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“But given the quality of the property and the view, it really sold well,” he said. “Looking out the balcony window, you can see the water view, which is more important than anything else.”
The average price of an apartment in Double Bay rose 18.2 per cent to $1,956,000 in the year to June, according to Domain data.
In Paddington, local parents snapped up a two-bedroom home with a car space 38 Dudley Street $3.4 million for their adult children.
The rare 1920s semi-detached house had a guide of $2.45 million throughout the bidding process and attracted 18 registered bidders, including a mix of first-home buyers, downsizers, upsizers and investors.
The estate started at $2.5 million, and with six parties bidding, most bids were between $70,000 and $50,000.
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The house was priced at $3 million and in the end there were only two buyers left: a young family who wanted to upsize, and parents who wanted to buy a house for their working-age children. The house was eventually bought by the latter.
Fraser Turvey, of McGrath Paddington, said the 186-square-metre block ticked a lot of boxes for a market unaffected by high interest rates.
“There’s no shortage of money in Sydney, especially in suburbs like Paddington where there’s a lot of demand. They’re not building any houses in the area,” Mr Turvey said.
“It’s still a popular area. We haven’t seen a drop in demand in any given year. What’s really affecting the market is supply. Even though interest rates have been rising over the past two years, that hasn’t really dampened demand.”
Records show the home last sold in 1986 for $155,000.
The average price of a house in Paddington rose 3.2 per cent to $3.2 million in the year to June.
In Stanmore, 10 buyers, a mix of first-home buyers and upgraders, registered to bid 4/2 Douglas Street.
The three-bedroom townhouse had an initial price guide of $1.5 million, which rose to $1.6 million due to feedback from buyers.
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Despite some initial hesitation, the opening bid of $1.5 million kicked off the auction, and as six buyers actively participated during the auction, the bids increased in varying amounts.
A northern beaches buyer took the keys at $1.85 million after opening the house at $1.82 million with a $30,000 bid. The reserve was $1.75 million.
Adrian Tsavalas of Adrian William said the property achieved a good result because it was well presented and the sellers’ pricing expectations were reasonable.
“It’s vital at this point that sellers don’t rush to sell and present their listings to the best of their ability,” he said. “Those with higher price expectations may have to readjust.”
Records show the owner, who had expanded his home in Petersham, bought the house for $1.45 million.
The median house price in Stanmore rose 8.2 per cent to $2.22 million in the year to June.
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