Sydney auctions: Family buys $2.375 million Rosebery house, expects to knock it down
A young family snapped up a house in Rosebery for $2.375 million at auction on Saturday in the hopes of knocking it down to build their dream home on the site.
The three-bedroom residence at 105 Rothschild Avenue drew a crowd of about 150 people and had been listed with a price guide of $1.8 million.
It was one of 758 auctions scheduled in Sydney on Saturday.
By evening, Domain Group recorded a preliminary clearance rate of 76.3 per cent from 569 reported results, while 74 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
The detached Rosebery house, set on 581 square metres of land, was offered in original condition with potential for a renovation.
Some 16 bidders registered, six of whom threw their hat in the ring.
With competitive bidding throughout, the home was on the market at $2 million. It came down to a race between two young couples before the hammer fell at $2.375 million.
The winners were a young family looking to demolish their house and rebuild their dream home, Century 21 Eastern Beaches Maroubra selling agent Nick Papas said.
The bullish result came after a fresh cut in interest rates this week to historic low levels that Mr Papas said was encouraging buyers at the same time there was little for sale in his area.
“Stock levels are actually really low and I think they are going to get lower,” he said.
“The interest rate cut has brought confidence back into people that are wanting to buy.”
In Bellevue Hill, a grand family home sold under the hammer for a whopping $16.08 million.
The luxurious six-bedroom residence at 65 Bulkara Road boasted a pool, outdoor entertaining terrace, Gaggenau appliances in the kitchen, home theatre, wine room, home office and fireplace.
Four bidders threw their hat in the ring, with proceedings starting at $12 million and racing straight up.
The reserve was understood to be $14 million.
Selling agent Michael Pallier of Sydney Sotheby’s International Realty would not be drawn on details of the buyer, saying only the home was “a great house in a great location”.
“It was a beautiful home in a great street,” he said. “It deserved a strong price.”
Records show the owners are Ron and Michelle Malek. Ron Malek is executive co-chairman of corporate advisory firm Luminis Partners.
In Baulkham Hills, a brick home with scope to renovate or add a granny flat sold under the hammer for $1.16 million.
Local first-home buyers won the keys to 142 Baulkham Hills Road, paying $30,000 above the reserve.
Ten bidders registered in total, including one over the phone from their holiday in Port Macquarie, and six of those fought it out.
The home had a $1 million price guide and bidding began at $1.05 million, before jumping at first in $25,000 increments.
The stride eventually shortened to just $1000 bids with three families going head to head, but a family who had been looking to buy for almost three months won the day, Ray White Baulkham Hills listing agent David Gennusa said.
“The buyers have missed out on a couple,” he said. “They knew they can get their Saturdays back.”
The vendors had owned the home for 29 years and it was in top condition, although the buyers planned to make some renovations.
Mr Gennusa said the interest rate cut this week had boosted confidence among buyers more broadly.
“Today there was a lot of first-home buyers there,” he said. “We can see a bit more confidence in bidding.”
An area local himself, he has noticed more buyers moving to the neighbourhood from Sydney’s inner west – where the same budget would not offer as much space – after discovering during the pandemic that they could work from home.
In Bondi, a local couple paid $2.475 million for a three-bedroom semi after recently selling nearby.
Owned by the same family for close to 80 years, the home was offered with a price guide of $2 million.
Five active bidders pushed the price $375,000 above the reserve of $2.1 million.
Most parties were young couples in their 30s with one or two parents in tow, listing agent Mary Anne Cronin of PPD Real Estate said.
The winners were looking for more space and are likely to do some renovations, she said.
She noticed an uptick in inquiry in the days after the interest rate cut.
“It has just given people a little bit more courage, a little bit more positivity,” she said.
A deceased estate in Croydon also sold under the hammer, fetching $1.34 million.
The three-bedroom house at 22 Wetherill Street was on the market for the first time in 50 years, and had been owned by an Italian family who bought it and settled in Australia.
100 parties inspected it in three weeks and 10 bidders registered, listing agent Michael Bennett of Bennett Property NSW said.
A young family trying to get into the local school paid well above the reserve price of $1.2 million.
“The market is very strong still – more buyers than there are sellers,” Mr Bennett said.
“I could have sold three or four [similar homes].”
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