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Records show the home last traded in 2010 for $1,275,000.
The property was one of 621 auctions scheduled in Sydney over the weekend.
As of Saturday night, Domain Group reported 390 auction results, with a preliminary clearance rate of 66.4 per cent, with 87 auctions withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
A five-bedroom classic red brick two-storey family home in Chatswood 41 Clanwilliam Streetwith the seller offering $4.8 million, it was finally sold for $5.228 million.
Two buyers registered for the home, which had a guide of $4.8 million, and both were looking for a family home that did not require further development.
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A buyer offered $4.8 million in the room. The bid was rejected, the crowd of 80 dispersed, and the bidder and seller began negotiations. After an hour of negotiations, the house sold for $72,000 below the adjusted reserve of $5.3 million.
Selling agent Dominic Smith, of The Marshall Group, said there were a lot of buyers looking at the market but commitment was difficult.
“Buyers are not as motivated as they once were, so the attitude at auctions is a little muted at the moment,” he said.
The buyers were a large family from Roseville. The sellers were very pleased with the outcome and have since purchased a home closer to the city.
A large two-bedroom, two-storey apartment in Ultimo 42/267 Bulwara Roadsold for $1,295,000.
A total of nine people registered, with five actively bidding on the tidy property, with bids ranging from $995,000 to $1,045,000.
Bidding opened at $900,000 in increments of $20,000, $10,000 and $5,000. When the apartment was listed at $1,050,000, the price was $245,000 above its $1,050,000 reserve.
John Zheng of LJ Hooker said the purchase was a unique opportunity.
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“This is a once-in-a-lifetime opportunity for them to acquire a property in this special complex,” he said.
Mr. Zheng said it was a large 107-square-meter apartment facing northeast, with low property taxes and private, leafy views.
The buyers were a young family who loved the area. The vendors were first-home buyers of the apartment but have since moved overseas.
The unit last sold for $612,000 in 2010, records show.
AMP chief economist Dr Shane Oliver said the 66.4 per cent clearance rate was a fairly low number for Sydney.
Mr Oliver said clearance rates had averaged 65 per cent so far in July.
“The number is slightly lower than the normal level in July, which is about 67 points. So, the number is still okay, but it is lower than the normal level in July,” he said.
“We still have a shortage of supply but some easing of demand pressure from high immigration, coupled with continued high interest rates putting pressure on existing homeowners … these have helped to cool the market a little bit.”
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