Sydney auctions: Chatswood semi snapped up for $2.04 million by first-home buyer

A first-home buyer has paid more than $2 million for a Chatswood property that has been eyed for development since a planning proposal was submitted to rezone the area more than a year ago.

It was a small but competitive group that turned out for the auction of 3 Bowen Street, with seven registered bidders among the crowd of more than two dozen people.

The four-bedroom semi-detached house was one of 813 Sydney properties scheduled for auction on Saturday. By evening, Domain Group recorded a preliminary clearance rate of 79.8 per cent from 532 reported results.

The house sold for $2.04 million – exceeding its $1.93 million reserve – to successful buyer Ken Liu who claimed it was his first property purchase. Mr Liu said he had also been looking at properties in Eastwood, but chose the property because his wife “liked” the place.An opening bid of $1.75 million kicked off the auction – which was a mortgagee in possession – with three parties throwing their hats in the ring, raising the price in $10,000 lots.

It was reported last year that 22 homeowners at Bowen Street and Moriarty Road, Chatswood, had banded together to quietly offer the row of properties as an off-market sale to developers.

It came after a planning proposal was submitted to the council, asking to rezone the area from low to high density, which would see building heights range between eight to 13 storeys.

Mr Liu outbid a mix of buyers, including young families who were looking to upgrade as well as property speculators, according to Belle Property Lane Cove selling agent Tim Holgate.

“We’ve had quite a variety [of buyers] … some young couples but we’ve also had some investors as well because it was a mortgagee sale … they were hoping to pick up a bit of a bargain,” Mr Holgate said.

He said while some of the young families were nervous about having to deal with potential developers down the track, others saw it as an opportunity.

“There were some others that went, ‘Well, we might pocket some good cash here in a short flip, pay out the mortgage and go do it again’,” Mr Holgate said.

The property last traded in 2012 for $1,025,000, almost doubling in value.

Auctioneer Nicholas Lyell said Sydney’s auction market has continued to pick up since the federal election in May.

“That was a great auction. We had multiple bidders and the bidding was a nice, steady flow,” Mr Lyell said. “We’re seeing more and more of that now. People are realising there are some great opportunities around. There’s still that shortage of properties available.”

In Castle Hill, a red double-brick house at 3 Margot Place attracted 13 registered bidders.

Bidding started at $1.25 million and eight parties competed for the four-bedroom property before the hammer fell.

A young family from the Hills district – who were upgrading from an apartment – walked away with the keys after a winning bid of $1,454,000.

McGrath Castle Hill selling agent David Choy said most of the competition were owner-occupiers who were young families looking to upsize.

The property last sold for $892,000 in 2014.

In Baulkham Hills, about 100 people watched 19 Woodlands Street go under the hammer, including four previous owners.

The four-bedroom cottage attracted 13 registered bidders and an opening bid of $1.1 million from a buyers’ agent.

The bidding increased in $50,000 and $25,000 lots as five parties vied for the keys to the house – all owner-occupiers looking to upgrade.

The hammer fell at $1.45 million, selling $80,000 above reserve to a father and daughter duo who planned to live there. The home sold through Jennifer Carr of Louis Carr Real Estate

Benson Auctions auctioneer Stu Benson said all five owners past and present attended the auction, including the daughter of the man who built the house.

“It was quite emotional having every generation of ownership represented at the auction, all keen to see who would be charged with writing this beloved home’s next chapter. It really says a lot about the property,” Mr Benson said.

The property last sold for $610,000 in 2003, more than doubling in value.