‘I’m in shock’: Ramsgate Beach townhouse sells for $1.75 million
A townhouse in south Sydney sold for $1.75 million at auction on Saturday, shocking both the crowd and sellers who expected a more conservative result in the cooling property market.
A dozen bidders turned out to compete for the three-bedroom townhouse in Ramsgate Beach, which sold for $450,000 above the reserve price.
It was one of 546 Sydney properties scheduled for auction on Saturday. By evening, Domain Group recorded a preliminary clearance rate of 54.5 per cent from 341 reported results, while 115 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
The bidding for 2/8 Florence Street kicked off at $1.3 million. It climbed quickly, as four parties made about 50 bids and the eight other interested buyers watched.
“I’m still waiting to get in … forget it,” said one registered party as bidding passed the $1.6 million mark. “I’m in shock.”
From there it was mostly a two-party race between a local family looking to upgrade and a couple downsizing from Oatley, via about two dozen smaller bids before the gavel fell. The downsizers made the winning offer of $1.75 million for the 209-square-metre block.
The result was well above the $1.28 million price guide and the $740,000 that records show the property last traded for in 2012.
Vendors Kate and Sheila, who declined to give their surnames, had been apprehensive about selling in the current market and were shocked by the result.
“With interest rates rising and the negativity that’s around, this has been an unbelievable surprise,” Sheila said. “We had been conservative about what we could expect.”
Selling agent Michael Flevaris, of McGrath Brighton-Le-Sands, said the home was popular due to its proximity to the beach, shops and cafes, and its position in a small complex of three townhouses. Its size appealed to first-home buyers, upsizers and downsizers.
Flevaris said it was a standout result that did not reflect the reality of the market, but noted desirable properties were still achieving good prices.
In Annandale, a five-bedroom freestanding terrace in need of a substantial renovation sold for $5.5 million.
Bidding for the deceased estate at 137 Annandale Street began at $5 million, and two buyers competed. A family from the eastern suburbs won.
It will be a large-scale project for the buyers, with selling agent Chris Nunn of BresicWhitney Glebe saying most interested parties planned to build a substantial trophy home on the 664-square-metre block. The property had a guide of $4.8 million, and Nunn declined to disclose the reserve.
The top-end of the market was still proving to be in high demand, with no shortage of buyers for more expensive homes in the area, Nunn said. The majority of interest is from the eastern suburbs, Balmain and Hunters Hill.
In nearby Glebe, young couples and singles competed for a two-bedroom corner terrace at 49 St Johns Road, which sold for $1,652,000.
Four of the five registered bidders made offers on the 79-square-metre block, pushing the bidding up in a “steady but controlled manner” from an opening offer of $1.5 million, and surpassing the $1.6 million reserve.
Selling agent Shannan Whitney of BresicWhitney Darlinghurst said: “There was more energy on the sale than what we are used to at the moment … but [bidders] were still careful.”
The terrace last sold for $1,105,000 in 2015, and has been renovated since. It had a price guide of $1.4 million.
In Strathfield, a three-bedroom house on the market for the first time in more than six decades sold for $2.88 million.
The 505-square-metre block at 8 Brunswick Avenue drew interest from 11 registered bidders – only six competed – with the bidding starting at $2.3 million.
The property sold to a local family for $130,000 above the reserve price.
Selling agent Ben Arrowsmith of Laing+Simmons Regents Park said the deceased estate had seen interest from developers and families looking to build their dream home or renovate the existing original-condition residence.
In Darlinghurst, a two-bedroom terrace with development approval for a third bedroom sold for $1,365,000.
Bidding for 192 Crown Street started at the $1 million price guide, and two of the five registered bidders pushed the price beyond the $1.2 million reserve.
The home was bought by a young professional from the north shore, who had yet to decide if he would live in the property or sell it after a renovation.
Builders had been looking to spend anywhere between $700,000 and $1 million on a renovation of the original-condition home, said selling agent Charles Touma, of Ray White Touma Group.
The home last sold for $570,000 in 2007, records show.
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