Three generations of a family will be sharing a Beecroft home after the parents and grandparents pooled their resources for a $6.55 million, six-bedroom luxurious estate.
Three parties registered to bid and two made offers for the lifestyle property at 90A Chapman Avenue at auction on Saturday. The home comes complete with a full-sized tennis court and 12-metre saltwater pool.
Bidding was negotiated at the reserve of $6.55 million and a solitary bid from the buyer sold the property under auction conditions. A lower offer from another registered bidder did not meet the reserve.
It was one of 800 homes scheduled to go under the hammer in Sydney on Saturday. By evening, Domain Group recorded a preliminary auction clearance rate of 65.5 per cent from 531 reported results, while 123 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
Selling agent Kevin Dearlove from Stone Real Estate Beecroft said multi-generational living is becoming more common.
“We’re seeing more and more families pool their resources and live together as one family unit. Yes, that is definitely a trend,” he said.
Dearlove said the main drawcard was the sheer size of the 3350-square-metre property.
“It was a home that had multiple wings. It could suit a close-knit family, but also provide them their own space as needed.”
The downsizing vendors were emotional but pleased to sell to a family after holding the property for 28 years.
The property last traded for $800,000 in 1995, records show.
In Sydney’s south, a four-bedroom home at 22 Plimsoll Street in Sans Souci sold north of its undisclosed reserve and above its $2.75 million guide for $2,975,000.
The brick home attracted six registered bidders, a mix between young families and developers interested in converting the 879-square-metre site into duplexes.
Bidding opened bang on the guide of $2.75 million. Three made offers with bids starting at $50,000 and slowing to $10,000 and $5000 towards the end.
A local family from Blakehurst outbid local developers. The auction lasted five minutes in front of 40 people.
Selling agent Liam Tsaprazis from McGrath Sans Souci said this property was all about the location.
“You’re one street away from the water. It’s quite a popular street and not a lot does come up there for sale,” he said.
A three-bedroom terrace with a 123-square-metre footprint at 367 Liverpool Street in Darlinghurst changed hands for $2.6 million after being in one family for 100 years.
Bidding opened on the guide of $2.3 million with three out of the four registered placing bids. Offers varying between $25,000 and $75,000 were placed.
The vendor’s family purchased the property in 1923. The buyer was a young family downsizing from St Ives to be closer to a sought-after school.
Selling agent Mark Matthews from LJ Hooker Double Bay Group said renovation estimates for the property were from $500,000 to $1.5 million.
Closer to the coast, a two-bedroom unit sold for $2.51 million in Coogee. The ground-floor apartment at 1/5 Neptune Street sold for a whopping $510,000 above its $2 million reserve.
Three registered to bid and actively bid. Bidding opened at $1.9 million above the $1.75 million guide. Bids ranging from $100,000 down to $1000 were placed until the unit with ocean views was sold to a pair of empty nesters who had sold their house and were downsizing in the area.
It was sold by Angus Gorrie from Ray White Eastern Beaches.
The unit last traded for $687,500 in 2007, records show.
PRD’s chief economist Dr Diaswati Mardiasmo said the clearance rate of 65.5 per cent was an improvement on last week and believes it is due to the cash rate being held steady on Tuesday.
“[A hold] sends a very strong signal to people who are buying, whether they’re investors or owners, occupiers, people who are ready to be buying and through an auction, that the economy is stable. And when the economy is stable, then that’s when you make your big purchase decisions,” she said.
Mardiasmo said while there is still room to improve, the level of confidence is gaining momentum.
“It’s not as strong as the normal Sydney market where around spring, towards summer, you would be expecting more 70 per cent than 66 per cent.
In Blacktown, a three-bedroom home at 22 Kurrajong Crescent attracted eight registered bidders.
It sold below its $900,000 reserve for $896,500 to investors via Matthew Lucas from LJ Hooker Blacktown.