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A three-bedroom estate in Marsfield attracted fierce competition at auction, selling for $3,155,000.
Suppliers 26 Dan Street He hopes to donate the proceeds from the sale to cancer research at the Royal North Shore Hospital and has chosen two of his best friends as executors to carry out his wishes.
A total of 15 buyers registered, of which 6 actively bid for this flat and spacious plot of land with the opportunity to develop a duplex apartment.
Bidding opened at $2.3 million and then saw three $100,000 bids, which surged to the $2.3 million to $2.53 million guide and $2.4 million reserve. Bidding continued in $50,000s to $3 million, with $10,000 bids slowing down.
A $5,000 bid won the keys to a $3,155,000 property for a builder on Sydney’s north shore.
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David Middleton, for McGrath, said the generous donor who died had been affected by cancer throughout his life.
“(He) doesn’t want anyone else to go through this. If this gift can make even a small difference, then he’ll be happy,” he said.
Middleton said the 20-metre frontage and open space without large trees made it an ideal conforming development site, “which is very popular with local buyers as they can build a larger property and it takes less time to approve.”
Mr Middleton said the property was attractive to buyers because it was located in a quiet cul-de-sac and close to trains, schools, Macquarie University and shopping centres.
In Lilyfield, a four-bedroom Federation home with a white picket fence, 4 Edna Streetpriced at $3,375,000. The sellers are looking to expand across the street.
Ten buyers registered, with three actively bidding. Jack Parry of BresicWhitney said many buyers praised the home as “the most beautiful house we have seen in our search”.
Two bidders came in at the same time, one for $2.85 million and the other for $3 million. Auctioneer Thomas McGlynn accepted the highest bid of $3 million, which exceeded the reserve of $2.9 million. Bids gradually increased, and the final price was $3,375,000.
Mr Parry said the property was so popular that the price guide had to be adjusted several times during the auction campaign, from $2.45 million to $2.6 million and then to $2.7 million.
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Parry said the property ticked all the boxes: “It was the quintessential cottage … it had four bedrooms, two living areas, a lawn backyard and was on a nice street.”
The buyers were a young family from Woollahra, represented by a buyer’s agent.
AMP chief economist Dr Shane Oliver said the 72.9 per cent clearance rate was the highest since March and was surprisingly high.
“It could be statistical noise, it’s hard to know at this point. What we do know is that the infection rate remains low,” he said.
“The number of listings is increasing, which means there are more distressed sellers, and buyers are not keeping up with the number of listings, which explains the downward trend in clearance rates.”
Mr Oliver said Sydney was caught in a double bind of strong population growth and insufficient new housing supply.
“On the surface, Sydney is doing much better. But whether it can sustain such high levels is questionable.”
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