Sydney auctions: Northbridge family pays $7.35 million for Manly holiday unit
A Northbridge family has paid $7.35 million for a beachside Manly unit they plan to use as a holiday pad, pushing the price $850,000 above the reserve
They were not the only ones with that idea, with most of the five other registered bidders hoping to use the three-bedroom property at 17/122 Bower Street as their second home.
The auction for the 161-square-metre unit took off after an opening bid of $5.75 million, drawing offers from all five buyers, who came from across the North Shore – including Hunters Hill, Cammeray and West Pymble – and Manly.
It was one of 949 scheduled auctions in Sydney on Saturday. By evening, Domain Group recorded a preliminary clearance rate of 75.4 per cent from 708 reported results, while 113 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
The sale narrowed to two bidders from the $6.8 million mark, and the hammer fell at $7.35 million.
Clarke & Humel Property’s Cherie Humel, who set a price guide of above $6 million in the second half of the property’s auction campaign, said the result was “absolutely remarkable”.
She said local and international buyers had been drawn to the property’s proximity to the beach.
“Two of our contract holders were from the UK and California and they … couldn’t believe how it compared to their local market. They were flabbergasted,” Ms Humel said. “We’re punching well above our weight for a country down under.”
The property last traded 40 years ago for $180,000, she said.
The result smashed the previous block record of $4.05 million, paid for the three-bedroom unit at 20/122 Bower Street in April last year, records show.
In Bondi Beach, local parents put down $5.52 million on a two-bedroom unit at 10/16 Notts Avenue for their two adult children.
They outbid six other buyers who registered to bid on the 95-square-metre property directly opposite the iconic Bondi Icebergs.
The auction lasted all of 15 minutes despite opening at $4 million – well below its $4.8 million price guide – with five parties pushing the price up quickly. The reserve was $5.5 million.
At about $58,000 per square metre, Ray White Woollahra and Paddington’s Danika Jess said it was a standout result, but added that it should not deter future buyers interested in the area.
“It’s definitely still a seller’s market but more stock is coming on more frequently for buyers to choose from,” she said. The unit last traded for $65,000 about 50 years ago.
In Lane Cove, a five-bedroom house at 58 Phoenix Street sold for $5.75 million, about $850,000 above the reserve.
Seven parties registered to bid on the 1587-square-metre block, one of the largest land offerings in the suburb.
It sold to out-of-area owner-occupiers after a long but spirited auction that opened at $4.5 million – bang on the price guide.
It was sold through Atlas Lower North Shore’s Nicholas Christou.
Lane Cove’s median house price rose 14.4 per cent to $2.46 million in the year ending September, Domain data shows.
In Forest Lodge, a four-bedroom terrace at 138 Hereford Street sold for $4,003,000 to a young local couple who were upsizing.
Five buyers registered to bid, with the auction starting at $3.2 million – some $200,000 above the guide.
All but one party helped raise the price in varying increments, with two buyer’s agents in the mix as well. The reserve was $3.3 million.
BresicWhitney’s Shannan Whitney said the market was headed towards a more even keel.
“The last 60 days has probably confirmed that a lot of the price growth has slowed or stopped. We think it’s better balanced, the better quality assets in respective categories are clearly doing better than the lower grade properties,” Mr Whitney said.
“From a buyer’s point of view, they’ll have a lot more to look at in the first quarter of 2022.”
The property last traded for $2.25 million in 2017, records show.
In North Epping, local investors picked up a three-bedroom house at 118 Boundary Road for $2.27 million.
The successful buyers plan to rent it out for a few years before they build their dream home, according to selling agent Catherine Murphy of The Agency North.
The reserve was $2 million, bang on the price guide.
With more homes hitting the market in the coming weeks, the needle was shifting, Ms Murphy said.
“Sellers need to be a little bit more realistic with reserves. Not every property is selling so much over that it’s like a lotto win, so they have to pay attention to buyer feedback.”
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