Heritage Waverley apartment sells to first-home buyer for $731,000

Waverley’s bustling high street in Sydney’s eastern suburbs was filled with people out for a morning stroll in the warm spring sun on Saturday morning. Amid the buzz, a small crowd of neighbours, interested buyers and casual onlookers were forming for the auction of 5/280 Bronte Road.

Nestled among myriad shops along the strip is a former convent, converted into a heritage-listed residential property.

While the facade remains impeccably intact, 16 apartments have been added, including an extension to the rear.

The front of this property is subdivided into two apartments and the ground floor, with an internal space of 110-square metres, was one of 732 scheduled auctions in Sydney on Saturday. By evening, Domain Group recorded a 55 per cent clearance rate from 388 reported results.

Six registered bidders were vying for the keys when bidding kicked off at $600,000.

Bidding progressed in increments in $10,000 but slowed down to $5000 between four parties, and then $1000 increments.

Half of the buyers dropped off at $700,000, leaving two bidders in the race. They went back and forth for another 10 bids until first-home buyer Lisa Harkins won with a $1000 bid at $731,000 – $81,000 above reserve.

The Glaswegian fashion planner, a renter in the area, had been in the market since February looking for her first home.

She said she first saw this one-bedroom apartment just two days before auction and fell instantly in love.

“I never, ever planned to stay in Australia this long,” Ms Harkins said. “I first saw it on Thursday, but when I know, I know.

“It’s lovely, it’s got character, and it’s really cute. Now I’ll just live along the road from my best friend, so we’ll be neighbours.”

Despite this being her first auction, Ms Harkins had been determined to walk away with the keys.

“It’s a wee bit over what I had planned, but it’s still within my budget,” she said.

Vendor Michael McMahon was equally pleased with the sale: “We’re over the moon, it’s an absolutely superb result.”

“When you read the headlines you think the market is going down but this [sale] is going the opposite direction,” Mr McMahon said.

Selling agent Angus Gorrie of McGrath Coogee said while the market had tightened up, buyers were still making it to auctions, just in smaller numbers.

The property last sold 10 years ago for $395,000. The median apartment price for neighbouring suburb Bronte is $1.36 million.

Meanwhile, in the heart of Sydney an original early-settlement sandstone terrace at 16 Union Street in Pyrmont failed to sell under the hammer.

Auctioneer Jake Moore told half a dozen people gathered in its courtyard they were “buying a piece of history”, but after a vendor bid of $2.5 million the 146-square metre block passed in.

The five-bedroom, two-bathroom property was built in 1851. The cottage was the master’s quarters when it was originally built and the adjoining terraces were the workers’ quarters. While on the same landholding, the six terraces have since been separated on different titles.

Selling agent George Stav of Gates Real Estate said while there was not much interest on the auction floor, he predicted it would sell in post-negotiations. Families had shown the most interest in the property, which last sold 14 years ago for $1.3 million. The reserve was $2.7 million.

Elsewhere in Sydney

SOLD $2.8 million
Collaroy Plateau
92 Blandford Street
4 bedrooms, 3 bathrooms, 2 car spaces

About 130 groups went through this architect-designed house in the northern beaches. Ten parties registered but only four bidders put their hands up at auction. A local family walked away with the keys for $2.8 million, $400,000 higher than the suburb’s median house price. The home had been advertised with a price guide of $2.65 million. Selling agent of Matt Morley of Doyle Spillane said it was “a good auction in a negative market”. The property, on a 966-square metre block, last sold in 2016 for $1.16 million.

92 Blandford St, Collaroy Plateau Photo: Supplied

SOLD $1,406,000
Rozelle
4/66 Quirk Street
3 bedrooms, 1 bathroom, 2 car spaces

A mix of downsizers and young families inspected the townhouse, with four of seven bidders active at auction. Selling agent Cindy Kennedy of McGrath Balmain said it attracted a lot of interest for its high-quality renovation, huge outdoor area and parking space. Bidding opened at $1.25 million, quickly passing the reserve of $1.37 million before the hammer fell at $1,406,000. It last sold for $500,000 in 2006. The suburb’s median house price is $1,625,000.

4/66 Quirk St, Rozelle Photo: Supplied

SOLD $1,465,000
Lewisham
47 Wardell Road
3 bedrooms, 2 bathrooms, 0 car space

After a renovation, the vendors of this freestanding house opted for a lifestyle change and decided to sell. The property, on 278-square metres, mostly attracted young couples renting in the area. Selling agent Rhonda Yim of Belle Property Annandale said the property sold under the hammer with a single bid after a pre-negotiated offer. The initial reserve was set at $1,495,000 but Ms Yim said the vendors’ “flexibility” sold the property because they knew there was only one registered bidder on auction day. It last sold for $545,000 in 2006.

47 Wardell Rd, Lewisham Photo: Supplied