Sydney auctions: Waterfront Elizabeth Bay unit sells for $8.5m
A harbourfront unit in Elizabeth Bay has sold for a cool $8.5 million – $2.5 million above its price guide.
Five parties registered to bid on the three-bedroom, three-bathroom unit at 6/93 Elizabeth Bay Road, Elizabeth Bay.
It was one of 895 properties scheduled to go to auction on Saturday in Sydney.
By evening, Domain Group recorded a preliminary clearance rate of 80.5 per cent from 693 reported results.
In one of the best positions on the harbour, the highly coveted unit is in the 1980s Mirvac-built landmark building known as Kincoppal.
Bidding opened on the price guide of $6 million and rose steadily in $100,000 increments, pricing most buyers out and leaving two bidders to fight it out.
The deceased estate sold for $8.5 million to a couple. Listing agent Romany Brooks of BresicWhitney Darlinghurst declined to reveal the reserve.
“It’s a tightly held building as it’s absolutely waterfront,” Ms Brooks said.
It last traded for $5 million in 2016, records show.
The median unit price at Elizabeth Bay reached $935,000 for the year ending March 2021, Domain data shows.
In Roseville Chase, a three-bedroom art deco house at 50 Malvern Avenue sold for $3.553 million – almost $1 million above the reserve.
A dozen parties registered to bid on the home, but it came down to two bidders who traded a dozen $1000 offers until the hammer fell.
It sold to a downsizing couple from Mosman.
The reserve was $2.7 million, fetching the vendor a premium of $853,000 above expectations.
Selling agent Craig Ireson of McGrath Castle Cove said the low-stock market was a self-perpetuating cycle.
“The biggest problem is there are a lot of people who are fearful of being locked out of a rising market. They want to buy before they sell their place,” he said. “This is a finite period, and the pace of growth is not sustainable.”
In Ryde, a crowd of about 50, including 15 registered bidders, turned up for the auction of a three-bedroom duplex at 46b John Miller Street.
An opening bid of $1.3 million kicked off proceedings, and the price went up steadily as six buyers threw their hat in the ring.
The hammer fell at $1.763 million, selling $113,000 above the reserve to a young family.
Selling agent Russell Sheffield of Ray White North Ryde and Macquarie Park said many buyers were drawn to the property for its affordability.
“It’s the middle property. Not quite a unit or a townhouse and not quite a house, so people are following affordability at the moment or what they perceive as affordable,” Mr Sheffield said.
It was the “ideal property” for buyers who wanted a sub-$2 million home, according to Ray White NSW chief auctioneer Alex Pattaro.
The property had no price guide due to the owner’s commitment to meet the fast-moving market, Mr Pattaro said.
“Property prices are exceeding price guides,” Mr Pattaro said. “If you price guides too high, buyers in this particular marketplace are predicting owners want substantially more than price guides; therefore, we just kind of let the market determine what the result was going to be.”
Properties continued to achieve strong results because of ultra-low interest rates that were fuelling strong buyer demand.
“If you still look at the interest rates now compared to where they were in 2017, even with these record prices, it’s still cheaper per month to own a property now than what it was previously,” he said, adding that open home attendances and clearance rates remained high.
The median house price in Ryde jumped 11.1 per cent in the year to March 2021, reaching $1.63 million, Domain figures reveal.
The property last traded for $289,000 in 1996.
In Dolls Point, a newly renovated two-bedroom unit at 15/11 Gannon Avenue sold for $831,000.
Eight parties, who were mostly first-home buyers, registered to bid on the property.
But only three were active as the auction opened at $720,000 – $20,000 above the price guide.
It sold to a local first-home buyer for $61,000 above the reserve.
McGrath Sans Souci’s Trent Tarbey said two buyers fought it out to the end, stretching themselves above their budget.
“The majority were first-home buyers, and they had the ‘Bank of Mum and Dad’ behind them,” Mr Tarbey said. “If you want to buy quality real estate, then you have to push yourself all the way to your limit because there is plenty of demand with very little supply at the moment.”
The property last traded for $685,000 in 2015, records show.
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