'Realistic' vendors relieved to reap $1.82 million for North Sydney townhouse

House hunters were out in force across Sydney on Saturday making the most of the second-last big auction day of the year.

With the summer holidays just around the corner, buyers were urged to “bid up or risk missing out” on securing a home before Christmas by one auctioneer.

Although some of the 718 homes scheduled for auction saw strong competition, other properties were passed in as buyers were hesitant to meet vendors’ hopes in the cooling market.

By evening, Domain Group had recorded a 44.4 per cent clearance rate from 331 reported results.

At the auction of a North Sydney townhouse, the carols were playing as more than 60 people, including seven registered bidders, crowded into the living area of the three-bedroom home.

Auctioneer Phillip Virgona didn’t have to wait long for an opening offer for 4/42-44 Myrtle Street, with the auction kicking off quickly with a $1.6 million bid from a local family.

Three more bidders jumped in after that, pushing the price up in $50,000 and then $10,000 jumps. It was the opening bidder who went on to snap up the home for $1.82 million — $70,000 above the $1.75 million reserve.

Vendors Nicky and Mark, who did not wish to disclose their surname, were relieved with the result. While the property had been popular with buyers — more than 110 groups inspected it — they had not known what to expect on the day.

“There were lots of people [interested], but we didn’t know where it would go,” Nicky said. “It’s been a difficult ride.”

“All around us the market is crashing,” added Mark. “We didn’t know if it would be below our minimum or above our expectations.”

The vendors’ “realistic” price expectations combined with the limited number of townhouses in North Sydney and the property’s proximity to cafes and amenities made it popular with buyers, said selling agent David Hill of Raine & Horne HM Group.

In the neighbouring suburb of Neutral Bay, a five-bedroom house sold for a whopping $660,000 above reserve.

Six buyers turned out to bid on the tightly-held home at 38 Kurraba Road, which records show last sold for $800,000 more than 20 years ago.

Bidding on the 658-square-metre block started at $3.4 million and quickly passed the $3.7 million reserve, climbing in $100,000 and $50,000 jumps as four of the bidders traded blows.

The house was snapped up by a local family for $4.36 million. It sold through Scott Thornton of The Agency North, who had shown more than 150 groups through the property.

In the city’s eastern suburbs, the Tamarama home of medicinal cannabis industry boss Matt Cantelo sold for $8.4 million.

It was a two-man race for the beachside home that Mr Cantelo, the chief of Australian Natural Therapeutics Group, bought for $5.35 million six years ago.

Bidding on 12 Carlisle Street kicked off at $7.7 million and went up in $50,000 and $25,000 increments, but dropped down to $5000 jumps before the hammer fell on the reserve price.

The four-bedroom house sold through Alexander Phillips, of Phillips Pantzer Donnelley, to a young couple from Newtown. The sale comes several months after Mr Cantelo forked out $19.5 million for the Vaucluse home of former Goldman Sachs director Karl Mayer and his wife, Tanya.

It was a different story a few suburbs away at the auction of a three-bedroom house in Kingsford, which passed in on a vendor bid of $2.4 million after the four registered bidders remained silent.

Despite their reluctance to bid the buyers were keen to strike a post-auction deal for the modern Californian Bungalow at 39 Wallace Street — rebuilt after it last traded for $1.16 million in 2010.

Selling agent Joshua Karam of McGrath Maroubra was still negotiating with two buyers on Saturday afternoon.

As was Matthew Mifsud of Raine & Horne City Living after the two-bedroom Pyrmont apartment he took to auction was also passed in on a vendor bid.

Bidding on the waterfront apartment at 602/40 Refinery Drive started at $1.8 million and rose in $25,000 jumps as four of six registered bidders vied for the keys. When it stalled, a vendor bid of $2.2 million was made at which the property passed in.

Mr Mifsud expected the apartment to sell in the coming week. It last sold for $625,000 in 2002.

Meanwhile on the northern beaches, another home with water views sold for $100,000 above reserve, when it hit the market for the first time in about 70 years.

Despite eight buyers registering to bid on the Manly duplex — which backed directly onto Manly Lagoon Reserve — it was another two-bidder race.

After an opening offer of $2.5 million was knocked back for being too low, bidding on 17 Eurobin Avenue kicked off at $2.8 million. Another 13 bids pushed the price up to $3.3 million, at which the home sold.

Selling agent Scott Isaac of McMahons Point Real Estate said the buyers would renovate the property and live in one apartment, while they rent out the other.