Kingsford family snaps up semi next door for $1.26 million

“Put me out of my misery,” pleaded auctioneer Glenn Farah shortly before the hammer fell at a Kingsford auction on Saturday.

After close to half an hour of drawn-out bidding, Mr Farah was keen to sell the two-bedroom semi, on the market for the first time in decades.

The original condition home — opposite the University of New South Wales — had attracted strong interest, with more than 150 groups inspecting the property.

The deceased estate at 27 Willis Street was one of 750 homes scheduled for auction across Sydney on the first day of summer.

By evening, Domain Group had recorded a 41.4 per cent clearance rate from 358 reported results.

Despite seven registered bidders turning out to try to buy the 252-square-metre block, getting them to make an offer was “like drawing teeth”.

After waiting minutes for an opening offer Mr Farah made a vendor bid of $1.1 million. From there bidding climbed slowly in $20,000 increments, as four different buyers threw their hats in the ring.

At $1.21 million the bidding stopped and Mr Farah looked set to pass the property in, however on his third call a couple offered $1.22 million. A family — who lived in the semi next door — hit back with an offer of $1.25 million.

The family bought the home two bids later for $1.26 million — $40,000 below the $1.3 million reserve.

“The hesitating and the phones calls [the other bidders were on], that was stressing me out,” said buyer Stephanie, who declined to give her last name, after the hammer fell. While she hadn’t been looking to buy, she said the property was the right opportunity for her family and would be an investment.

Bridie and Cecil Leonard, the nephew of long-term owner Mary Lancaster, were pleased to see the neighbours snap up the home — which records show last traded for £3500.

“I’m very glad they got it,” Mrs Leonard said. “They were good to Aunty Mary and kept an eye on her.”

The family had not been through the property throughout the auction campaign and the underbidders had only seen it days earlier, said selling agent Joe Recep of N G Farah.

“A few people were concerned by the amount of work that needed to be done,” he said of the hesitation from some buyers.

“It’s a prime location in Sydney, it’s close to university and [Prince of Wales Hospital] but it was still tough to get people to put their hand up, I wouldn’t want to be selling in any other part of Sydney.”

The home was one of 107 properties scheduled for auction in the city and east.

In nearby Coogee a beachfront block of units at 21 Baden Street sold for $890,000 above reserve.

The block of eight flats, also on the market for the first time in decades, drew 10 registered bidders, with more than 40 offers made before the hammer fell at $5.54 million.

The property sold through Deborah Astelarra of Coogee Real Estate to a local owner-occupier who plans to knock down the block and rebuild on the site.

Meanwhile in Paddington, a four-bedroom terrace with a separate studio at 207 Sutherland Street sold for $4.225 million through Randall Kemp of Ray White Woollahra.

The 196-square-metre block looked set to sell for $4.25 million, but the highest bidder rescinded their offer, leaving the underbidders — a young family — with the keys.

The result was below the $4.5 million reserve, but well above the $1.95 million records show the vendors paid for it in 2014. The home has been rebuilt since then.

Auctioneer Damien Cooley of Cooley Auctions said vendors were keen to sell before Christmas.

“There will be lots of new properties coming on in early 2019, if there’s a deal to be done vendors are looking to do it,” Mr Cooley said.

However he cautioned buyers against thinking they would nab a bargain.

“A lot of buyers smell the blood in the water and those buyers are making ridiculously low offers … in the hopes of finding a vendor that has to sell,” Mr Cooley said.

“But, for as many [vendors] taking lower prices, there are as many saying ‘this is crazy, I’m not going to take it’ and waiting.”

He advised sellers to secure a pre-auction sale if there was limited buyer interest, noting house hunters who had pre-auction offers knocked back were offering less on the day if there was no competition.

“If you’ve only got one buyer I’d be more inclined to wrap it up before. If you’ve multiple people interested, go to auction,” he said.

A lack of buyers wasn’t a concern at the auction of a three-bedroom duplex in Gordon, which drew in 17 registered bidders.

Bidding on the 456-square-metre block at 10 Burgoyne Street kicked off at $1.4 million and went up rapidly in $25,000 bids, quickly passing the $1.5 million reserve.

Four bidders pushed the price $460,000 above reserve to $1.96 million, at which the property sold through Bronwen Lipscombe of Di Jones Real Estate North Shore to a young family renting in the area.

Meanwhile in Darlington a three-bedroom terrace sold for $131,000 above reserve through Duncan Gordon of Raine & Horne Newtown.

Bidding on the 121-square-metre block opened at $1.15 million and four bidders pushed the price up to $1.411 million. The home last sold for $265,000 in 1994.