Brothers snap up North Bondi duplex for $4.03m at auction

Property hunters in Sydney were spoilt for choice on Saturday with almost 1000 homes scheduled to go under the hammer in a bumper auction day. 

The eastern suburbs was a hive of activity, with sellers there leading the charge with 186 scheduled auctions. 

Among them were siblings Lisa Holland and Robert Baran who were selling their family’s North Bondi home of almost 60 years. 

The seven-bedroom duplex at 9 O’Donnell Street was one of 942 properties that buyers had to choose from.

Of those properties 549 auctions results were reported, with a clearance rate of 69.8 per cent. 

More than 100 people inspected the duplex with ocean views, but only two buyers turned up. But that was more than enough. 

Just moments after auctioneer and selling agent Jason Pantzer of Phillips Pantzer Donnelley called for an opening offer, he had a bid bang on the $3.9 million reserve from a Bondi couple. 

That was quickly challenge by the sole other bidders — two brothers from Byron Bay — who hit back with an offer of $3.91 million. The two parties exchange more than a dozen bids before the hammer fell at $4.03 million – $130,000 above reserve. 

“Our parents bought the place in 1959, so it’s a bittersweet moment,” said Mr Baran after the auction. “I think they paid about £35,000 for one level … then about 27 years ago they bought the other [for $182,500].

“We grew up in the house and didn’t really want to sell, but it was time,” added Ms Holland. “But we got a comfortable price and I think the buyer will be very happy with it.”

• Related: Sydney auction numbers surge as sellers return 
• Related: House prices fall in pockets of Sydney

She was right; buyer Myles Trainor was delighted with the result. “I’m super happy with the price, it’s a bit of a steal really, I think,” he said.

He said the pair, who have relocated to Bondi, have planned a small renovation in the short term. 

“We’ll make it a bit more liveable for now, then look at getting further [development approval] down the track … it’s zoned for [medium density development] and that’s where you’ll make your money.”

Mr Pantzer said it was a good result, particularly given the amount of stock on the market. 

“The market is definitely softer then it was this time last year, there’s a lot of property out there,” he said. “A lot of vendors have realised that we’ve hit the peak of the market and want to get out…vendors are selling now as they’re also more confident that they’ll be able to buy back into the same market.”

It was a different story at the auction of another seven-bedroom property in Maroubra, which also had just two registered bidders on it. 

When neither party failed to make an offer on the 455-square-metre block, which housed a five-bedroom home and two-bedroom apartment, the property passed in on a vendor bid at the $3.3 million price guide. 

Selling agent Stephen Cachia of Dual Real Estate said buyers were increasingly holding back at auction, in order to negotiate behind closed doors. 

He expected 53 & 53A The Causeway, to be listed for sale for $3.4 to $3.5 million and snapped up in the next week. 

“We’ve had a lot of families interested in living in the house and the leasing out the apartment,” he said. “We have a few main parties interested, they just didn’t have their finances sorted in time.”

Auctioneer Damien Cooley of Cooley Auctions said he was having a “tough day” with multiple properties passing in. 

By lunchtime, Cooley Auctions had recorded a clearance rate of 64 per cent from 72 auctions. But because the rate also accounted for properties which had sold prior, he expected it would lower before the day’s end. 

“The average number of registered bidders is lower then the same time last year…we’re seeing about three registered bidders per property,” he said.

“We’re seeing buyers holding back, and first offers coming in a lot lower then the price guide, buyers are a little reluctant to bid.”

That wasn’t the case at the auction of a five-bedroom house in Artarmon, which Cooley auctioneer Paul Millett sold for $3.87 million – a new suburb record. 

After bidding for 87 Artarmon Road opened at $3.3 million, seven of eight registered bidders pushed it up quickly. The extensively renovated Californian bungalow was called on the market at $3.5 million, and sold to a young family from the inner west. 

Selling agent John McManus of LJ Hooker Willoughby & Artarmon, who showed 281 groups through the stylish home, said he had been blown away by the property. The house last sold for $1.4 million in 2007 and was renovated in 2009.

Meanwhile in Haberfield, a federation home on the market for the first time in about a century, sold for almost $300,000 above reserve. 

Four bidders competed for the three-bedroom deceased estate, which sold for $2,695,000 – $295,000 above the $2.4 million reserve. 

The house was bought by a local family who will renovate the property into their dream home, said selling agent Alfio Musumeci or Ray White Haberfield.

Elsewhere in Sydney…

8/1 Bayview Street, Mcmahons Point.

SOLD $3.85 million
McMahons Point
8/1 Bayview Street
2 bedrooms, 2 bathrooms, 2 car spaces

It was a two-man race for this waterfront apartment which sold $400,000 above reserve. Bidding started at $3 million and went up quickly in $50,000 bids, then $200,000 and $100,000 jumps as the two parties – an investor from Brisbane and a South Coast family looking for a Sydney base – tried to secure the keys with a knockout bid. The apartment sold to the Brisbane investor for $3.85 million. It sold through Scott Isaac and Craig Litchfield  of McMahons Point Real Estate. 

5 Hinkler Crescent, Lane Cove North.

 

SOLD $2,145,000
Lane Cove North
5 Hinkler Crescent
4 bedrooms, 1 bathroom, 2 car spaces

Despite four registered bidders in the crowd, the auction for this family home had to be kicked off on a vendor bid of $1.8 million. From there three of the bidders jumped in, driving the price up in $25,000 jumps, with the hammer eventually falling at $45,000 above the $2.1 million reserve. Selling agent Brent Courtney of McGrath Lane Cove said the 708-square-metre block was nabbed by a young family upsizing from an apartment on the lower north shore. The vendors, who records show bought the home for $806,000 in 2006, have relocated to Orange.

3/17 Shellcove Road, Kurraba Point.

SOLD $672,000
Kurraba Point
3/17 Shellcove Road
1 bedrooms, 1 bathroom, 1 car park

It was a battle of first-home buyers and investors for this waterfront apartment which last sold for $538,000 in 2014. While eight groups registered to bid, the competition came down to just three parties after the bidding opened at $600,000. Bids jumped in $20,000 increments, then slowed to smaller rises, as an investor and two first-home buyers vied for the keys. It was a first-home buyer couple who won out – securing the apartment for just $12,000 above the $660,000 reserve. It sold through Helen Wilson of Belle Property Neutral Bay, who showed more than 130 groups through the property.

186 George Street, Erskineville.

SOLD $1,332,000
Erskineville
186 George Street
2 bedrooms, 1 bathroom, 0 car spaces

While 11 people turned up to try nab this refurbished terrace, the competition came down to just three parties who pushed the bidding $132,000 above the reserve. The auction opened with an offer of $1.1 million and bidding went up in $20,000 jumps, quickly passing the $1.2 million reserve. It was a young couple upsizing from an apartment in the eastern suburbs who snapped up the home. The property, which was inspected by more than 120 groups, sold through Brad Gillespie of The Agency. Records show it last traded for $547,500 in 2005. The vendors are relocating to Tasmania.