Investor outbids first-home buyers for $855,500 Coogee one-bedder
A Coogee investor outbid half a dozen buyers, including first timers with the bank of mum and dad in tow, after paying $855,500 for a one-bedroom unit in the beachside suburb on Saturday.
The successful buyer was one of nine registered bidders, who were a mix of other investors, builders and first home buyers from the eastern suburbs and inner west.
The tightly held 1960s home at 3/9 Waltham Street had a $780,000 price guide and an $825,000 reserve.
The unit was one of 907 scheduled auctions in Sydney on Saturday. By evening, Domain Group recorded a preliminary auction clearance rate of 67 per cent from 546 reported results, while 125 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
The vendor moved to the northern beaches to be closer to her family after living at the property for 56 years.
An opening bid of $780,000 kicked off the auction which then rose in varying increments from $10,000 down to $1000 until it sold to the investor, who entered the race at $845,000.
The Agency’s Elicia Murray said the home was a great entry point for first home buyers but even then, some still needed help from the bank of mum and dad.
“There are also first home buyers that are still getting family support in their 40s who just haven’t managed to get into the market yet.”
Murray said the vendor chose not to renovate the property that requires new carpet and a fresh lick of paint.
“Quality doesn’t necessarily have to mean highly renovated. Quality properties in blue-chip locations that are priced reasonably are selling really well,” she said.
The buyer intends to renovate the unit with the potential of moving in themselves.
In Hurstville, a mother and father helped their son buy a two-storey house for $1.82 million at auction.
The three-bedroom, two-bathroom property at 7 Rosebank Crescent had a guide of $1.3 million and the reserve was $1.43 million.
Half of the dozen registered bidders were active with three of them first home buyers from the suburb and surrounds.
The other active bidders were looking to renovate and sell, or upsize from an apartment to a house in the suburb.
The opening bid was $1.2 million and rose in varying increments of $50,000 down to $10,000.
The vendor has bought a retirement villa as the Hurstville home was too difficult for her to maintain.
McGrath Cronulla agent Joseph Halavazis said buyers looking in suburbs closer to the city are now considering the St George area as they’re getting priced out of the inner west and eastern suburbs.
“They can get the equivalent style of home, and it’s got great public transport to get into the city,” he said.
A downsizer from Cabarita paid $3.47 million for a four-bedroom Darlington terrace at auction, almost $1 million above the guide.
The buyer outbid upsizers from the neighbouring suburbs of Surry Hills, Darlinghurst and Paddington. Five of the eight registered bidders fought to secure the property at 17 Thomas Street, which had a price guide of $2.5 million and a $2,925,000 reserve.
It last sold for $2.2 million in 2016, records show.
BresicWhitney Inner West agent Chris Nunn said bidding was sluggish and started with an offer of $2.5 million made after several minutes of the opening call. Bids rose in $50,000 increments until $2.9 million and picked up at $2.95 million.
About 100 groups inspected the property throughout the campaign.
Nunn said the auction result highlighted the shortage of premium homes across the inner city and inner west.
“Good properties are still attracting multiple parties, but there is price sensitivity for properties that are more generic,” he said.
In Hunters Hill, a local family paid $8.66 million for a home at auction, outbidding a local family from a bordering suburb and an out-of-Sydney buyer.
The four-bedroom, four-bathroom property at 44 Woolwich Road was guided at $7.5 million and the reserve was $8 million.
An opening bid of $7 million was made after a slow start and rose in increments of $100,000 as three out of the five buyers were active. Bids dropped to increments of $50,000 but became tighter at the end with bids between $10,000 and $50,000.
The vendor is downsizing but is yet to decide on a home in the eastern suburbs or inner west.
BresicWhitney Hunters Hill agent Nicholas McEvoy said he hoped to see more properties come onto the market.
“Stock levels are still low in terms of where they should be, but there are still buyers willing to pay top dollar for the right house, such as this Hunters Hill property.”
The suburb’s median house price fell 3.6 per cent to $4.05 million in the year to June on Domain data.
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