One-bedroom Kirribilli apartment sells to investor for $1,875,000

A one-bedroom apartment on the market for the first time in more than 50 years has sold for $125,000 above reserve. 

The last time 2/11 Waruda Street, Kirribilli, was for sale it was snapped up for about £8000. On Saturday it sold at auction for $1,875,000.

The waterfront apartment was one of 593 homes scheduled to go under the hammer in Sydney on Saturday. By evening, Domain Group had recorded a 56.8 per cent clearance rate from 320 reported results.  

More than 60 people turned out for the auction of the 65-square-metre apartment which offers panoramic views of the city skyline, Sydney Opera House and the Sydney Harbour Bridge. 

Bidding on the deceased estate started at $1.5 million and climbed in $100,000 jumps, quickly passing the $1.75 million reserve. 

After the $1.8 million mark it slowed to smaller increments, with half of the eight registered bidders making an offer before the hammer fell. 

It was the final bidder to jump in, local real estate agent Dean Mackie, that nabbed the home only shortly after inspecting it for the first time.

“I just saw it for the first time today and thought it would be a great investment,” he said after the auction. “At $1.9 million I was definitely going to have to walk from it, but I think under $1.9 million is good buying.”

The result was well above the suburb’s median apartment price of $1,175,000. However it fell short of the $2,005,000 price tag reached by another one-bedroom apartment in the block, which sold last year. 

“It shows the difference in the market and that it’s come back a bit,” said selling agent Nigel Mukhi of McGrath Neutral Bay. “But I think it’s still a really good result and encouraging.”

The apartment, which had no parking, had been one of two long-term investments in the building for the late Claire and Wilfred Rayne.

The pair, who had both bought units in the boutique block when they were young, shared a Christmas dinner after meeting in the car park, and became a couple.

“She invited him for Christmas dinner and he never left,” said stepson Rory. “They really loved this place and were really proud to have bought here.”

Meanwhile in the city’s eastern suburbs, three bidders went head to head for another tightly held property, a five-bedroom house at 5 Royal Street, Maroubra. 

Bidding on the house, currently split into two separate dwellings, started at $2.1 million. It moved up in $25,000 increments to start, and was called on the market at $2.2 million. 

The 465-square-metre block sold through Eitan Rubinstein of McGrath Edgecliff for $2,256,000. Records show it last traded for $425,000 in 1989.

In the inner west, a three-bedroom cottage sold for $201,000 above reserve. 

The auction for 2 William Street, Annandale, kicked off with an opening bid of $1.2 million and went up in $50,000 and $25,000 increments, before dropping down to $5000 and $1000 increases. 

The 196-square-metre block was snapped up by a young family upsizing from a Pyrmont apartment for $1,701,000. It sold through Damon Parker of Cobden & Hayson.

The vendors, who records show bought the property for $1,041,000 in 2013, are relocating to Byron Bay. 

Further south west, a four-bedroom house at 16 Mars Street, Revesby passed in despite nine people registering to bid on the 658-square-metre block. 

Bidding opened at $1 million, with only three bidders making an offer before the property was passed in at $1,097,500.

On a corner block and with a 16.1-metre street frontage, selling agent Paul Davis of First National Real Estate Daystar said the property had been popular with builders looking to redevelop the block. 

However he noted many builders and small developers were holding back as they were not confident with the resale value for such projects. 

“Eighteen months ago I could have turned up at auction for a property like this, sat in a chair, had a beer and it still would have sold,” he said. 

He still expected the home, which records show last sold for $55,000 in 1992, to sell in the next week.

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