Randwick home sells in minutes for $2.92 million at hot auction in cooling market

There were no signs of a cooling market at the auction of an eastern suburbs home on Saturday when it sold for $420,000 above reserve. 

While houses in Sydney’s inner city and eastern suburbs have seen the biggest price declines in recent months, the four-bedroom Randwick home  fetched well above the suburb’s $2.55 million median price. 

The double-fronted cottage at 46 Hooper Street was one of 782 Sydney properties scheduled to go under the hammer on Saturday. By evening, Domain Group had recorded a clearance rate of 68 per cent from 484 reported results. 

About 70 auctions were in the inner city and east,  where the median house price dropped 6 per cent in the three months to the end of September, according to Domain Group’s State of the Market report released earlier this week. 

Despite six groups registering to bid on the 376-square-metre Randwick block, the auction came down to a two-man bidding race that was over in a matter of minutes. 

The bidding kicked off at $2.35 million and went up in $50,000 increments, quickly passing the $2.5 million reserve, and only slowing down once it hit $2.9 million.

The property without parking was snapped up just two bids later for $2.92 million, by a young family relocating from Pyrmont. 

“The purchaser was here to buy it, he wasn’t mucking around with slow bidding,” said selling agent Debbie Donnelley of Phillips Pantzer Donnelley. 

“He and the underbidder really stopped anyone else getting a bid in, there wasn’t a second between them, they were going so quickly.”

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Vendors Gill and Terry O’Brien, who have owned the home for 27 years, were delighted with the result. 

“I had a feeling it would go well, but this price was a surprise,” Gill said after the auction. “To think we bought here for $262,000, the prices here have just been going up, up, up.”

The pair have had enough of Sydney traffic and are making a sea change to Mollymook on the south coast.

Ms Donnelley said while there was still strong demand for spacious family homes in the eastern suburbs, she had seen prices of apartments and semi-detached homes cooling off. 

 There was  also strong demand for apartments in the suburb on Saturday, with stage one of the Newmarket Randwick development, set on the site of the nearby historic Inglis Stables, selling out. 

Within four hours all 124 available apartments had been snapped up for a total of $175 million. A three-bedroom apartment, which will sit on the top floor of one of the two eight-storey buildings, nabbed the top price of $2.8 million.

About 75 per cent of buyers on the day were owner occupiers, and Peter Chittenden, Colliers International’s managing director of residential, said the apartments attracted strong interest from locals.

“They’ve proved to be popular with locals who’ve lived in Randwick previously and are wanting a more low-maintenance lifestyle but also young professionals and young families who already live in the area and are looking to either buy their first property or upgrade from their first home.”

The Cbus Property development, which will include 642 apartments and terraces, is expected to be completed in 2020. 

A few suburbs over in Bellevue Hill, strong competition saw an Edwardian freestanding cottage – held by the  same family for over 50 years – sell for $620,000 above reserve. 

Bidding on the four-bedroom home at 4 Riddell Street started at $2.8 million, and quickly passed the $3 million reserve as four of 12 registered bidding parties battled for the keys. 

The 447-square-metre block, with no parking, sold to a young couple upgrading from a unit in Double Bay. 

“It was a surprise, I knew it would be competitive, but I didn’t expect the bidding to be as fierce as it was,” said selling agent Mary Howell of The Agency.

She said the vendor, who is in her 90s and relocating closer to her daughter, would be having a little sherry to celebrate the fantastic result. 

Elsewhere in Sydney

75 Cecily Street, Lilyfield NSW. Photo: Supplied.

SOLD $1,355,000
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A first-home buyer outbid an investor to secure this former Victorian shopfront on the market for the first time in 30 years. Bidding opened at $1.2 million and the pair and another first-home buyer competed for the home, which sold for $15,000 above the $1.34 million reserve. Selling agent Stephanie Lees of Cobden & Hayson said the buyer was delighted with their purchase of the character-filled home.

4/3 Reed Street, Cremorne. Photo: Supplied.

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Despite four registered bidders in the crowd, it was almost 10 minutes before an opening bid of $1,275,000 was made on this art deco apartment. But from there the bidding took off going up in $25,000 increments, before dropping to smaller jumps. It was a couple from Queensland – who specifically flew down for the auction – who nabbed the apartment for $57,000 above the $1.4 million reserve. They plan to relocate their young family to Sydney. Records show the property, sold through Matthew Smythe of Belle Property Neutral Bay, last traded for $860,000.

10 Stoke Avenue, Marrickville. Photo: Supplied.

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This tightly held family home sold for $100,000 above reserve at auction. Bidding on the 410-square-metre block started at $1.55 million and went up in $25,000 increments as three families vied for the keys. It was snapped by a young local family who plan to do some renovations. Selling agent Lars Foged of Ray White Petersham said the majority of people who inspected the home had been looking to revamp the dated deceased estate. 

6/15 Mindarie Street, Lane Cove . Photo: Supplied.

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6/15 Mindarie Street
1 bedroom, 1 bathroom, 1 car space  

Three first-home buyers and an investor went head to head for this ground-floor apartment with a courtyard. After bidding opened at $620,000, it went up in $10,000 and $5000 jumps for most of the auction. It was a first-home buyer from Marsfield who nabbed the 91-square-metre property for the reserve price. The vendor bought the apartment – which is only two years old – off the plan. Selling agent Debbie Jepson of Belle Property Lane Cove showed about 50 groups through the property.

104 Caroline St, Kingsgrove. Photo: Supplied.

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A local developer nabbed this 1366-square-metre block which was on the market for the first time in 36 years. Bidding on the property spanning two lots started at $1.8 million and five of 10 registered bidders made offers on the home before the hammer fell on the reserve price. Selling agent Justin Bell of Ray White Bondi Junction Randwick said the buyer planned to put multiple dwellings on the site, but would lease the property out in the short term.