Castlecrag home sells for $3.8 million with proceeds to go to charity
A unique one-bedroom home on Sydney’s lower north shore sold for a whopping $1,475,000 above the reserve, with the profits of the sale going to two charities.
The proceeds of the auction at 56 The Bulwark, Castlecrag, will be split between Sydney Legacy and the National Trust, The Agency North partner Rick Woodward said.
The property, which included a pool and amazing views of Sailors Bay, sold for $3.8 million, blasting past the $2,325,000 reserve.
Nine bidders registered for the auction, with five of them actively competing for the keys.
“Because of it being a one-bedroom home most people wanted to do significant renovations to it, but there were a couple of buyers who wanted to live in it as is,” Mr Woodward said.
The ultimate buyer would be looking to get approval to undertake major renovations and add extra bedrooms, he said.
The sale was one of the biggest reported in the harbour city at the weekend, and was also one a few where the proceeds were donated to charity.
Another two properties – an unrenovated apartment in Potts Point which sold for $510,000 and a three-bedroom home in Ryde which sold for $1,688,000 will see profits donated to not-for-profit organisations.
After results including the charity auctions were calculated, Sydney’s preliminary auction clearance rate sat at one of its highest points for the year – 77.6 per cent – after 760 auctions were scheduled and 567 results reported. Some 77 properties were withdrawn from auction, which were counted as not being sold.
In Sydney’s inner west a home, which was one of the first built on the street and had been in the same family for 61 years, was sold under the hammer for $3,915,000.
The three-bedroom home at 21 Highgate Street, Strathfield, sold well above the $3.3 million reserve.
Belle Property Strathfield principal Norman So said the sale was an emotional one for the owner’s four daughters, who had inherited the home as part of a deceased estate.
Eighteen bidders registered for the auction, most looking to either knock down and rebuild their dream home or undertake some major renovations to the existing property.
“Because there is a great shortage of land lots or potential building lots buyers are turning up and registering on the spot,” Mr So said.
The buyer is planning to tear down and rebuild the home, but will rent it out for a short time, he said.
In the eastern beachside suburb of Clovelly, a home that had been owned for 46 years by the same family also sold for well above expectations.
The two-bedroom home at 63 Boundary Street sold under the hammer for $4,025,000 – $775,000 above the $3.25 million reserve.
McGrath Double Bay’s Stephen McMorrow said, like the Strathfield sale, mostly builders or those wanting to undertake major renovations were interested in the home, looking to either fix it up or tear down and rebuild.
Nine bidders registered, with the ultimate buyer being a builder who would now be looking for approval to tear down the old home and rebuild on the 533-square-metre block of land.
“The home is in a really good position because it’s close to Bronte and Clovelly beaches,” Mr Morrow said. “It has two bedrooms but no parking at the moment.”
Mr Morrow said new listing numbers in the eastern suburbs remain very tight, with buyers far outnumbering homes for sale.
“The interest levels are as high as they were in 2017 [when the market was rising to peak levels],” he said.
Downsizers competed for a tightly held, three-bedroom apartment in Sydney’s inner west, seeing it sell for $3.7 million under the hammer.
The apartment, at 4/22 Drummoyne Avenue, Drummoyne, was one of only five in the building, with each taking up an entire floor.
“Not all of the bidders were immediate downsizers,” Warwick Williams Real Estate selling agent Jacki Williams said. “It was a 50/50 split of those who wanted to move in straight away and those who were planning to hold onto for the next five or 10 years.”
Ms Williams said the apartments were perfect for empty nesters who had previously lived in large family homes.
“They have a huge terrace so they still have that sense of space which is important,” she said.
The ultimate buyers were an expatriate couple, who were planning to move back from the UK, once restrictions were lifted, Ms Williams said.
In Sydney’s inner north, three women bid against each other at the auction of a two-bedroom apartment.
The ground floor, townhouse-style apartment at 5/22 Jenkins Street, Cammeray, sold under the hammer for $1,107,000, above the $1.1 million reserve.
Belle Property Neutral Bay’s Helen Wilson said all bidders were looking to be owner-occupiers.
“Buyers thought it was a very cute home and loved the convenience of the location, the building management and the courtyard,” Ms Wilson said.
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