One-bedroom Potts Point apartment without parking sells for $855,000

Sydney’s property boom may be over but that didn’t stop rapid-fire bidding for a Potts Point apartment on Saturday.

More than 30 people turned out for the auction of the one-bedroom property without parking, one of about 370 Sydney homes scheduled to go under the hammer.

There were eight registered bidders among the crowd that gathered on the communal rooftop terrace of the boutique block of 12 apartments.

Despite the numbers, auctioneer Jake Moore of Cooley Auctions was met with silence when he called for an opening offer for 9/13-17 Hughes Street.

“You don’t need to be shy,” he said, as the silence stretched. Thankfully for the vendors, it didn’t last.

An investor from Jervis Bay was the first to cave, kicking off the bidding at $720,000.

Another buyer hit back with $730,000 and a two-man race ensued, with the pair exchanging a flurry of bids that pushed the price past the $770,000 reserve.

However it was the third and final bidder, who joined in with an offer of $810,000, that bought the 70-square-metre unit.

“I wanted to wait back and see what was happening,” said buyer Tim Paton after snapping up the unit for $855,000 — $85,000 above reserve.

“I fell in love with it as soon as I walked into it … the purchase was more heart led than wallet led,” Mr Paton said. “[But] I got it for well and truly under my limit, which is great.”

The result was above the suburb’s median apartment price of $790,000 and a 53 per cent increase on the $558,000 it fetched in 2012.

Selling agent Silvia Vitale of Laing+Simmons Potts Point said such a fast-paced auction was “unusual” in the cooling market.

“This feels like how it was up until a year and a half ago, auctions usually aren’t like this any more,” she said.

“All of Australia has been affected by the Banking Royal Commission, whether you’re in Potts Point or anywhere else, you’ll find prices have pulled back as you’re working with less buyers, as a lot can’t get finance.”

Ms Vitale expected the market to continue to cool throughout Spring, peak selling season, but noted there could be a lack of stock if vendors continued to hold back.

“Vendors are not as tempted to sell because prices aren’t as good as what they were,” she said. “Unless people have to sell they’re holding back.”

Buyer Mr Paton, who recently returned from living in the UK, said he found it “really tough” to be approved for finance, despite having a 30 per cent deposit.

“The mortgage broker said had it been a year ago, I would have had no problem at all,” he said.

However, Mr Paton, who hopes to renovate and reconfigure the apartment, said he was glad he had not returned ot Sydney sooner, as he would have been buying at the peak.

It was one of 378 properties auction in Sydney today, and one of the 56.6 per cent that sold under the hammer.

Meanwhile, in nearby Darlinghurst, a two-bedroom apartment with no parking sold in a one bid auction for its reserve price of $980,000.

A Queensland couple looking for a Sydney base snapped up 304/1 Francis Street with their first and only bid, after the other registered bidder remained silent.

“One bidder auctions are starting to become more and more common,” said selling agent Chris Chung of McGrath Edgecliff.

The property, which last sold for $595,000 in 2011, had been held by an investment by the vendor who has moved interstate. It was being rented out, fully furnished, for $1000 a week.

On the lower north shore, seven bidders — all owner occupiers — turned out to compete for a courtyard apartment at 1/7 Palmer Street, Artarmon, that was snapped up by a downsizing couple.

Bidding opened at $910,000 and five of the bidders made offers before the hammer fell at $1,095,000 — $15,000 above the revised reserve. The property last sold for $630,000 in 2007.

“It’s been a long time since I’ve had that many bidders,” said selling agent Adam Wong of McGrath Chatswood, who showed about 150 groups through the 74-square-metre apartment with a large courtyard and parking space.

Mr Wong said the property proved popular, particularly among downsizers, as it was pet-friendly, in a boutique block and one of a limited number of two-bedroom, two-bathroom apartments in the area.

Elsewhere in Sydney…

19 Wilshire Avenue, Cronulla. Photo: Supplied.

SOLD $2.4 million
Cronulla
19 Wilshire Avenue
5 bedrooms, 5 bathrooms, 2 car spaces

A local family kicked off bidding for this 601-square-metre property at $2.25 million. When the only other registered bidder remained silent, selling agent Jennifer Rainbow of McGrath Cronulla negotiated with the family until they hit the $2.4 million reserve, at which the house sold. It last traded for $1.58 million in 2011. “One or two bidder auctions are pretty common now, but one buyer is really all you need,” Ms Rainbow said.

21 Chandler Street, Rockdale. Photo: Supplied

SOLD $1.35 million
Rockdale
21 Chandler Street
5 bedrooms, 3 bathrooms, 2 car spaces
Competitive bidding from three parties pushed the price for this family home $150,000 above reserve. The quick auction opened with an offer of $1.25 million for the 461-square-metre block, with the property selling just six bids later to a young couple upsizing from Mortdale. The property, which has a self-contained studio at the rear, sold through Andrew Stefanovski of Laing+Simmons St George. It last sold for $411,000 in 2000.

46 Fourth Street, Ashbury. Photo: Supplied.

PASSED IN $1.34 million
Ashbury
46 Fourth Street
2 bedrooms, 1 bathroom, 2 car spaces

Despite three buyers registering to bid for this 434-square-metre block, the property failed to sell under the hammer. Two offers were made, at $1.32 million, then $1.34 million, at which time the property was passed in just short of the $1.35 million price guide. James Burke of Callagher Estate Agents was negotiating with two of the bidders on Saturday afternoon and expected the property to sell in the coming days. The home last sold for $816,000 in 2012.