Bondi Junction home sells for $180,000 above reserve, as 'buyers drop off'

The rain bucketing down in Sydney on Saturday morning did little to dampen rapid-fire bidding for an eastern suburbs house that sold for $180,000 above reserve. 

More than 40 people gathered in the living room of 92 Birrell Street in Bondi Junction to watch the four-bedroom terrace go under the hammer. 

The house was one of 952 Sydney properties scheduled for auction on Saturday, a 17 per cent increase on the number of auctions held on the corresponding Saturday last year. By evening, Domain Group had recorded a clearance rate of 66 per cent from 537 reported results.

Just seconds after auctioneer James Hayashi of Phillips Pantzer Donnelley called for an opening offer, bidding on the 139-square-metre block kicked off at $2.02 million.

It then jumped $80,000 to the $2.1 million reserve, and from there went up in $20,000 and $10,000 increments as four of 10 registered bidders battled it out. 

Most of the auction, though, was a two-man race, between a young family from Double Bay and a man bidding on behalf of a young, local couple in Melbourne for Derby Day. 

It was the eastern suburbs family who nabbed the home for $2.28 million – more than double the $1,082,500 records show it last traded for in 2010.

The result was well above the expectations of sellers Becky and Gordon Pettigrew, who plan to upsize to a larger family home in the northern beaches.

“We’d never sold at auction before,” Mr Pettigrew said. “I was trying to remain calm on the outside, but inside I was raging with nerves.”

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The pair felt Bondi Junction – which has a median house price of $2,150,500 – had become increasingly popular during their time there. 

“We bought here because it was close to amenities but also the beach and it was cheaper than some of the neighbouring suburbs,” Ms Pettigrew said. “I think more and more people are seeing its appeal.”

Selling agent Mary Anne Cronin, also of Phillips Pantzer Donnelley, said she hadn’t been expecting to get so many registered bidders in the current market. 

“We were surprised … we thought we’d get four or five,” she said. “And thought we might have to adjust the reserve, but clearly didn’t need to in the end.”

It was a different story a few suburbs south in Maroubra, where two three-bedroom homes on Curtin Crescent passed in. 

First up was 42 Curtin Crescent, which failed to attract any registered bidders. Shortly afterwards, 20 Curtin Crescent, which had four registered bidders, passed in at $2.2 million. 

They were among nine of 15 scheduled auctions that went ahead for auctioneer Damien Cooley, with the rest selling prior. 

Mr Cooley said he expected Sydney’s clearance rate – recorded at 64.9 per cent last Saturday – to continue to decline for the remainder of the year. 

“Buyers are dropping off properties in the days leading up to auctions,” he said. “They feel like they’re in a good position, there are more properties on the market, they’re not feeling the need to rip in.”

As of 2pm, half of the 60 properties that had gone under the hammer with his company, Cooley Auctions, had failed to sell. 

 “A lot of people are disappointed that they’re not getting what they hoped for, but let’s be realistic – the market has done a lot in a short period of time, they’re still seeing a good return,” he said.

“If you’re not selling at auction or shortly after, there’s a good chance you’ll be on the market in 2018.”

 That won’t be necessary for the vendors of 20 Toelle Street, Rozelle, which sold for its $1.81 million reserve. 

Three of four registered bidders competed for the renovated 1890s sandstone cottage, kicking proceedings off with an offer of $1.65 million. 

The three-bedroom house, which records show last sold for $912,500 a decade ago, was snapped up by a young couple starting a family. It sold through Peter Gordon of Cobden & Hayson.

Back in the eastern suburbs, a Coogee home held by the same family for almost 100 years sold for $4,405,000.

The Californian bungalow on a 543-square-metre block had dual street access, ocean views and R3 zoning.

Having been declared on the market by Mr Cooley at around the $3.7 million mark, it sold for well above reserve.

Elsewhere in Sydney

An artist’s impression of The Harrington Collection in The Rocks, Sydney. 

More than $150 million worth of property exchanged at the sales launch of The Harrington Collection on Saturday.

By midday 36 of the 58 apartments that will make up the boutique block, including one of two penthouses, had sold.

“It’s in such a trophy home position,” said CBRE Sydney director Ben Stewart of The Harrington’s location in the heart of The Rocks.

He said the apartment block, which offers views of the Opera House and Sydney Harbour Bridge, had drawn interest from local owner occupiers and buyers looking for an inner-city bolthole.

Mr Stewart expected the remaining apartments to sell before the end of November.

75 Eleanor Street, Rosehill. Photo: Supplied

SOLD $830,000
Rosehill
75 Eleanor Street
3 bedrooms, 1 bathroom, 1 car space

An investor who only saw this property minutes before the auction snapped it up with just a single bid. While there were 10 registered bidders in the crowd, it was a slow start – with an vendor bid of $780,000 kicking things off. After that it was a two-man race for the 607-square-metre block until the Merrylands investor joined the fray at the end of the auction. The deceased estate sold through Ray Fayad of Laing+Simmons Granville for $30,000 above reserve.

16 Waratah Street, Arncliffe. Photo: Supplied

SOLD $1.95 million
Arncliffe 
16 Waratah Street
4 bedrooms, 3 bathrooms, 2 car spaces

Competitive bidding by all six parties registered to bid on this home saw it sell for $150,000 above reserve. The auction  opened with an offer of $1.74 million and mostly went up in $10,000 increments. After bidding passed $1.82 million, just three bidders were left standing. They went head to head for the tightly held family home until the hammer fell. An investor from Padstow snapped up the home, sold through George Kambouroglou or Raine & Horne Rockdale.

8 Charleston Avenue, Earlwood NSW. Photo: Supplied

SOLD $1.51 million
Earlwood
8 Charleston Avenue
3 bedrooms, 1 bathroom, 1 car space

Three couples battled it out for the keys to this home, held by the one family for more than 55 years. Bidding started at $1.3 million and went up in $25,000 and $10,000 jumps, and kept going well past the adjusted reserve of $1.42 million. It was a first-home buyer couple who nabbed the home, beating upsizers and another couple relocating from Wollongong. Selling agent Adrian Tsavalas of McGrath Leichhardt said the vendor, who is relocating to Port Stephens, was thrilled with the result.