By Kristy Johnson
A first home buyer from Waterloo placed the winning bid of $2.33 million at auction on Saturday for a renovated Zetland terrace, some $20,000 less than its reserve.
The three-bedroom, two-bathroom home at 751 Elizabeth Street, with a guide of $2.1 million, had one other registered bidder: a couple from the ACT.
The couple opened the auction with a $2 million bid, which rose in increments of $100,000 before a brief pause at $2.32 million.
The vendor, who plans to upsize nearby, had instructed to sell the property to the highest bidder, even below the $2.35 million reserve. The first home buyer offered an extra $10,000 where the hammer fell. The home last sold for $1.94 million in 2018, records show.
It was one of 1010 scheduled auctions in Sydney on Saturday. By evening, Domain Group recorded a preliminary auction clearance rate of 62.7 per cent from 898 reported results across the week, while 183 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
The Agency’s Brad Gillespie said some vendors were having to adjust their price expectations amid a softening market.
A first home buyer from Waterloo placed the winning bid of $2.33 million for a Zetland terrace, $20,000 less than its reserve.Credit: Rhett Wyman
“It’s a case-by-case scenario, but ultimately, every motivated seller will meet the market,” Gillespie said. “We usually find if the bids are close or near enough, the deal will get done.”
Gillespie said he’s noticed the market has softened particularly in the past two weeks.
“It’s a softer landing going into Christmas, but we will most likely see buyers come back mid-January in a big wave. The slowing down is a bit premature for us, a month early, but things will pick up again.”
In North Willoughby, a two-bedroom house at 26 Chaleyer Street sold for $3.42 million. It had a $2.95 million guide and a $3 million reserve.
Four of the seven registered bidders, a mix of builders and developers from Ryde and the Hills, were active. Bidding was fast-paced, starting at $2.7 million and rising in $100,000 increments until it was sold to a builder from the Hills district who plans to knock it down.
“All bidders were ready from the get-go, determined to secure the property,” Richardson and Wrench North Sydney’s Victoria Liu said. “The vendors did not expect that quick momentum and had tears in their eyes at the result.”
The vendors purchased the property for $970,000 in 2007, turning it into a rental for $890 a week.
North Willoughby’s median house price is $3,665,000 on Domain data.
A Dulwich Hill investor outbid first home buyers for the “perfect inner west starter home”, paying $1,215,000 at auction.
The two-bedroom, one-bathroom home at 26 Arthur Street had a price guide of $1.1 million and a reserve of $1.2 million. It last sold for $60,000 in 1987.
All four registered bidders were active, including three first home buyers from Sans Souci, Dulwich Hill and Enmore who all had their families in attendance.
Bidding opened bang on the guide and rose in steady increments of $10,000 and $20,000 before dropping to bids of $5000.
BresicWhitney Inner West agent Nick Playfair said the guide was a good price point for a house, as apartments and townhouses in the suburb were often listed at that amount.
“We marketed the home during the campaign as the perfect inner west starter home as you’re getting great value for that price guide, compared to the prices of other houses for sale in the suburb,” Playfair said. “Buyers want value, and if properties are reasonably priced and suitable, they will inspect and compete at auction.”
Marrickville’s median house price rose 6.2 per cent to $1,975,000 in the year to September, on Domain data.
In Bondi Beach, a deceased estate sold under the hammer for $4.45 million, bang on its reserve, to upsizers from the area.
The three-bedroom, three-bathroom home at 160 Hall Street had been in the same family for more than half a century and had a price guide of $3.9 million.
There were five registered bidders, all locals hoping to upsize within the suburb and intending to make the property their forever home.
Bidding started at $3.4 million and rose in varying increments, from $100,000 down to $5000, as four bidders threw their hat in the ring.
McGrath Double Bay agent Ben Fraser said that with high listing volumes in the area, buyers have greater choice and may be hesitant to purchase a home.
“Some campaigns run extremely well and sell quickly while others take a couple of extra weeks to get across the line,” Fraser said. “Agents are having to work harder now with more supply.”
Bondi Beach’s median house price is $4,102,500 on Domain data.