A two-bedroom semi in Coogee was fiercely contested at auction on Saturday, selling for $500,000 above reserve for $3.5 million.
Six registered, and five actively bid on the charming 1920s home guided between $2.8 million to $3 million at 60 Mount Street. Interested buyers were a mix of young families and professional couples.
Bidding opened at $2.6 million and $50,000 bids, then $25,000 bids were shot back and forth in quick succession until it was on the market at $3 million. Once the reserve of $3 million was met the pace slowed, and increments ranging from $20,000 to $1000 took the price to $3.5 million.
McGrath Coogee’s Marnie Seinor said the vendor was “obviously” happy with the price.
“It sold for half a million over [reserve],” she said.
“It was liveable with potential. It was solid.”
The property’s location within a level walking distance to Coogee Beach and the solid structure of the semi were the main drawcards, Seinor said.
The vendor had lived there for 42 years. The buyers were a young professional couple from Elizabeth Bay.
The property was one of 581 scheduled auctions in Sydney at the weekend.
By Saturday evening, Domain Group recorded a preliminary auction clearance rate of 65.3 per cent from 352 reported results, while 79 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
In Baulkham Hills, a five-bedroom family home at 8 Katherin Road, with stained glass windows and a white picket fence, sold for $1.9 million.
Four registered, all young families seeking to move in themselves, and three buyers bid.
The large house with cottage appeal was guided between $1.6 million to $1.7 million. Bidding opened at $1.6 million which was also the vendor’s reserve. Bidding increments ranging from $50,000 down to $1000 were placed. The last fifteen bids were all $1000 bids until it sold under the hammer for $300,000 above the reserve for $1.9 million.
“Weatherboard cottage with a fireplace is very minimal for our area,” said Darren Dowd from Ray White Baulkham Hills.
Another major drawcard for buyers was the walking distance to the local school, Dowd said.
The buyers were a young family from Parramatta. The vendors will be downsizing to Neutral Bay.
The home last traded for $84,000 in 1997, records show.
In Darlinghurst, a four-storey terrace with development approval to renovate, located at 165 Crown Street, passed in on a vendor bid of $3.8 million.
Two buyers registered and bid. One was a developer, the other was represented by a buyers’ agent.
Bidding opened at $3.2 million, above its $3 million guide and bids of $100,000 and $50,000 were placed until bidding stopped at $3.45 million.
Ray White’s Josh Kalocsay said he was in negotiations and expected to close the sale within the week.
“It’s a rare opportunity with a rooftop terrace. Which is pretty unique for a property like that in the area… DA approval for a garage and studio on the back as well,” he said.
The vendor had been renting it out while the DA plans were being prepared.
The property last traded for $2,985,000 in 2022, records show.
PRD’s chief economist Dr Diaswati Mardiasmo said the clearance rate of 65.3 per cent showed that Sydney buyers were cautious about bidding on the day.
“Sydney is normally 70 [per cent clearance rate] plus. So 65 [per cent clearance rate] is still below the usual,” she said.
”We might see a little bit of increase in demand just because there’s the potential cash rate hikes.
“In terms of house prices in Sydney, we are seeing some growth still, although some pockets of Sydney are still just recovering. So it is an opportunity right now, but we do have cautious consumers.”