Sydney auctions: Investor nabs Potts Point unit with rare car space for $1.14m

A Potts Point apartment sold for $1.14 million to an investor who bid against themselves at auction to secure a deal on Saturday.

The two-bedroom deceased estate at 13/20-22 St Neot Avenue was on the market for the first time in four decades, attracting a crowd of more than 50 and four registered bidders – all investors. 

The 90-square-metre apartment was one of 483 auctions scheduled in Sydney on Saturday.

By evening, Domain Group recorded a preliminary clearance rate of 68.0 per cent from 274 reported results, while 64 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.

The socially distanced auction crowd gathered in a small nearby reserve where an opening bid of $1.1 million started the sell-off.

SOLD - $1,140,000

13/20-22 St Neot Avenue, Potts Point NSW 2011

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But with just one active bidder, selling agent Nuri Shik of Laing+Simmons Potts Point said he negotiated with the buyer to bid against themselves.

“We got them to increase their bid, and it was on the market and sold under auction conditions,” Mr Shik said.

The property sold for $1.14 million to a Dover Heights investor.

The other three buyers were interested in flipping the property or renovating it as a rental, with one seeing it for the first time on Saturday.

The property also had a car space, a rare find in Potts Point, and last traded in 1980 for $62,500, according to Mr Shik.

The city and eastern suburbs median unit price is $1 million, according to Domain data.

SOLD - $1,553,000

3 Ennis Street, Balmain NSW 2041

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In Balmain, a socially distanced crowd of about 20 gathered to watch a two-bedroom terrace at 3 Ennis Street go under the hammer.

Bidding began at $1.4 million – just below the price guide of $1.42 million – rising in varying increments as four of the five registered parties threw their hats in the ring.

It sold for $1,553,000 – $69,000 above reserve – to a young local couple who plan to move in and add value before turning it into an investment property.

“There are lots of buyers out and about. At certain price points there’s a shortage of stock, lower-end especially,” Belle Property Balmain selling agent Lynsey Kemp said.

She said while the result showed strength in the market, sellers were nervous about listing their homes.

“We’re probably not going to have that crazy spring that we’re used to. There’s a concern that if you sell, what will you be able to buy and when. People are scared of being out in the market.”

The sellers have moved interstate to Tasmania.

The property last traded in 1994 for $260,000.

SOLD - $2,223,000

6/4 Dundas Street, Coogee NSW 2034

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In Coogee, a crowd of about 20 gathered to watch a three-bedroom apartment at 6/4 Dundas Street sell under the hammer for $2,223,000.

Bidding started at $1.75 million – under the price guide of $1.9 million – and rose in varying increments.

The well-contested auction saw four of the five registered bidders throw their hats in the ring for the property, which had stunning views of the ocean and a study nook.

All four remained in the race when it hit $2 million after spirited bidding. 

The residence eventually sold for $2,223,000 through Belle Property Randwick.