Excited first-home buyer splashes $1.2m on art deco Bondi Beach pad
A two-bedroom art deco unit in Bondi Beach a few short blocks from the sand has sold for $1.206 million to a first-home buyer.
The 60-square-metre apartment at 5/7A Edward Street is on a company title and sold for just over its $1.2 million guide price.
Three young singles registered, and all actively bid on the chance to live in the lifestyle location.
Bidding opened at $1,000,001, and the first bid of $50,000 immediately took it above its $1,050,000 reserve. Bids ranging from $10,000 to $20,000 were placed until the price reached $1.205 million. A final $1000 bid secured the property for the buyer.
The auction was held on the street for about 30 minutes with 30 people watching on.
Sotheby’s Brad Plos said lenders usually require larger deposits for company titles than strata titles, so for transparency, it had a higher guide to attract quality buyers.
“With company titles, there’s a certain part of the market, who … may not be able to borrow,” Plos said.
The vendors live overseas and attended the auction via phone. Plos said they were “very happy”.
The property was one of 1307 scheduled auctions in Sydney at the weekend.
By Saturday evening, Domain Group recorded a preliminary auction clearance rate of 59.5 per cent from 790 reported results, while 179 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
A four-bedroom, single-level family home at 7 Sibbick Street in Russell Lea changed hands for the first time in 60 years to a young family for $2.58 million.
The neat and tidy home came with a front garden with roses and an olive tree, and original tiling in the bathroom and kitchen.
Guided at $2.4 million, three young families from Sydney’s inner west registered and actively bid on the property.
Bidding opened bang on the $2.4 million guide, then two $50,000 bids were placed and bidding paused at $2.5 million. Then the highest bidder increased his bid by another $50,000 followed by another $30,000, bringing the price to $2.58 million, which was $20,000 less than the $2.6 million reserve. The vendors were happy to readjust the reserve on the floor.
The Agency’s Joe Kanaan said the buyers were excited to have their Saturdays back.
“I don’t know if that was their eighth or ninth auction, but … it’s a tough time losing their Saturdays to go to auctions and open houses. So they finally, finally got their Saturdays back.”
“[Russell Lea] is close to parks, schools, cafes and restaurants, it’s a pretty suburb,” Kanaan said.
The buyers plan to renovate and make the home their own. The vendors were two beneficiaries of the deceased estate.
A 136-square-metre parcel of land subdivided from its neighbour’s backyard has sold for $1.19 million in Sydney’s inner west. The block at 47 Edith Street in St Peters came with DA-approved plans for a three-storey house with a swimming pool.
Guided at $900,000, the opportunity attracted eight registrations – six builders looking for development projects and two couples seeking to build to live in.
Five actively bid in front of a curious on-site crowd of 30 people. People were interested to see the result as last year a nearby block of land without DA approval sold for $889,000.
Bidding opened at $900,000 with varied bids in erratic increments from $15,000 to $1000 until it sold above its $1 million reserve for $1.19 million to a buyer who “was really stamping his dominance by bidding in much larger increments than the other parties”.
BresicWhitney’s Rhonda Yim said there are not many blocks of land in the inner-city area, so she fielded a lot of inquiries.
“I think it just shows how tightly held blocks are and that there was definitely, definitely a strong demand for a project or the opportunity to add value,” she said.
The buyer was a local builder from Marrickville. The vendor will auction the house that the land was subdivided from this weekend.
AMP’s chief economist Dr Shane Oliver said Sydney’s clearance rate of 59.5 per cent was surprisingly weak – even weaker than Melbourne’s.
“It’s also interesting to note, when you look at the withdrawn, there were 179 properties withdrawn,” Oliver said, adding a high level of withdrawals is indicative of a weak property market.
“They [may have] had an inkling that it was going to be passed in.”
Oliver said high interest rates were the main driver of the property market, and without the high levels of immigration and housing shortfall in urban Sydney, clearance rates would be running even lower.
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