A local family paid $20 million under the hammer for a new home in Darling Point at auction on Saturday.
Two parties competed for the keys to the six-bedroom designer residence at 2D Greenoaks Avenue, listed with a price guide of $17 million.
It was one of 912 auctions scheduled in Sydney on Saturday. By evening, Domain Group recorded a preliminary auction clearance rate of 64.8 per cent from 512 reported results, while 116 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
The high-end home set on 677 square metres came with a swimming pool, space to entertain, luxurious finishes, an internal lift, a wine room, five marble bathrooms, a study, Gaggenau appliances and a butler’s pantry, a top-floor master suite and electric vehicle charging.
Bidding began at $17 million and two parties, both local families, competed for the keys, Sydney Sotheby’s International Realty selling agent Maclay Longhurst said. The reserve was set “around the guide”.
“It was a brand new home, never been lived in, it had double street frontage with parking,” Longhurst said. “And it was also directly north-facing.”
He said the market is starting to become more active as the spring selling season kicks off.
“Spring has certainly started now and things are starting to pick up.”
Elsewhere, a young local family paid $4.65 million for a stylish South Coogee family home at auction on Saturday, beating three other young couples for the keys.
More than 100 parties had inspected the four-bedroom house at 16 Ellen Street during its campaign, when it was advertised with a price guide of $4 million.
Bidding began at $4 million and all four registered bidders participated in the auction, in front of a crowd of about 50 people including neighbours in the home’s sunny backyard, McGrath Coogee selling agent Mark McPherson said.
The price shot up in increments of $50,000 initially and soon passed the reserve of $4.2 million.
After the $4.3 million mark, the stride shortened to $25,000, and then parties offered a mix of smaller bids down to $1000.
The South Coogee auction drew a crowd and sold well above the reserve. Credit: Peter Rae
A final $20,000 raise won the day.
McPherson thought the quality of the house was a drawcard, along with its level backyard, pool and entertaining area, and its location in a street with other young families.
“We got more than we thought. We thought anything starting with a 4 would be a good result,” he said.
He said the market in his area was tracking well, and steady interest rates had given buyers confidence, but there was a lack of quality stock available.
“We are heading into the peak selling period. I think there will be a bit more [for sale],” he said.
“Our market in the eastern suburbs and eastern parklands will always remain very resilient, very sought-after,” he said.
In Fairlight, a lady who missed out on buying an apartment on the water at its last auction 11 years ago when it fetched $1.5 million returned and won the keys, paying $4.7 million.
Cunninghams’ Georgi Bates listed the two-bedroom unit at 5/7 Lauderdale Avenue with 116 square metres of space and a guide of $2.7 million to $3 million.
She had 12 contracts out, but said this week her potential buyers were “dropping like flies” and only two parties pre-registered. Some other buyers had been deterred by the small garage.
Bates said one potential buyer made a verbal offer of $3.1 million, but when Bates asked for this in writing, the buyer never sent a written offer and never returned Bates’ phone calls.
On auction day, an unexpected third and fourth bidder turned up. One of these was the winner, who owns two other units higher in the same building but was attracted to this one because of the ground-floor entry and no stairs.
The reserve price was $3 million.
“We were all just gobsmacked,” Bates said.
Auctioneer Clarence White said the auction went from $500,000 offers down to a mix of smaller increments as low as $1000.
“It is full waterfront, faces gun-barrel views of the harbour, but otherwise a relatively unremarkable two-bedroom unit,” he said.
“She just really wanted to buy it but so did the underbidder.”
In East Lindfield, a family home that last traded privately just over two years ago for $2.75 million resold at auction on Saturday for $4.05 million.
The sellers had painted the inside of 162 Tryon Road but had done little else to the home in that time, Ray White Upper North Shore selling agent Jessica Cao said.
The five-bedroom home set on 1005 square metres was listed with a guide of $2.9 million.
Cao said five bidders registered and three made offers, and a local family who loved the views and the potential of the block won the keys. She believes the new owners will make some improvements to the property.
Bidding was fast, rising in $50,000 increments to start.
“This time it was sold at auction. I always believe in auctions as the best way to get whatever price, it just drives out the competition,” she said.
The reserve was about $3.2 million.
“It’s a very standout result,” Cao said. “[The market is] pretty stable, it is not good or bad, it is just quite balanced. We are selling everything but the auction today is a really standout result.”
In Paddington, a young gentleman paid $2.85 million for a terrace ready for renovation.
The three-bedroom home at 41 Hopetoun Street drew seven registered bidders and five made offers. It was listed with a guide of $2.5 million.
Bidding was slow to start, kicking off at $2 million, McGrath Paddington selling agent Georgia Cleary said, then accelerated until two parties traded offers for the last $200,000 worth of bids.
The buyer is a “young guy with a good job” who hopes to renovate and move in, she said.
“It was a good position in Paddington, Hopetoun Street is very popular,” she said.
“We are getting fewer opportunities for more original houses.”
The underbidder was a young family but the home drew mixed interest including from mature buyers.