Father nabs first home for his investment banker son in Crows Nest for $1,803,000

While the nation was preparing for their favourite football clubs to go head to head, the property market was busy scoring goals of its own on Saturday.

Tightly held homes in highly sought-after pockets of Sydney were kicking their reserves out of the park at auctions on the weekend.

Mitchell Sedgwick, an investment banker and his partner, Emma, a marketing manager, nabbed their first home in Crows Nest for $1,803,000 thanks to Mr Sedgwick’s father, Greg, who was bidding on their behalf while his son was overseas.

An opening $1.49 million kicked off the auction and rapid-fire bidding between six of the seven registered parties saw the price rise in $10,000 and $5000 increments.

It slowed down at the $1.78 million mark, when it turned into a two-horse race that saw the final bidders fight it out in $1000 increments. The hammer fell $203,000 above reserve.

Mr Sedgwick said the couple had been looking for their first property for the past six months, hoping to nab something in the downturn.

“It’s a little bit more than I expected but at the end of the day these properties don’t come up very often and in five years time we’ll look back and say it was worth it,” Mr Sedgwick said.

“I had a limit and went over the limit, he told us a certain amount and we went over it and then I went over my own limit. [But] he is fine because he’s only paying his limit and we’ll help with the rest.”

It’s the first time the two-bedroom house at 162 Atchison Street has been on the market in 43 years. Vendor Peter Vile, 83-years-old, said he bought it for $36,500 in 1975.

“I’m attached to the place but it was getting a bit too much for me and I couldn’t do that anymore,” said Mr Vile.

“I feel relieved, I need quite a bit to pay for the aged-care place I’ve reluctantly moved into.”

Rick D’Amico, selling agent of Forsyth Real Estate, said more than 130 groups inspected the property, signalling its popularity on auction day.

“Buyers and the market dictate what the property is worth and with that little bit of competition I think buyers could see the value,” Mr D’Amico said.

He said they had decided not to restyle the eclectic home, allowing buyers to be the judge of the property’s potential.

Auctioneer James Pratt said the auction was a throwback to the height of property market.

“You have multiple bidders and you get the feeling the buyers don’t want to go home without buying the property,” Mr Pratt said.

It was one of 391 auctions scheduled across Sydney on Saturday. By evening, Domain Group recorded a 45 per cent clearance rate from 234 reported results.

Meanwhile, a heritage house at 2 Council St in Bondi Junction similarly impressed the auction crowd as competitive bidding smashed its $2 million price guide.

The auction began with an opening bid of $2 million for the four-bedroom deceased estate, on the market for the first time in more than seven decades.

It rose in whopping $200,000 increments twice before slowing down to $100,000 and $50,000. It reached $2.7 million when a final $100,000 knocked out the other four registered bidders. The hammer fell at $2.8 million – selling $500,000 above reserve.

An investor family from the eastern suburbs walked away with the keys.

Selling agent Clay Brodie of Ray White Woollahra said everyone was “blown away” by the result. The suburb’s house median price is $2.15 million

Elsewhere in Sydney

PASSED IN
Rozelle
21 Red Lion Street
5 bedrooms, 3 bathrooms, 0 car spaces

The vendors built the large house in 2001 and were selling to downsize. More than 40 people, mainly families, inspected the property but it failed to attract anyone to the auction. The price guide was $2.5 million. Selling agent Monique Dower of Belle Property Balmain said there were keen buyers, but they did not have finance ready. The property last sold for $118,000 in 1994.

See more at domain.com.au/2014606471

SOLD $1,075,000
Neutral Bay
20/50 Aubin Street
2 bedrooms, 1 bathrooms, 1 car space

Two of three registered bidders threw their hat in the ring for the apartment owned by the late Home and Away actress Cornelia Frances, who died in May. The auction opened at $1.05 million and rose twice more until the hammer fell at $1,075,000 – below the reserve of $1.1 million. Selling agent Janet Morrison of The Agency said Ms Frances’ son was “happy to meet the market”. It last sold for $335,000 in 1999.

See more at domain.com.au/2014615076

PASSED IN $1.2 million
Balmain
78 Curtis Road
2 bedrooms, 1 bathroom, 0 car spaces

This circa 1840 cottage was on the market for the first time in 30 years. The price guide was $1.3 million but the property passed in on a bid of $1.2 million from a young couple – the sole registered party. More than 40 groups went through the property including young couples, first home buyers and investors. Selling agent Lynsey Kemp of Belle Property Balmain said the vendors had reduced their reserve down to $1.29 million. It last sold for $192,000 in 1991. The suburb’s house median is $1,935,000.

See more at domain.com.au/2014624014