Sydney auctions: Rare Elizabeth Bay apartment sells for $4,255,000 to expat, $750,000 above reserve
Sydney’s auction clearance rate has slipped for the second week in a row, amid the coronavirus-linked economic uncertainty for buyers and sellers.
There were 746 auctions scheduled across Sydney on Saturday.
By evening, Domain Group recorded a preliminary clearance rate of 64.5 per cent from 495 reported results.
This is lower than last week, when the preliminary figure was 74.7 per cent, then revised to a final 67 per cent.
Two weeks ago, early indications showed 80.5 per cent of homes sold, then revised to 74.5 per cent.
The number of withdrawals also rose to 107, compared with 64 last week.
Some Sydney properties which went to auction on Saturday had been brought forward by up to two weeks, with buyers willing to pay up to secure a home in a hurry, while other owners were eager to sell prior to auction as anxiety began to set in.
Even so, there were still standout results for sought-after homes, with one Elizabeth Bay residence fetching three-quarters of a million dollars more than its owner’s expectations.
The rare three-bedroom apartment with ocean views at 111/95 Elizabeth Bay Road, Elizabeth Bay defied all expectations after it sold for $4,225,000 under the hammer, smashing its reserve by $750,000.
It was one of the many auctions brought forward on Saturday after pandemic fears grew in the property market this week.
Richardson&Wrench Elizabeth Bay’s Jason Boon said the tightly held apartment was highly sought after for its prime position.
“The family have owned it for more than 40 years. It’s a north-facing block of land [and] it’s very rare to get three bedrooms and three car spaces on the waterfront,” Mr Boon said.
“It was a five-week campaign but it was brought forward by two weeks and it still went like that,” he said. “The reason for doing that is enough interest was there, and the uncertainty of what was going on.”
He said the eight of nine registered bidders were active and the successful buyer was an Australian expat.
In Ryde, the auction of a three-bedroom house at 54 Greene Avenue was also brought forward by a fortnight.
Eight parties registered to bid, and an opening offer was made at $1.2 million.
It sold for $1.45 million bang on reserve by a young engaged couple planning to tie the knot later this year.
Richardson&Wrench Ryde City selling agent Conor Arnold said he decided to put the home under the hammer after just four open homes as he anticipated a worsening market in the weeks ahead due to measures to contain coronavirus.
“There’s definitely a nervousness that’s coming to the market. The buyers are being super-cautious because of what’s happening out there with coronavirus; every sale is getting harder,” Mr Arnold said, adding that bringing it forward paid off.
“It was really set to take off this year but it won’t be happening.”
“If you’ve got a good quality property, get moving, bring it forward and get it sold. The longer you wait, the harder it’s going to be [to sell].”
“Now’s not the time to be umming and ahhing, now’s the time to be really firm,” he said. “It will start to turn as we speak now. People are being cautious, unless you needed to buy [now], why would you?”
While agents reported this week that only serious buyers were turning up to open homes and auctions, many were also pushing to buy prior to auction with almost a third of Sydney properties now selling ahead of their scheduled auction date.
A four-bedroom house at 31 The Causeway, Maroubra was sold early in an eleventh-hour bid on Friday night for $2.6 million – $200,000 above the reserve that was to be set on Saturday when it was scheduled for auction.
McGrath Coogee Nicholas Wise said there were three strong local buyers who were determined to act on it before auction.
“I definitely think the uncertainty and unknown played a factor in not going to auction. For the vendors, a bird in the hand rather than two in the bush,” Mr Wise said. “The uncertainty was a bit daunting and they preferred to wrap it up even though it was a 10 o’clock [offer the night before].”
He said the successful buyer, an investor, also wanted certainty and planned to rent out the property.
At the auction of a five-bedroom house at 84 Kedumba Crescent in Turramurra a modest crowd of about a dozen people gathered wearing masks and keeping their distance from others to watch the property go under the hammer.
Ray White auctioneer Jason Keen asked the crowd “to give everyone a bit of breathing room” as he began the auction in the backyard outside.
An opening offer of $2.25 million was knocked back. “I was hoping for something more competitive,” Mr Keen said.
It did not take long before another opening bid of $2.3 million kicked off proceedings. It rose in increments of $50,000 and $25,000 before selling to the opening bidder for $2,525,000.
Ray White upper north shore selling agent Matt Bolin said while there was talk of the market slowing, properties continued to sell.
“There’s concern out there with some buyers about where their jobs are going to be in six months’ time,” Mr Bolin said. “But there’s still some very active buyers out there who want to secure a family home.
“The property selling this morning is a good sign,” he added. “The property had a campaign a year and a half ago just as the market was turning in a negative direction and it didn’t sell then. The fact that it’s got off the line today is very positive.”
He said buyers who were new to the market may pull back but the serious buyers were determined to move forward after missing out last year.
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