By Kristy Johnson
An unlivable house in Leichhardt has sold for $2.28 million to a local developer who outbid a young couple with a single bid in the last minute of the auction on Saturday.
The two-bedroom, one-bathroom house at 41 Macquarie Street had a guide of $1.8 million and a reserve of $2.2 million.
It was one of 828 scheduled auctions in Sydney on Saturday. By evening, Domain Group recorded a preliminary auction clearance rate of 64.4 per cent from 548 reported results, while 134 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
Three out of the five registered buyers participated in the sale, which started with an opening bid of $1.7 million by another local developer. It was increased by $25,000 by a young couple from Erskineville in the hopes of upsizing.
Bidding rose in small increments from there where it appeared the home would sell to the young couple for $2.26 million before the second developer swooped in with his single, winning bid.
The successful buyer, who declined to give his name, said he believes the area needs a rejuvenation with luxury homes, after selling another property in Lilyfield just this week.
The local developer who placed the winning bid for the unlivable home in Leichhardt.Credit: Peter Rae
“I think the product is very outdated and this is a good opportunity to revitalise the area,” he said.
He said the block size of 360-square-metres is also rare for the suburb.
“The typical land size is around the 250-square-metre mark so you can let your imagination run wild.”
Lead agent James Montano of Montano Group said buyers were being more selective with more listings this spring.
“We are finding buyers are taking a little more time to make decisions and are being more selective,” he said.
In Hunters Hill,a dated house at 38 Bonnefinn Road was offered to the market for the first time in 65 years with a guide of $2.5 million.
Five buyers registered to bid on the three-bedroom, one-bathroom property set on 634-square metres. Most were from there area, according to Shane Slater of The Agency North.
“Three were younger families looking to live there and add value down the track,” Slater said.
He said it was a very competitive auction with a $2.3 million bid kicking off the auction. It was tight bidding between three active parties and sold for $2.81 million to a local family that are upgrading. The reserve was $2.4 million.
“They’re going to change the original carpet and apply a fresh lick of paint, and in time they’ll do renovations.”
Slater said despite issuing 21 contracts, interest dropped to five buyers due to renovation costs.
In Roseville, a grandma who has been renting in the area bought a family home in the suburb for $2.75 million.
She was the only registered bidder for the four-bedroom, two-bathroom home at 1 Paradise Avenue that had a guide of $2.6 million. The reserve was set at $2.75 million.
The woman opened with a $2.5 million bid, then bid against herself with a $2.65 million offer. A vendor bid of $2.72 million was then placed before the buyer increased her offer again to $2.75 million, hitting reserve and where the hammer fell.
Jessica Cao of Ray White Upper North Shore said the buyer is from country NSW but has been renting in Roseville for quite some time.
“Her daughter lives in the area so she’s been waiting to buy,” Cao said. “She decided it’s now time to settle down.”
The sellers were a young family with plans to upsize in the suburb.
“They purchased the home as a two-bedroom semi-detached and added another two bedrooms,” Cao said. “Their kids are now teenagers, so they want more room and plan to stay in the area.”
Speaking of the market in general, Cao said that while spring brings more listings, buyers are taking a wait-and-see approach.
“Buyers are very cautious. We are finding that the good properties have no trouble in selling, however, some B-grade properties are struggling with buyer enquiries and interest.”
Roseville’s median house price rose 7.6 per cent to $3.82 million in the year to June on Domain data.
In Bankstown, a two-bedroom, one-bathroom house at 55 Pringle Avenue sold for $1.7 million.
The deceased estate, which is on 1254 square metres, had a guide and reserve of $1.5 million.
The Agency Inner West Strathfield’s Andrew Kazzi, who holds the listing alongside Steven Devine, said the five registered bidders were a mix of locals and a few out-of-towners.
Bidding started at $1.4 million and rose in varying increments as three participated in the sell-off. The home was sold to a local couple who plan on a knockdown and rebuild.
“The property is purely land value, however, with the buyers keen on adding a brand-new duplex.”