Double Bay homeowner spends more than $4.46 million to nab neighbouring terrace

A Double Bay homeowner has nabbed the terrace next door in a rapid fire auction that soared more than $1.4 million over reserve and raised millions of dollars for charity. 

Six bidders braved the wet weather on Saturday morning to try nab the freestanding, three-bedroom terrace at 3 Cooper Street.

Bidding on the 160-square-metre block kicked off at $2.5 million. It quickly passed the $3 million reserve, climbing in $100,000 increments up to $3.7 million as four of the bidders went head to head. 

It then jumped $300,000 to $4 million, with an attempted knock-out bid, but it didn’t stop there, with another dozen offers made before the hammer fell at $4,462,000.

The unrenovated deceased estate was nabbed by real estate agent Ken Wolf on behalf of the next door neighbour Christine Wenkart, who was on the other side of the world, holidaying in Croatia. 

Mr Wolf was overheard saying he had a blank cheque to purchase the home at whatever cost. He told Domain the buyer had yet to decide what they would do with the home.

The result was well above Double Bay’s median house price of $3.75 million, and labelled “absolutely incredible” by auctioneer Damien Cooley, of Cooley Auctions. 

“These properties are so rare to the market that when they do come on they are hotly contested,” he said. “You can definitely see why the neighbour was so keen to purchase the property.”

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Mr Cooley said while demand in the area “went off the boil some years ago” there was no doubt that Double Bay was back and had reclaimed its mark as one of the hottest markets in Sydney. 

Selling agent Martin Maskin, of Raine & Horne Double Bay, said the result showed there was still a lot of strength in the property market. 

He noted the property had been particularly popular as unrenovated terraces in the area were hard to come by. “They just don’t come up, this one hasn’t been on the market for over 50 years,” he said. 

The terrace had been home to long term Double Bay resident Lorna Blackwood, who had decided to leave part of her estate to the Humpty Dumpty Foundation, which purchases essential medical equipment to help children in hospitals across Australia. 

While some of the proceeds will be going to Ms Blackwood’s family, her executor David Rod, of Spectrum Legal, said in excess of $2 million would be left to the foundation. 

“I think she would have been over the moon [with the result],” he said. “It’s an amazing legacy to leave.”

“I think she would have been thrilled with the result,” added friend Sally Hill. “I think she also would have been very glad that the people next door bought it.”

Paul Francis, executive chairman and founder of the foundation, said Ms Blackwood’s charitable bequest had been a wonderful surprise. “This estate will save children’s lives,” he said. 

The property was one of about 266 homes scheduled to go to auction in Sydney on Saturday, well down on the 670 auctions the previous Saturday, due to the long weekend. 

Of 161 reported results, Sydney recorded a clearance rate of 56.2 per cent. 

In nearby Surry Hills another three-bedroom terrace went to auction, but the bidding was much more subdued. 

The auction for 58 Mary Street opened at $1.6 million, and the offers went up in jumps of $5000 and $10,000 as two owner-occupiers vied for the keys. 

The terrace sold through Seaton Jones, of Phillips Pantzer Donnelley, for $1,805,000, which was $5000 above reserve. Records show the terrace last sold for $1,275,000 in 2013.

In the city’s inner west, two sisters joined forces to buy their first home, an original condition semi at 53 Corunna Road, Stanmore.

While there were about 25 people gathered at the auction, selling agent Terry Torpy, of Bentons Real Estate, said the duo were the sole party who turned out to bid.

They made an offer of $1.4 million for the home, which they then upped to the $1.5 million reserve, at which the property sold.

Elsewhere in Sydney:

198 Homebush Road, Strathfield.

 

SOLD $1.93 million
Strathfield
198 Homebush Road
3 bedrooms, 1 bathroom, 4 car spaces

Competitive bidding from five of six registered bidders pushed the price of this original-condition home $130,000 above reserve. Bidding on the property, on the market for the first time since it was built in 1920, kicked off at $1.6 million. It went up in $50,000 and $20,000 jumps, passing the $1.8 million reserve before it slowed to smaller bid increments. It was snapped up by a family who plan to build their dream home on the 696-square-metre corner block. The house sold through Paul Galassi of Richardson & Wrench Strathfield.

2/2-4 Hampden Avenue, Cremorne.

SOLD $1.6 million
Cremorne
2/2-4 Hampden Avenue
4 bedrooms, 2 bathrooms, 1 car space

There was only one bidder but that was all it took for this townhouse to sell under the hammer. The buyers from neighbouring Neutral Bay hadn’t set foot in the property prior to auction day, but that didn’t stop them from making an offer at the $1.6 million reserve price. Selling agent Jesse Zammit of Belle Property Neutral Bay said he ws increasingly seeing auctions with just one bidder. “Rather than having three of four buyers, you’ll get two if you’re lucky and often just one.” Records show the property last sold for $850,000 in 2007.

1/40 Holt Street, Surry Hills. Photo: Supplied.

SOLD $704,000
Surry Hills
1/40 Holt Street
1 bedroom, 1 bathroom, 0 car spaces

Two investors battled it out for this second floor apartment, pushing the price $64,000 over the $640,000 reserve. About 30 people gathered inside the 62-square-metre property to watch as the pair went back and forth. The apartment sold through Brad Gillespie of The Agency, who took about 60 groups through the property throughout the campaigns. Records show it last sold for $395,000 in 2010.