First home buyer forks out $915,000 for a one-bedroom unit in Kirribilli

It’s one of Sydney’s most liveable suburbs and the sale of a one-bedroom flat – for a big price – has reaffirmed the appeal of Kirribilli.

A first home buyer secured 10/28 Waruda Street, one of 760 Sydney properties scheduled for auction on Saturday, for $915,000 after vying with at least six other bidders to secure the top-floor art deco flat.

By Saturday evening, the Domain Group had collected 507 auction results and put the clearance rate at 80.4 per cent. 

“The Sydney market has bounced back strongly after last weekend’s slight dip and there is still no real sign of it slowing down despite higher listings,” said Domain Group chief economist Dr Andrew Wilson.

A big drawcard of the apartment, one of 12 in the tightly held Mirradong Flats, were the views of the Sydney Harbour Bridge and Opera House from its kitchen and study. Milsons Point Wharf and train station are also within walking distance via Kirribilli’s jacaranda-lined streets. 

Then there are the neighbours, with the eastern side of the property bounded by Admiralty House and Kirribilli House – the secondary residences of Australia’s Governor-General and Prime Minister.

“You’re in good company,” said agent Renae Dickey, of BresicWhitney Glebe.  

Dickey said more than 150 groups inspected the property during the four-week campaign and 13 registered to bid, with most raising a paddle at some stage during the auction.

As neighbours watched from balconies, bidding started at $700,000 with the eventual buyer joining the fray around the mid-$700,000 mark.

By the time the price reached $800,000, four bidders were involved and the price was increasing by a neat $10,000 with each bid.

After a bid of $867,000 from the eventual buyer, bids continued in irregular increments to the $891,000 mark.

A jump from $901,000 to $910,000 looked to have finalised the deal but bids of $1000 lifted the price to $914,000 as several parties spoke to contacts via the phone.

The gavel of auctioneer Gavin Croft finally fell at $915,000 as many in the 80-strong crowd cheered on the buyer, who now plans to live in the flat.

The new owner of the unit, who did not wish to be named, said she had been looking for property “off and on” for a while and already lived nearby.

She had not been sure what to expect on auction day because the market was so variable.  

“If you want something, I suppose you’ll go for it,” she told Domain after the auction, holding a bottle of champagne.

Louisa Jackson, who is a friend of the new owner and also a real estate agent, bid on her behalf.

“It just goes to show Sydney property is not slowing down,” Jackson said.

Dickey, who marketed the property with BresicWhitney colleague Matthew Carvalho, said they were pleased with the outcome.

“We weren’t expecting that,” she said. “Most of the interest was either side of $800,000 towards the last two weeks of the campaign.”

The views had been the biggest drawcard, luring prospective buyers from all over Sydney to inspect the property.

“I think a lot of people were willing to compromise on things like a second bedroom or parking because of the views,”  she said.

In other results, an unusual industrial-style building on a 272-square-metre site in Glebe sold at auction for $1.69 million – $90,000 above reserve, said agent Nicholas Katsikaros, of LJ Hooker Glebe.

Forty contracts were issued ahead of the auction but only three bidders registered, with two placing bids on the property at 14 Reuss Street.

The warehouse, which had stood vacant for some time, has big rooms, metals roofs and concrete floors plus two toilets and showers, several sinks and garage-style doors. It has development approval for three or four bedrooms plus two car spaces and would lend itself to use as an art gallery, Mr Katsikaros said before the auction.

Auctioneer Sam Theo, of Hammer Time Auctions, declined the first bid of $1.2 million and placed a vendor bid of $1.55 million for the property.

After just five bids from two bidders, the underbidder and his party offered congratulations and left the site even before Mr Theo’s hammer fell in favour of the local buyer, who plans to convert the site to a house.  

In Redfern,  the winning bidder won’t need a truck for moving day. The property being auctioned was a two-bedroom, two-bathroom penthouse apartment with two car spaces and private rooftop at 1806/7-9 Gibbons Street. The new owner, a resident within the building in a one-bedroom apartment, snapped it up for $1.621 million, paying $321,000 over reserve to beat four other registered parties.

Bidding opened at $1.25 million and quickly shot to $1.3 million when it was called on the market. A $50,000 bid was made, and then the two last standing bidders used various increments to try to knock each other out of contention.

Nicholas Barnett, at Village Property, said the sale may have broken a two-bedroom apartment record for Redfern.

With Anita Balalovski