The house was eventually put on the market for $1.5 million before reaching the final sale price of $1.54 million. The reserve was $1.5 million.
The successful buyers were a young local couple who were relieved to have bought under their $1.6 million budget.
“It’s actually less than what we were willing to pay, to be honest, it seems the market is flattening out,” said Diana Vidovic.
The 30-year-old, who works in travel marketing, said she and her partner, who works in finance, feared they would be priced out by the competition.
“We were afraid that we would be pushed out of the market by people who have sold and devalued houses,” she said.
The home last traded for $1,167,000 in 2019, data shows.
Ray White Surry Hills, Alexandria, Glebe and Ercan Ersan of Erskineville said the underbidders were downsizers and the rest of the competitive investors planned to downsize in a decade.
“There is a fear of overpaying, not a fear of missing out,” he said.
Half an hour later, some of the same auction crowd and buyers sauntered down to… 28/342a Marrickville Roadthis time a two bedroom, two bathroom unit.
Only two of the seven registered buyers bid on the 112-square-foot home, which opened for $950,000 – bang on the guide.
It was a similar vibe with the auctioneer struggling to pull bids big enough after reversing $5,000 bids multiple times and getting stuck at $1.04 million.
A brief hiatus and negotiation between the highest bidder and the seller occurred before it sold for $1.05 million.
Michelle May, head of real estate brokerage, Michelle May, said she bought on behalf of a young local couple who were upgrading another apartment.
“I think we did a really good job,” May said.
Underbidder Jason, who declined to disclose his last name, said he was surprised by the high turnout and wasn’t willing to pay more than $1 million for the property, which would have been an investment for him.
“There were so many people there…don’t they know that interest rates are rising? [The market in general] is outrageous, and it’s a bit embarrassing, and I don’t like to think of myself as a capitalist. I just want to invest some money because I’m getting old, you know?” said the 49-year-old high school teacher.
The property was last sold for $790,000 in 2015, the records show.
Marrickville’s average unit price increased 8.3 percent to $812,000 in the year to March 2022 for domain data.
In Annandale, an iconic trophy home in 46 Johnston Street sold for $6.61 million – more than half a million over the reserve.
Three buyers — families upgrading from Hunters Hill and Kensington, as well as a multi-generational family — registered to bid on the six-bedroom property, which was valued at $6 million.
The auction opened at $5 million, rising in strong increments of $400,000 and $100,000 before slowing down towards the end and selling to the Hunters Hill family.
Chris Nunn of BresicWhitney Glebe said such rare homes hold their value regardless of market conditions.
“Trophy homes are still in high demand…buyers of such assets are less focused on trying to get a discount and more on simply being able to buy a home without as much competition as they were three months ago,” Nunn said. †
It was the deceased estate of the artist Georgina Beier.
Annandale’s median home price rose 33.5 percent in the year to March 2022 to $2.35 million.
Another rare offering, this time in North Sydney, also delivered a striking result with 12/144 Main Street sold for $2.6 million.
Eight parties have signed up to bid on the ocean-view unit, three of which took part in the sale that opened for $1.9 million. The reserve was $2.2 million.
Raine&Horne Neutral Bay’s sales agent Lorinda Mansfield said the two-bed was sold to Upper North Shore downsizers who wanted to be closer to town.
“These buildings set their own prices. For me, we are dealing with different speeds of markets,” she said.
It topped the last sale—another two-bedroom unit at 9/144 High Street—in the 1920s building at $220,000 in just a month.
The property was last sold for $1,425,000 in 2016, records show.
Neutral Bay’s median unit price grew 5.7 percent in the year to March 2022 to $1,067,550.
In Lilyfield, a Southern Highlands couple bought a three-bedroom house at 1 Sunnyside Avenue for $2.6 million.
The buyers outbid six other registered lots after the auction opened by $2.3 million – $100,000 above the guide.
McGrath Balmain’s sales agent Cindy Kennedy, who declined to release the reserve, said last year’s burnt-out buyers are happy to make deals.
“It certainly struck me that during the settlement date negotiations, people wanted a shorter settlement because of the interest rates,” Kennedy said.
The home last traded for $1,745,000 in 2017, data shows. Lilyfield’s median home price rose 24.4 percent in the year to March 2022 to $2,328,000.
In St. Peters, first home buyers bought a derelict semi-detached house at 60 Unwins Bridge Road for $1.33 million.
They offered seven other buyers, most of them investors or builders, according to Adrian William’s Kate Ferrante.
“The first home buyers are just going to paint it and install a new kitchen and live in it.
“It’s a cheaper bigger house [for them]† With the cost of building materials, builders tapped, there is money for them,” she said.
The reserve was $1.27 million. The median St. Peters home price is up 22.2 percent in the year to March 2022 to $1,644,000.
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