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The property was one of 596 auctions scheduled in Sydney over the weekend.
As of Saturday night, Domain Group reported a preliminary clearance rate of 66.1 per cent from 384 auctions, with 81 auctions withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
A run-down Erskineville terrace house that had been vacant for four decades was hotly contested at auction by seven Sydney builders and eventually sold for $2.41 million.
Price Ratio 22 Clara Street$1.9 million in reserves.
There are 12 people registered to bid on the property, which is located at the end of a terrace with a rear lane entrance. The peculiar floor plan includes seven rooms with few to no windows, most of which are only accessible via an exterior corridor.
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Bidding started at $1.5 million in increments of $50,000, $25,000 and $10,000. The home has a price guide of $1.7 million.
Shaun Stoker, of Ray White, said the property was in such poor condition it was difficult to tell what each room was intended for.
“They’re like dungeons with rooms inside. So I don’t even want to call them bedrooms. That’s why I only advertise it as two bedrooms. Because I think only the two rooms upstairs are bedrooms, the rest of the rooms you wouldn’t know what they are at all,” he said.
Stocker said unrenovated properties were doing very well as builders were looking for opportunities; he estimated a good renovation could sell for $4 million.
In Newtown, 311/88 King Streetwas Sydney’s cheapest auction of the weekend, selling for $488,000, $58,000 above its $430,000 price guide.
Four people registered and three bid for the property. The buyers were mostly owner-occupiers.
Bidding started at $410,000 and the reserve was $460,000. The apartment sold to a buyer who rents in the area.
Timothy Golin of Ray White said the new town’s appeal was its food scene, schools and train station.
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The unit last sold for $298,000 in 2011, records show.
PRD chief economist Dr Diaswati Mardiasmo said the 66.1 per cent clearance rate was too low for Sydney.
Mathiasmo said buyers were waiting to see whether the cash rate would fall after Tuesday’s central bank meeting, or whether it would remain on hold for another six weeks.
“If prices hold steady on Tuesday, I’d expect auction (clearance) rates to rise slightly. Because that would mean people are a little more confident,” she said.
In Cronulla, a tidy three-bedroom cottage just over a kilometre from the beach sold for $2,155,000, above its $2.1 million reserve. The buyers were a young family from Kalimba.
There are seven registered bidders located at 25 Flinders Road Six people made offers. McGrath’s Jen Rainbow said most were young families who were looking at the price and the convenience of commuting to Cronulla.
“It’s very, very difficult to get Torrens title for a detached house so close to the beach in Cronulla,” she said.
The home last traded in 1985 for $109,000.
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