By Kristy Johnson
A Wollstonecraft unit sold for $1.16 million at auction on Saturday to a buyer who already owns another in the building.
The two-bedroom, one-bathroom apartment at 4/1 Milner Crescent had a guide and reserve of $1 million.
Bidding was slow to start on the deceased estate but kicked into gear after an opening offer of $1 million. Five out of eight registered bidders raised the price in increments of $10,000 and $5000.
The successful buyer purchased the unit as an investment property, outbidding first home buyers from St Leonards and the eastern suburbs.
It was one of 595 scheduled auctions in Sydney on Saturday. By evening, Domain Group recorded a preliminary auction clearance rate of 50.7 per cent from 696 reported results across the week, while 197 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
Auction Works auctioneer Lorenzo Giunti said it’s now common for bidding to be slow to start as buyers have become price sensitive in recent months.
Eight buyers registered to bid on the two-bedroom unit that had a guide and reserve of $1 million.Credit: Steven Siewert
LJ Hooker Double Bay’s Aaron Del Monte said buyers from the eastern suburbs were interested in the unit due to its $1 million guide.
“Some properties sell phenomenally well and others struggle. This property was offered at a good price point, and it’s in a convenient location, with the Metro and cafes nearby,” he said.
Wollstonecraft’s unit median rose 8.1 per cent to $1.27 million in the year to September on Domain data.
In Redfern, a two-storey house, where the upper level can be accessed only via an external staircase, sold under the hammer for $2.61 million to a young family from Alexandria.
The four-bedroom, three-bathroom unit at 44 Redfern Street had its guide and reserve set at $2 million.
Five out of seven registered bidders raised the price in varying increments after an opening bid of $1.8 million for the deceased estate. The parties included investors and young families from Redfern, Alexandria, Woollahra and Coogee.
BresicWhitney Inner East’s Michael Kirk said the buyers would reinstate the internal staircase and give the home a cosmetic upgrade.
Kirk said that while there was good interest, the result was surprising as another property on the same street sold for $2 million in November.
“It has a north rear aspect, parking and is a bigger-sized house for Redfern, but in saying that, the four-bedroom, two-bathroom property at 38 Redfern Street sold for $2 million. It’s surprising to see something similar with such a big difference in price,” he said.
In Randwick, an apartment sold for $2,021,000 at auction to a young couple from the suburb, the price increasing almost six-fold since it last sold.
The three-bedroom, one-bathroom property at 4/5 William Street had a guide of $1.65 million and a reserve of $1.7 million.
Seven out of 14 registered bidders raised the price in varying increments after an opening bid of $1.65 million. The parties included young families from Randwick and other pockets of the eastern suburbs.
The home last sold for $340,000 in 1996, records show.
Ray White Eastern Beaches’ Angus Gorrie said the successful buyers had sold another property in Randwick to upgrade.
Gorrie said buyers are motivated to purchase now ahead of a potential interest rate cut next year.
“I think buyers know that interest rates will go down next year, so there’s a bit of motivation to secure something not just before Christmas, but before rates start to come down,” he said.
Gorrie brought forward the auction by a week due to strong interest.
“The property has charm, and although the kitchen and bathroom need renovating, the auction result was really solid,” he said.
In Turramurra, a portion of a bowling green sold under the hammer for $2.7 million, bang on the guide and its reserve.
All three registered bidders raised their paddles for the vacant block of land at 12 Apps Avenue. The price rose in $10,000 and $5000 bids after opening at $2.5 million.
The successful buyer, who outbid other locals, is from the upper north shore. The Marshall Group Real Estate’s Craig Marshall said the buyer intended to build a house on the land but might sell it in future.
Marshall said, while there was a lot of interest in the property, the fact it was half a bowling green confused some parties.
“It’s unique, but for some it was too difficult to think about the possibilities,” he said.
Marshall said bowling clubs are doing it tough, with patrons cancelling their memberships.
“Club Turramurra has become a good social club, so they’re going to put the money into upgrades for more of a family-friendly club,” he said. “In general, the market has been slow for spring, but properties are still selling, as long as the owners meet the market.”