Darling Point apartment smashes reserve by $1.125m in huge Sydney auction weekend
A house-like apartment in one of Sydney’s most desirable waterside suburbs sold under the hammer at the weekend with the final sale price smashing the reserve by $1,125,000
The three-bedroom property at 1/16 New Beach Road, Darling Point, was snapped up by a couple for $6,125,000, who were buying the apartment for their children, McGrath Double Bay selling agent Eitan Rubinstein said.
The reserve on the property was $5 million, Mr Rubenstein said.
The buyers were one of two bidders at the auction, with the competition between them seeing the price soar past $6 million.
Both buyers wanted the property because of its location – opposite Rushcutters Bay Park and under five kilometres from the city, he said.
“They just wanted to get the property because of the position,” Mr Rubenstein told Domain. “It’s rare to get that size [of home] in that position.”
The “thrilled” vendors, who live overseas, were selling because they do not plan to return to Sydney, he said.
The sale was one of the biggest at the weekend, with Sydney’s preliminary clearance rate sitting at 81.3 per cent after 672 auctions were scheduled and 476 results were reported.
There were 34 properties withdrawn from auction, counted as not being sold in clearance rate calculations.
While some vendors may be nervous about just one auction, a vendor in Revesby in Sydney’s south-west nervously sat through three auctions of neighbouring properties they owned.
The properties at 49 Ely Street, 51 Ely Street and 53 Ely Street were auctioned one after the other, with all selling above $1.5 million.
Ray White Canterbury director Manuel Roussakis said 22 bidders registered for the three auctions, with both investors and families in the crowd wanting to buy.
The four-bedroom home at 49 Ely Street sold under the hammer for $1.55 million to an investor, who will knock down and rebuild a dual occupancy on the block. Permits for the build are already approved.
Next door, the three-bedroom home at 51 Ely Street sold to a family for $1.61 million, and the four-bedroom home at 53 Ely Street sold to a second family for $1,695,000.
Mr Roussakis said both families had not made any decisions on what they would do with their new homes.
The three properties were investments for the vendors, who had looked at booming property prices and decided the time was right to sell, he said.
They were thrilled the properties had sold above reserve, though Mr Roussakis would not reveal by how much.
“They basically bought the properties over a period of time and with the market showing such great signs, they decided ‘let’s sell’,” Mr Roussakis said.
In the inner west, a double-storey, four-bedroom home sold for $3.4 million — $400,000 above reserve.
The vendors of 22 Heath Street, Concord, built the property 10 years ago but recently moved to the north coast, hence the sale.
Devine Real Estate Concord director Steven Devine said nine buyers registered for the chance to bid, most local families.
“Five of them had a good crack at it once the price reached above $3 million,” Mr Devine said. One of the local families prevailed.
A family were also the buyers of a six-bedroom home in Sydney’s west, beating 14 other registered bidders to win the keys.
The resort-style property at 16 Sylvan Grove, Glenhaven, sold under the hammer for $3,155,000.
Ray White Castle Hill selling agent Sam Shamal said the home sold above its $2.7 million reserve.
This was well above an offer made to the vendors, now downsizing, just a few months ago when the home was offered off-market.
“They got an offer of $2.4 million and went back with a counter of $2.65 million, but it never sold,” he said. “I’m glad they listened to us and sold it via auction.”
In the eastern suburbs, another six-bedroom home sold for $400,000 above the reserve when a winning bid of $2.8 million was made.
The brick home at 44 Knowles Avenue, Matraville, was part of a deceased estate and was also sold by McGrath Double Bay’s Mr Rubinstein on Saturday.
The home was snapped up by a family member of the original owners, who wanted to keep it in the family, he said.
“It was an emotional day for the family because it was the first time the home had been sold in 50 years,” Mr Rubenstein said.
North of the harbour, a two-bedroom St Leonards apartment at 401/6 Duntroon Avenue sold to an expatriate couple who had been living in Hong Kong and were looking to get back into the Sydney market.
The property sold under the hammer for $1,656,000 — $161,000 above the reserve.
Belle Property Cammeray’s Tom Scarpignato said there were 10 registered bidders with seven actively competing. The apartment had a large outside balcony and offered a lot of privacy, making it popular with buyers.
“The market on the lower north shore is still performing very strongly for good quality properties,” Mr Scapignato said.
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