Sydney auctions: Rare Bondi sandstone house sells for $4.29m, $690,000 above reserve
A rare sandstone house in Bondi was snapped up for a cool $4.29 million on Saturday, selling for $690,000 above its reserve.
Five parties registered to bid on the renovated five-bedroom house at 16 Moore Street, which spans four levels with postcard views of the iconic Bondi coastline.
It was one of 702 auctions scheduled in Sydney on Saturday.
By evening, Domain Group recorded a preliminary clearance rate of 70 per cent from 540 reported results, while 93 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
The sell-off opened at $3.5 million, quickly passing its $3.6 million reserve as three parties threw their hats in the ring.
But it soon became a two-horse race as the duo battled it out with more than 200 bids over about half an hour.
An upsizing Inner West family walked away with the keys.
McGrath Coogee selling agent Mark McPherson said while the house was blue-chip real estate, the vendors were “completely in shock”.
It was co-listed with Emilee Tayyara with a price guide of $3.4 million.
The 221-square-metre block last traded in 2016 for $3.05 million, records show.
Agents on Saturday continued to report strong buyer demand in the face of low supply in the Sydney market.
It came as a sharp rise in new home loan approvals was revealed in official figures on Friday.
The value of new home loans soared 12.6 per cent in August from a month earlier as homebuyers who delayed plans in the first lockdown scrambled to get into the market.
In Balmain East, a two-bedroom townhouse with views of the Sydney Harbour Bridge at 16 Gallimore Avenue fetched an eye-watering $2.35 million after seven parties, including several investors, registered to bid.
A young couple upsizing from their Rozelle apartment nabbed the keys to the renovated property, outbidding two other active bidders who were also owner-occupiers.
The 203-square-metre strata block commanded a high price for its stunning harbour views and two car spaces that are hard to come by in the area, according to BresicWhitney Balmain listing agent Taryn Varcoe.
Ms Varcoe declined to reveal the reserve because the vendors did not want to disclose it.
The price guide was increased from $2 million to $2.1 million during the campaign, she said.
The property last traded for $1.4 million in 2015, records show.
Balmain’s median house price over the past year was $1,950,000, Domain data shows.
In Coogee, a three-bedroom house at 9 Woodland Street sold for $3,567,000 after seven parties registered to bid.
A young working expat, recently returned home to Sydney, outbid four other active buyers.
NG Farah selling agent Adrian Bo, who also declined to reveal the reserve at the vendor’s request, said the hammer falling $370,000 above the property’s price guide was a testament to its quality and rarity.
The property last traded for $1.82 million in 2011, records show.
Coogee’s median house price over the past year was $2,785,000, Domain data shows.
In Canley Heights, a four-bedroom house at 31 Hatfield Road is still for sale after passing in at $871,000 despite three registrations from investors and a developer.
Laing+Simmons Cabramatta selling agent Sonny Tran said the vendors, who are investors themselves, would sell for their original purchase price of $910,000, after buying in 2017.
“They just want their money back. They’re willing to lose their money on stamp duty, interest and agent’s fees,” he said.
Canley Heights’ median house price over the past year was $762,000, Domain data shows.
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