Californian bungalow with modern twist in Randwick sells for $3,010,000 - $210,000 above reserve

A hot auction in Sydney’s eastern suburbs on Saturday morning saw a local family snap up their dream home after less than a week of house hunting. 

When Samantha Moore and Adam Beasley started searching for a new family home on Monday, they never expected to buy a Randwick property just five days later. 

“We’re a bit in shock” said Ms Moore. “This was our first auction and our first home inspection, it’s been a really short journey, we’ve been lucky.”

Their new four-bedroom home at 23 McLennan Avenue, was one of more than 650 Sydney properties scheduled to go under the hammer on Saturday in Sydney. The city recorded a clearance rate of 80.3 per cent from 453 reported results, going some way to quell fears of a weakening market after three weeks of declining results. Domain Group chief economist Andrew Wilson said it was a strong post-holiday result for the Sydney market and believed prices would still be rising.

Bidding on the 1930s Californian bungalow, which was nearly entirely rebuilt 10 years ago, opened at $2.5 million. From there it went up in $50,000 and then $20,000 bids.

Selling agent and auctioneer Jason Pantzer, of Phillips Pantzer Donnelley, took almost 40 bids from five of 10 registered bidders before the hammer fell at $3.01 million – $210,000 above reserve.

“It’s our perfect home,” enthused Ms Moore after the auction. “I love the style, it’s stunning … the owners have done such a great renovation and rebuild. It just ticks all the boxes for us.”

The property sold for almost three times the $1.04 million price that records show it last traded for in 2003. It also went for well above Randwick’s median house price of $2.29 million, which has risen 9 per cent in the past year.

Ms Moore, who will be selling her nearby three-bedroom semi on Darley Road, said she was surprised by how much houses prices in the area had increased since she bought into the suburb 10 years ago. 

“It’s crazy, having said that I thought we would have had to spend more on this house, so we’ve been very lucky,” she added.

Vendors Demetra Tamvakeras and Jim Zikos were thrilled with the result and relieved to see the property, which they described as a labour of love, snapped up. 

“Once that first bid starts it’s all okay, but we were very nervous before that,”  Ms Tamvakeras said. 

The couple, who are keen renovators, gutted and rebuilt the property in 2007, changing nearly all but the heritage front facade, which is all that is visible from the street. 

“This is our fifth house in about 20 years,” Mr Zikos said. “We’ve loved our time here and we’ll miss it.”

The couple said Randwick has undergone huge changes in their 14 years there, to become a “sought-after suburb”.

“When we first moved here in 2003, I think there was one coffee shop. Since then more shops and cafes have opened up and there is a lovely village vibe at Frenchmans Road now that wasn’t there before.”

Mr Pantzer said demand for the suburb had exploded, thanks to the construction of the Sydney Light Rail, set to start running in 2019.

“With the light rail due to be completed in the next couple of years, prices are already starting to reflect the benefits it will bring,” he said. 

In neighbouring Kingsford, a deceased estate at 72 Snape Street sold for $280,000 above reserve. 

Bidding on the three-bedroom home, on the market for the first time in 80 years, started at $1.8 million and went up in $50,000 and then $100,000 jumps, as three of five registered bidder vied for the property.

The home, sold through Ken Smith of N. G. Farah, was snapped for $2.28 million by a neighbouring family looking to build their dream home.

It was a different story on the lower north shore, where a two-bedroom Mosman apartment passed in at auction. 

Bidding on 46/6 Wyargine Street, which overlooks Balmoral Beach, started at $1.3 million and went up in $50,000 increments, before it started to slow at the $1.5 million mark. 

Despite all four registered bidders throwing their hats in the ring, the property passed in at $1.61 million. 

Agent Antonio Bukvic of North Sydney Real Estate was confident the property, which came close to the undisclosed reserve price, would sell in the next few days.

He said he felt there had been a shift in buyer sentiment, and that he had seen a decrease in the the number of would-be buyers.

“There’s definitely a different sentiment out there to six months ago,” he said, and noted buyers had cited concerns about restrictions on lending.

Elsewhere across Sydney

7 Station St, Arncliffe. Photo: Supplied.

SOLD $1,385,000
Arncliffe
7 Station Street
3 bedrooms, 1 bathroom, 0 car spaces

Competitive bidding between four parties saw this Arncliffe home sell for more than double the $640,000 that records show it last traded for less than five years ago. The bidding opened at $1 million and went up in $50,000 bids, quickly passing the $1.15 million reserve, until it started to slow at the $1.3 million mark. The property, sold through Jena Chahine of Prestige Property Group Realty, was snapped up by a first home buyer couple from Surry Hills who have recently had their first child.

SOLD $1.78 million
Newtown
4 Phillip Street
4 bedrooms, 1 bathroom, 0 car spaces

This tightly-held terrace sold for $100,000 over reserve when it went up for auction on Saturday afternoon. The proceedings kicked off with an opening bid of $1.6 million and quickly surpassed the $1.68 million reserve, as bidding went up in $10,000 increments. The home, sold through Arthur Paschalidis of Gerber Properties, was a deceased estate that had been held by the one family for 40 years. It sold to a couple relocating from Lindfield.  

3b Higgs Street, Coogee. Photo: Supplied.

SOLD $3.25 million
Coogee
3B Higgs Street
4 bedrooms, 2 bathrooms, 2 car spaces

Four of six registered bidders competed for this tightly held family home when it went to auction on Saturday. Bidding opened at $3 million and went up in $50,000 increments, before dropping to $25,000 jumps. It sold on the reserve price of $3.25 million, to a young local family looking to build their dream home on the level 759-square-metre block. The property, sold through Anthony Romano of LJ Hooker Randwick, last traded in 1992 for $455,000.

55 Arcadia Road, Glebe. Photo: Supplied

SOLD $3,231,000
Glebe
55 Arcadia Road
3 bedrooms, 1 bathroom, 1 car space

About 70 people gathered for the auction of this home on the market for the first time since it was built for £1090 in 1924. Bidding on the tightly held home started at $2.5 million and three of five registered bidders competed before it sold for $3,231,000 – $631,000 above reserve. The profits from the property, sold through Steve Patman of Garry White First National, will go to the Sydney Children’s Hospital and several charities.

22 Worthing Place Cherrybrook. Photo: Jeremy Cheung

SOLD $2,208,000
Cherrybrook
22 Worthing Place
5 bedrooms, 4 bathrooms, 2 car spaces

Bidding for this renovated home opened bang on the $2 million reserve price, and ended after just eight bids from four of six registered bidders. The property was snapped up for $2,208,000 – $208,00 above reserve – by a local family looking to upsize. The home set a new house price record for the suburb, selling agent Trevor Prinsloo of Louis Carr Real Estate said. Records show it last traded in 2012 for $1 million.