Sydney online auctions: Young inner-west musician drops $3.242m on Erskineville terrace
A young inner-west musician paid $3.242 million for a recently renovated four-bedroom corner terrace in Erskineville at online auction on Saturday.
The buyer paid $192,000 more than the reserve to secure the home, one of 602 Sydney properties scheduled for auction on the day.
By evening, Domain Group recorded a preliminary clearance rate of 85.0 per cent from 467 reported results, while 43 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
The home at 38 Swanson Street drew 10 registered bidders, four of whom participated, and an opening offer of $2.7 million.
The bidding climbed quickly, hitting the $2.8 million price guide on the third bid, and it was down to a two-person race by the time it hit the reserve price of $3.05 million.
Almost 60 bids were made before the gavel fell at $3.242 million. The new owner plans to use a retail space at the front of the 177-square-metre block as his music room.
The house was sold through Moira Verheijen of Ray White Erskineville and records show the home last traded for $876,000 in 2004.
On the north shore, a three-bedroom apartment in need of renovation sold for $4.7 million at auction on Saturday.
Two local downsizers went head to head for the waterfront apartment at 16/18-22 West Crescent Street, McMahons Point.
Despite six registered bidders tuning in for the auction, it was a slow start, with auctioneer James Kerley waiting minutes for an opening offer of $1.41 million. From there, bidding climbed slowly in $100,000 jumps to $4.4 million, then dropped to $50,000 raises.
The bidding stalled at the $4.5 million price guide, but the highest bidder eventually upped their own offer by $200,000, following several minutes of discussion offline, to meet the reserve.
The $4.7 million paid for the 120-square-metre apartment, which has a large terrace from which to enjoy the view, was a price record for a unit in the street, and well above the $3.6 million paid for another three-bedroom apartment in the same block late last year.
Interested parties had been looking to spend an additional $250,000 to $500,000 renovating the original-condition apartment, said selling agent Adrian Bridges of Atlas Lower North Shore.
The deceased estate last traded for $760,000 in 1992.
In the north-west, the four-bedroom house at 28 Cobham Avenue, Melrose Park, sold for $2.432 million.
The renovated home – on a 570-square-metre block that backs onto Ryde Parramatta Golf course – attracted interest from 17 registered bidders, but only four took part after auctioneer Michael Garofolo took an opening offer of $1.8 million.
The bidding climbed quickly in $50,000 and $25,000 increments to $2.2 million, then in mostly $20,000 and $10,000 jumps to $2.4 million, before slowing.
The end result was $132,000 above the $2.3 million reserve, with the home selling to a young couple upsizing from a Mosman apartment. The home was sold through Jerry Dionisatos of Green Real Estate.
Records show it last sold for $850,000 in 2010.
Back in the inner west, first-home buyers purchased a two-bedroom house without parking in Marrickville for $1.93 million.
The auction for 14 Moncur Street opened at $1.5 million, and quickly passed the $1.65 million price guide and $1.75 million reserve, as four of the nine registered bidders made offers.
The 227-square-metre block was sold through Nathan Doyle of Adrian William. Records show it last traded for $730,000 in 2010.
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