St Peters terrace that was once a driveway sells for $2.02m at auction
A split-level home in St Peters that was once the neighbour’s driveway sold under the hammer on Saturday for $2,020,000 to first home buyers bidding for the first time.
The vendor purchased the land at 72B Sutherland Street in 2020 for $670,000 and transformed it into an industrial-style, three-bedroom house with an atrium and landscaped garden.
Four registered but only two bid for the ex-rental, which was guided at $1.6 million. It was one of 1218 scheduled auctions in Sydney this week.
By evening, Domain Group recorded a preliminary auction clearance rate of 70.8 per cent from 749 reported results, while 149 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
An Alexandria first home buyer couple made the opening offer at $1.76 million and outbid another first home buyer couple who were also from the inner city.
The buyers said they had attended many auctions for research, but this was the first one where they placed a bid.
It comes as the Reserve Bank on Tuesday decided to cut the cash rate to 4.1 per cent. It was widely expected the cut would boost confidence despite a modest increase to borrowing capacities.
Adrian William Real Estate’s Adrian Tsavalas said there had been a slight uptick in buyer enquiries in the last two weeks.
“I think most buyers predicted the cut and there’s been a little bit of urgency from some buyers wanting to secure their homes sooner rather than later. They’re not happy to compete with a larger crowd and pay more in [later],” he said.
Tsavalas said the St Peters property sold for significantly more than the vendor’s expectations. The price was $220,000 more than the reserve.
“He had grounded and realistic expectations, and was pleased with the final result,” he said. “It’s all a game of expectations. If you’ve got reasonable and grounded expectations, then there’s definitely a stronger chance of post-sale satisfaction.”
In Potts Point, a one-bedroom apartment with Sydney Harbour Bridge views sold under the hammer for $680,000.
The top-floor unit with a renovated bathroom and minimalist interiors at 50/8 Wylde Street had a guide of $600,000 and its reserve set at $650,000.
Two parties of first home buyers bid for the investment property. The auction began with a $610,000 bid.
BresicWhitney Inner East’s Christopher Breedon said the appeal of the property was its iconic views, inner-city location and renovation.
“To say you own an architecturally designed apartment at that price point is pretty impressive. It was that, coupled with the views and location,” he said.
Breedon said there was more excitement in the market following Tuesday’s rate cut. “The vendor decided to sell as he’s upsizing his family home.”
In Lane Cove, a four-bedroom home that had been in the one family since 1976, sold under the hammer for $4,165,000 – $665,000 more than the reserve.
Three out of six registered bidders raised their paddles for 58 Finlayson Street, which had a price guide of $3.6 million. The buyers were a couple from the UK who were looking to settle in the suburb. They outbid young families from the north shore and western suburbs.
The opening bid was $3 million and the price rose in increments of $50,000 and $100,000.
McGrath Lane Cove’s Julia Sikora was surprised by the auction result and said it showed buyers felt more confident to purchase property.
“Past auctions have been a bit more challenging. Even though bidding was a bit slow to start on Saturday, once it did, we had strong bids coming through which was good to see,” she said.
“We’ve been back for a few weeks now with auctions, but this is probably the most competitive auction we’ve had this year.”
A large crowd attended the auction of 115 Warrimoo Avenue, St Ives, which sold under the hammer for $260,000 more than the reserve.
Ray White Upper North Shore’s David Beveridge listed the home with a guide of $3 million to $3.3 million, and said there were nine registered bidders, four of which made offers.
The buyer was a couple upsizing from Eastwood with a baby on the way. They outbid local downsizers and other young families.
The opening bid was $2.8 million and buyers offered bids which ranged between $100,000 and $5,000. It sold for $3.56 million.
Beveridge said buyers were becoming more active. “I think the rate cut has helped confidence and there’s an air of affordability after the rate cut as well,” he said.
It was too early to say whether the one rate cut would make enough of a difference to bring all fence-sitting buyers into the market, Beveridge said.
“I haven’t had many buyers saying that it makes any real difference yet, but we’re finding a lot of positivity out there in the market. We’re having some good conversations with buyers, so I think it’s helped with confidence. It definitely takes the pressure off day-to-day living.”
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