Family spend $7.1m to upgrade from a unit to Chatswood family home
A five-bedroom heritage home in Chatswood sold for $7.1 million on Saturday to a local family who were upsizing from a unit.
The family home at 13 Robinson Street was guided at $6 million, and eight parties registered to bid, though only three took part in the auction.
Bidding opened at $6 million, and $100,000 and $50,000 bids quickly pushed the price to $6.7 million. The price shot past the $6.9 million reserve not long afterwards, and the property sold under the hammer for $7.1 million.
Ray White’s John McManus said the price “blew [him] away”.
“Heritage-listed properties aren’t really something that families buying in that pocket are all that interested in,” he said, adding: “You could just feel the love in the home … it was just a very homely home.”
Auctioneer Edward Riley said the result was proof that quality homes in well-established areas can still do well at auction, even in a weakening market.
The vendors planned to downsize to an apartment in the area.
The property was one of 1407 scheduled auctions in Sydney at the weekend.
By Saturday evening, Domain Group had recorded a preliminary auction clearance rate of 59 per cent from 890 reported results, while 206 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
In Epping, A five-bedroom, three-bathroom family home at 38 Chesterfield Road sold for $3.59 million. The Federation-style home was in a popular school catchment, and came with a swimming pool.
Seven young families, all looking to move in, registered to bid on the property, which had a price guide of $3.2 million. Most were local to the area; one was from the city and one was from Hong Kong.
Bidding opened at its $3.2 million guide, which was also the reserve. Four families contested the auction, and used large increments until the price reached $3.5 million. Not long afterwards, a Dundas family bought the home for $3.59 million.
Tracy Yap Realty principal Tracy Yap said that, despite the wet weather, the auction drew a large crowd.
“They needed to take off their shoes before they walked into the house,” she said. “The front, the whole driveway [was] all full of shoes.”
The vendor intended to upsize to another home in Epping.
The address last traded for $250,000 in 2007, records show.
In Darlington, a two-bedroom terrace home was snapped up by an investor. The investment property at 39 Ivy Street was close to Sydney University and Redfern station.
Six parties registered, with four bidding on the house that had a guide of $1.35 million. Most were first home buyer couples who were drawn to the central location.
Bidding opened at $1.35 million, and it sold for $20,000 above its $1.5 million reserve for $1.52 million.
“It’s two-bed, one bath on about 70 square metres in original condition, but it’s a really good, wide, tree-lined street, and I think that was the appeal for most people,” Ray White’s Ercan Ersan said.
The vendor held the property as an investment for 12 years and planned to use the proceeds of the sale to buy a home in Ryde to live in.
The property last traded for $651,000 in 2012, records show.
Just around the corner, at 1 Shepherd Lane, another two-bedroom, one bathroom terrace sold for $1.4 million to a first home buyer from Lane Cove.
The Darlington semi attracted two bidders. Bidding opened at the guided price of $1.3 million, with subsequent bids ranging from $25,000 to $5000. The home sold for $1.4 million, its reserve price.
Adrian William Real Estate listing agent Michael White said the home’s character matched the area’s artistic vibe.
“It’s full of creatives and artists … And I think that this house felt like it was loved and lived in for a long time, which it had been,” he said.
The terrace last traded for $475,000 in 2008, records show.
AMP chief economist Dr Shane Oliver said Sydney’s clearance rate of 59 per cent was low.
“Because the interest rate cuts have been pushed out, we end up with higher interest rates for longer,” Oliver said, which he thought could push struggling home owners to list their homes or investments.
“This ongoing high level of interest rates and the pushing out of the timing of rate cuts is driving increased supply,” he said.
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