Sydney auctions: Sale of Darling Point apartment raised $1.7 million for St Vincent's Private Hospital
An apartment on the market for the first time in more than 60 years sold for $500,000 above reserve on Saturday, in a hot auction that raised funds to support nurses in Sydney’s eastern suburbs.
It took less than four minutes for the Darling Point apartment to sell, with three bidders quickly pushing the price of the 1950s unit up to $1.7 million.
The property at 77/11 Yarranabbe Road was one of 785 Sydney homes scheduled for auction on Saturday. By evening, Domain Group recorded a preliminary clearance rate of 83.2 per cent from 588 reported results.
Stepping into the two-bedroom apartment with harbour views was like stepping back in time, with the unit virtually unchanged since it was built in 1959 – complete with a pink, wallpapered bathroom and a colourful retro kitchen.
The unit was home to nurse Anne Elizabeth “Nan” Kearins, who died in 2019 at the age of 101, and was bequeathed to her former workplace, St Vincent’s Private Hospital, as part of an estate now worth more than $6 million. The property is one of 96 units in the Glenhurst Gardens building, where residents made headlines last year for their lockdown singalongs.
Bidding opened bang on the $1.2 million reserve, with auctioneer Jesse Davidson of AuctionWorks taking offers from three of the six registered bidders.
The company title unit looked set to sell to an investor at $1.62 million, but a couple bidding on behalf of their expat son swooped in with a knockout bid of $1.7 million.
The result was well above the property’s initial price guide of $1.1 million to $1.2 million, later revised upwards to $1.2 million to $1.25 million. It reflected Sydney’s rapidly rising market, with two separate valuations in recent months having put the expected price tag around the $1.2 million mark, said selling agent Walter Burfitt-Williams, of Ray White Taylor and Partners.
Mr Burfitt-Williams, who will also be donating his selling fee to the hospital, said interested buyers had been looking to spend between $200,000 and $300,000 to upgrade the unit.
Estate executor Chris Chown and Linda Newton, of St Vincent’s Curran Foundation, were delighted with the result, which will help fund a range of programs to train and nurture nurses.
“I wasn’t expecting such a strong result. It’s wonderful because all the money is going to support nurse education … it is going to do a lot of good,” Ms Newton said.
Mr Davidson said the price, which well and truly surpassed his expectations, reflected the strong competition for the limited supply of homes on the market.
“The intensity of the market at the moment is exceptional. I think that we’re probably starting to see a little bit more stock which may level things a little bit, but at the moment these good quality assets are continuing to perform and nothing is going to change,” Mr Davidson said.
In the city’s inner west, a dozen registered bidders turned out for the auction of a four-bedroom Stanmore house, which sold for $400,000 above reserve.
The auction for 138 Albany Road also opened bang on the reserve, kicking off at $3.5 million – well above the $3 million price guide – and climbing in a mix of $20,000 and $50,000 increases for much of the auction, before the gavel fell at $3.9 million.
The 1890s Victorian Italianate home sold through Blake Lowry, of Belle Property Annandale, to a couple upsizing from Lilyfield.
The architect owners, who substantially renovated the property, are moving on to their next project. Records show they bought the property for $1.175 million in 2011.
On the northern beaches, a young couple splashed $2.5 million on a three-bedroom house in Curl Curl that drew seven registered bidders.
Bidding on 88a Bennett Street opened at the $2 million guide and rose in $50,000 increments to $2.3 million, passing the $2.2 million reserve, with four bidders competing.
The young couple, who only saw the property for the first time on Wednesday, outbid a young family to walk away with the keys.
The 373-square metre block sold through Matt Nicastri of Cunninghams Real Estate. Records show it last sold for $1.36 million in 2015.
Meanwhile in Earlwood, a deceased estate at 3 Dawson Avenue sold for $2.4 million – $400,000 above reserve.
The auction for the four-bedroom house opened with an offer of $1.9 million and bidding climbed mostly in $50,000 jumps as three of the eight registered bidders threw their hats in the ring.
A fourth party, a local family, joined the race at the last minute with a knockout bid increase of $100,000, which pushed the bidding to he sale price of $2.4 million. The young family plan to restore the home to its former glory.
The property sold through Dean Vasil of Ray White Earlwood.
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