Family gives up reno dream to splash $6.2m on Artarmon designer home
A family that had been trying to do a renovation for years were over the moon to secure a turnkey home in Artarmon for $6,213,000 at auction on Saturday.
The sale of the house located at 32 Tindale Road was a suburb record for a house on a single block and was the highest advised weekend auction sale.
Four registered and two actively bid on the six-bedroom property renovated by Sanctum Design Consultants, which had a guided range of $5.8 million to $6 million.
Bidding opened at $5.25 million, with mostly $100,000 bids, and then two $50,000 bids took it to its reserve of $6.2 million. Once on the market, a $5000 bid was placed, followed by a final $8000 bid, and it sold under the hammer for $6,213,000.
Ray White’s John McManus said it was an unusual campaign as buyers were not sure what the house was worth. The selling agent sold a house on the same street last week for $3,707,000.
McManus said sellers are motivated and buyer interest through open homes is fantastic. During the 20-minute auction, there were 90 people in the yard, spilling across the street and onto the other side of the road.
McManus said the sunny weather is helping: “You can definitely feel a spring in everyone’s step.”
The buyers are from Willoughby and have been trying to get council approval for a renovation without success. They gave up their project and are keen to move into a property that is ready to go, McManus said. The vendors were overseas.
The house last traded for $1.105 million in 2001, records show.
The property was one of 908 scheduled auctions in Sydney at the weekend. By Saturday evening, Domain Group recorded a preliminary auction clearance rate of 64.4 per cent from 548 reported results, while 134 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
An executive couple with a love for entertaining outbid six buyers for a five-bedroom duplex in Caringbah. The newly built home at 11b Taronga Parade went for $200,000 above its $2.4 million reserve for $2.6 million.
Seven registered and all seven actively bid on the contemporary property with an in-ground pool and cinema room.
Bidding opened at $2.3 million with mostly $25,000 bids then $5000 and $1000 bids towards the end. The guide was originally set at $2,275,000 in line with the sale of the adjoining duplex then it was updated based on buyer demand to $2.3 million to $2.4 million.
Ray White’s Wendy Samrani said the property ticked a lot of boxes.
“They wanted a really good location. The north aspect was really important. And they loved the alfresco entertaining area … It had a built-in barbecue as well, and then the cinema room on the ground floor, too, they fell in love with,” she said.
Samrani said there is more demand for turnkey pristine homes than renovators’ dreams at the moment.
“Sixty per cent of my buyers are coming from the eastern suburbs because they are finding better value for money,” she said.
The buyers are a couple from Rose Bay. The vendors lived in the duplex for eight months after it was built but have decided to move closer to the city.
A first-home buyer couple will be moving out of their parent’s home in Strathfield and into a three-bedroom Federation house in Enfield, complete with a white picket fence. The classic home at 8 Wynnstay Avenue sold for $400,000 above its reserve of $2.15 million for $2.55 million.
A whopping seventeen registered, and 10 actively bid, all drawn to the auction due to its affordable price point for the area.
Bidding opened at $1.9 million with bids in varying increments from $100,000 down to $5000 bids raised before a strong local crowd outside the picket fence.
McGrath’s Tarun Sethi said a lot of buyers were interested in purchasing before the school term finishes.
The vendors will be downsizing and moving further south.
The house last traded for $205,000 in 1992, records show.
LJ Hooker’s head of research Mathew Tiller said the clearance rate of 64.4 per cent is a strong result especially since auction listings have increased.
“Buyers still are turning up to open homes and to good auctions as well. Although they are, it’s a little bit thinner given the amount of listings that have come on over the start of spring,” Tiller said.
“The more affordable end of the market is definitely active, and that’s being driven by investors who are taking advantage of recent strong rental growth, as well as first home buyers.”
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