Brisbane buyers fork out $4.8 million on Balmain waterfront house

There was no sign of Sydney’s property market cooling at the auction of a waterfront home that sold for $500,000 above reserve on Saturday.

There were just two bidders among the crowd that gathered at the Balmain house, but that was enough for a bidding war. 

Although it took almost two minutes for auctioneer David Scholes of Auction Works to get an opening bid of $3.9 million, the race was on from there. 

The bidding climbed in $50,000 jumps, quickly hitting the $4.3 million reserve as the two parties went back and forth for the 358-square-metre property with a deep-water mooring. 

While the bidding slowed slightly after that, it didn’t take long for the parties to return to $50,000 jumps in an attempt to knock out the competition. 

A couple from Brisbane won out, nabbing the house at 3 Longview Street for $4.8 million. 

“I’m a bit in shock,” said selling agent Lynsey Kemp of Belle Property Balmain. “I’m delighted, it was a very competitive auction.”

The result was well above Balmain’s median house price of $1.95 million, and the $4.31 million a five-bedroom house two doors down sold for last year. 

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While Sydney house prices dropped 2.6 per cent over the March quarter, according to Domain Group data, Ms Kemp said the higher end of the market was going well. 

“I find the top end of the market is probably where we’ve been seeing the strongest sales,” she said. “[There’s more demand] as the properties don’t turn over as often, and less people are leaving the marketplace.”

The sale ended a six-month house hunt for Brisbane pair Robyn and Nick, who are returning to Sydney after four years in Queensland. 

It also brought to an end vendor Irene Read’s time at the much-loved home she bought in 1994 for about $900,000.

Having rented out the property since she relocated to her dream house in Palm Beach about five years ago, she said it was a tough decision to let it go. 

“I’m so attached to it, I haven’t been able to sell it until now,” she said. “I never even thought about the market [when choosing when to sell], it was all emotionally driven.”

The property was one of about 620 Sydney homes scheduled to go under the hammer on Saturday. Of those scheduled auctions 371 results were reported to Domain Group, with a clearance rate of 62.3 per cent.

At another auction in the city’s inner west, a four-bedroom Dulwich Hill house sold for the first time in almost 60 years. 

More than 70 bids were made on the 518-square-metre block at 88 Windsor Road, with six of nine registered bidders battling for the keys. 

About 100 people watched as the bidding began at $1.65 million. When the hammer fell at $2,105,000 the bidding had climbed $255,000 above the $1.85 million reserve. 

The deceased estate sold through Virginia Nicoll of Harris Trip to a family from Marrickville who plan to renovate it into their dream home. 

It was a quieter affair at the auction of another deceased estate in Alexandria, which passed in on a vendor bid of $1.6 million. 

The former corner store with residential zoning drew three bidders, but no one would offer anywhere near the $1.7 million price guide for the rundown property at 209 Belmont Street. 

One bidder offered $1.2 million, after which the auctioneer made the vendor bid of $1.6 million, which was still $100,000 below the reserve. 

Selling agent Poh Ling Ee of Ee Real Estate was negotiating with two of the bidders on Saturday afternoon, both of whom had made higher offers after the auction, as well as two other parties. 

“I think people have this fear of overpaying at auction,” Ms Ee said. “They think there are no buyers there … they don’t realise a lot of buyers are also thinking of coming up after the auction.”

She expected the property, which operated as a corner store from 1951, to sell in coming days. 

Meanwhile in the city’s south east, an original condition shop and three-bedroom residence, also in need of significant repair, sold for $611,000 above reserve. 

A mix of developers, investors and owner occupiers turned out to bid on the La Perouse property located next to a seafood restaurant and close to Frenchman’s Beach.

Bidding for 43-45 Endeavour Avenue opened at $1.2 million and went up in $50,000 and $25,000 increments, quickly passing the $1.4 million reserve. 

Eight of 11 registered bidders made offers before the hammer fell at $2,011,000. The property sold through Phillip Elmowy of Ray White Maroubra and South Coogee.

The result was almost 15 times the $150,000 last paid for the property in 1984.

Elsewhere in Sydney

22 Ellen Street, Rozelle. Photo: Supplied.

SOLD $1.55 million
Rozelle 
22 Ellen Street
3 bedrooms, 1 bathroom, 0 car spaces

Keen renovators and developers pushed the price of this original two-storey weatherboard cottage $250,000 above the reserve on Saturday. Seven people registered to bid on the 273sq m block, which was on the market for the first time in about 60 years. Selling agent Danny Cobden of Cobden & Hayson said bidding opened about $1.25 million, but quickly pushed up past the $1.3 million reserve, as five bidders battled it out. About 80 groups inspected the block, with the majority planning to redevelop it.

2/39 Churchill Crescent, Cammeray. Photo: Supplied.

SOLD $1.81 million
Cammeray 
2/39 Churchill Crescent
3 bedrooms, 2 bathrooms, 1 car space

While more than 100 groups inspected this apartment overlooking Middle Harbour the competition for the keys came down to just two bidders on auction day. A local downsizer and executive went head to head for the north-east-facing home. Bidding started at $1.6 million and climbed $160,000 above the $1.81 million reserve before the property sold to a local downsizer. Records show it last traded for $640,000 in 2004. Selling agent James Garwood of Garwoods Estate Agents said the vendors were making a sea change to Umina.

27 Stewart Street, Randwick. Photo: Supplied.

SOLD $2,425,000
Randwick 
27 Stewart Street
5 bedrooms, 3 bathrooms, 0 car spaces

Bidding on this renovated semi-detachted home started low at $1.9 million, climbing in $100,000 and $50,000 increments up to $2.2 million. From there is slowed, crawling up in smaller $10,000 and $5000 bids as three of four registered bidders vied for the keys. The result was just over double the $1.2 million that the 256sq m block sold for back in 2010. The property sold through Kim Hayes of Ray White Double Bay to a family relocating from interstate.