Sydney's Super Saturday of auctions sees harbourside home sell for $7.04 million
A three-bedroom home in one of Sydney’s most sought-after harbourside suburbs sold for a massive $790,000 above the reserve, after a slow-starting auction “suddenly took off”.
The unique arts and crafts-era home on the waterfront at 41a Kareela Road, Cremorne Point, sold under the hammer for $7.04 million after a couple, who were empty nesters, made the winning bid.
Belle Property Mosman partner Stefon Bertram said six registered bidders, four of them active, fought it out for the keys to the home.
“The auction started out really slowly and originally the reserve was in the high $6 millions, but the vendor decided to put it on the market at $6.25 million and then things really kicked off,” Mr Bertram said. “It pushed the price into the early $7 millions.”
Only certain types of buyers were interested in the home, Mr Bertram said, because people needed to walk some way to the front door and it also had a strata title.
This was unusual for a home because such titles were usually found on apartments or duplexes, he said.
“It was a niche market for the home but there were still enough buyers to push the price up,” Mr Bertram said.
The sale was one of the biggest at the weekend, where Sydney’s preliminary clearance rate was 81.3 per cent, and another so-called Super Saturday of more than 1000 auctions was held.
There were 1014 auctions scheduled in the harbour city with 766 results reported by Saturday night. Eighty three properties were withdrawn from auction, and were counted as not being sold as part of the clearance rate.
Another home in the harbourside suburb of Mosman also sold for above the reserve, bought under the hammer for $5.65 million on Saturday.
Mr Bertram, who was also involved in the sale of the four-bedroom home at 11 Parriwi Road, Mosman, said the reserve was set at about $5 million.
It was a bittersweet sale, he said, with the same family having owned the property for more than 50 years selling it as part of a deceased estate.
“The two brothers who were born there sold it,” Mr Bertram said.
Five bidders, made up of builders and locals, registered for the auction. A local buyer, who lived nearby, snapped up the home and is planning to eventually rebuild on the block.
“He’ll hold the original house for a few years and then rebuild,” Mr Bertram said. “Most of the properties on the lower north shore are being bought by locals, they’re paying it forward by buying after selling their properties for a good price.”
In Sydney’s east, a two-storey bungalow owned by the same family for the past 25 years was also sold under the hammer, in an equally emotional sale.
The five-bedroom home at 66 Francis Street, Bondi Beach, sold for $5.3 million. It was put on the market after the owner’s wife passed away.
Ray White Double Bay associate director Daryl Rosen said the home, which had been renovated by the family 25 years ago, had attracted a lot of interest before auction.
A couple from North Bondi were the winning bidders, beating three others who had registered for the auction. The property sold for above the reserve, but Mr Rosen would not reveal by how much.
“It was a very spirited auction,” Mr Rosen said. “The vendor was very excited with the result, though it was a bittersweet sale.”
The vendor had bought another property locally, Mr Rosen said.
Although the market close to the water was hot, in Sydney’s inner-west sales started to show signs of cooling conditions.
A five-bedroom home at 17 Pine Avenue, Five Dock, sold for $3,625,000, after passing in at auction.
DIB CHIDIAC director Dib Chidiac said three bidders competed until the price reached $3.5 million, before coming to a halt. Agents negotiated with the under bidder, a young family, and property sold immediately after.
“I’m just seeing less buyers,” Mr Chidiac said. “Without the competition, it’s just not pushing prices higher.”
Also in the west, a newly built five-bedroom duplex sold for $3,603,000 to downsizers, who competed against young families for the home.
The property at 28 Kemp Street, Tennyson Point, had been built by brothers who were new to building duplexes, although they had been involved in apartment developments, Belle Property Hunters Hill selling agent Michael Gallina said.
Four bidders registered for the sale, with the price landing just above the $3.6 million reserve.
“Although the buyers were downsizers they wanted something big enough to entertain their friends and family,” Mr Gallina said.
Although he had also noticed fewer buyers, Mr Gallina said it was quality over quantity, with those ready to snap up their first or next home in the marketplace now.
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