Sydney auctions: Young couple splashes $3.46 million on Woollahra pad
A Woollahra art gallery with development potential sold for $3.46 million at auction on Saturday, six months after it was first listed with a higher price guide.
The three-bedroom property at 37 Ocean Street is approved for residential use with development approval in place for a wide, three-level terrace and a double garage.
The 233-square-metre block had a guide price of $3.8 million when it first hit the market in February before the highly contagious coronavirus took off in Australia.
The guide was revised down twice, reaching $3.5 million in May and dropping to $3 million by the end of July, with the sale surpassing the vendor’s revised expectations.
It was one of 548 properties scheduled to go under the hammer in Sydney on Saturday.
By evening, Domain Group recorded a preliminary clearance rate of 61.5 per cent from 328 reported results, while 103 auctions were withdrawn.
A socially distanced crowd of 20 gathered to watch the block go under the hammer.
An opening offer of $2.7 million started the sell-off as four of the five registered bidders threw their hats in the ring.
It sold for $3.46 million – well above the $3.2 million reserve – to a young couple from Woollahra who were upgrading in the area.
BresicWhitney director Shannan Whitney said the result showed vendors were willing to meet the market and buyers were in a good position to transact.
“The result is fairly reflective of the market. The property was available to the market before COVID arrived,” Mr Whitney said. “To see a change in pricing strategy definitely shows there’s been a shift.
“Buyers are well and truly in a very good position in these conditions,” he added. “They can assess the market, they can assess the pricing … that’s a healthy position to be in.”
In Dural, a grand sandstone manor set on 5.5 acres at 50 Carters Road also went under the hammer after several price reductions.
The six-bedroom luxury acreage was first listed pre-pandemic with a price guide of $9.5 million in October 2019.
But despite the discounts and even a country music band greeting socially distanced bidders on Saturday morning, the property failed to draw a single bid.
The property – zoned for residential and commercial use with impressive high-tech facilities that remotely run major Vivid-style live events around the globe from the home office – was passed in on a vendor bid of $5.5 million.
Ray White Frenchs Forest selling agent Megan MacKay said they were negotiating with one bidder and had two conditional offers.
She said the vendors were “extremely realistic” and the property would be going to a second auction in three weeks’ time.
Seller Mr McCloskey said he wanted to find the right buyer for the unique property.
“I’m not disappointed but I’m hoping that someone will value the sandstone side of the property and the unique [commercial] facilities,” he said. “I suspect with the current interest it will sell before [the second] auction and if not … we can afford to have it sitting there.”
The property last traded in 1984 for $125,000 when the virgin bush block featured a single-bedroom cottage.
In Chifley, a crowd of about 60 gathered in the backyard of 18 Brisbane Street to watch the five-bedroom house go under the hammer.
Nine parties registered to bid as an opening offer of $2 million kicked off proceedings.
It went up in $100,000 and $50,000 increments as five buyers vied for the keys.
It sold for $2.63 million – $430,000 above reserve – to a family upsizing from Maroubra.
Ray White Maroubra and South Coogee selling agent Nader Hotait said the result broke a suburb record.
“I’m finding because of that shortage [of stock] people who are selling are getting good results,” Mr Hotait said. “If you see an influx of properties then you might see a dip in prices.”
The property last sold for $1.02 million in 2012, the price more than doubling over eight years, records show.
The result also surpassed south Sydney’s median house price of $1.21 million, according to Domain data.
In North Epping, seven buyers registered to bid on a deceased estate at 91 Norfolk Road.
An opening offer of $1.25 million was knocked back after falling short of the $1.5 million guide.
Another bid of $1.5 million started the sell-off, rising in varying increments between the four active parties.
The three-bedroom house sold for $1,722,000 – above the $1.65 million – to a local family looking to upgrade.
The Agency North selling agent Catherine Murphy said buyers were frustrated at the lack of properties on the market.
“The underbidders were quite dejected. I don’t feel buyers are in pole position at the moment.”
The property last traded in 2010 for $1,105,000.
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