Family bids against themselves five times for $5.3m Warrawee home

A St Ives family with plans to upsize were determined to secure a Warrawee home at auction on Saturday and bid against themselves five times to secure the property.

The five-bedroom, three-bathroom property at 5 Boondah Place sold for $5.3 million, above the $5 million guide and $100,000 more than the reserve.

SOLD - $5,300,000

5 Boondah Place, Warrawee NSW 2074

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It was one of 969 scheduled auctions in Sydney on Saturday.

An opening bid of $5.1 million was made in front of a large crowd. Ray White Upper North Shore listing agent Michael Dempsey said he spoke with the vendor and convinced the bidder to offer $60,000 more, before again consulting the owner. Offers of $5.2 million, $5.24 million and $5.27 million were made over 40 minutes before a final offer of $5.3 million was accepted.

The vendors have lived at the home for 20 years and were downsizing in Paddington.

In Miranda, a three-bedroom, one-bathroom home sold under the hammer for $1.55 million to first home buyers, a young couple who were renting in the Sutherland Shire.

SOLD - $1,550,000

11 Junction Street, Miranda NSW 2228

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The guide was $1.45 million and the reserve was $1.5 million.

Buyers Nathan Wood and Georgia Cuming had their parents in attendance. They said the home won them over instantly.

“We met in Orange three years ago and to this day, the central west is a special place to us. When we first walked into this house, the first thing we said to each other was that it reminded us of a house in Orange that we lived in.”

Ray White Sutherland Shire’s Matt Debreczeni said two of the five registered bidders had their parents in attendance. Three bidders were active and were all young couples.

The opening bid was $1.4 million and the auction was slow until the price reached $1.49 million. Bids were placed quickly in $10,000 increments before the winning bid of $1.55 million.

Debreczeni said his agency has had a hectic September. “We’ve had our biggest September in Sutherland Shire on record, in terms of [listing] volumes,” he said. “[But] buyers aren’t rushing in to make rash decisions.”