Then someone offered $5,000 more until the auction closed.
Segedin said the proximity to the beach was the main draw.
“It’s right across the road from the beach. So it’s a building that’s on the main road. But this unit is at the back of the property. So it’s not subject to the noise from the main road but it’s within walking distance to all the amenities,” she said.
The unit is an investment property for the seller. Records show the unit last traded in 2003 for $540,000.
AMP chief economist Dr Shane Oliver said the 67.4 per cent clearance rate was still low, with rising rents and high immigration rates forcing people into the property market.
“We continue to see a relatively high number of listings: 805. A year ago, the number was 541,” he said.
Oliver said Tuesday’s rate meeting will almost certainly keep interest rates unchanged.
“But the RBA is likely to indicate once again that they do consider the possibility of a rate hike. But the upshot is that a rate cut is still a long way off.”
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