By Sarah Webb
A Sutherland Shire family outbid a developer to secure a four-bedroom retro gem in Yowie Bay on Saturday – paying a reserve-busting $2,465,000.
The home, at 19 Balowrie Street, was built almost 60 years ago and had never before been sold. It still features Kermit-green hues in the kitchen, a pale blue carpet and an unused and non-compliant pool on its 866.27-square-metre block.
The tightly held street has only seen five properties change hands over the past decade – including a nearby estate at 24-30, which sold for $20 million in 2022.
A large crowd turned out to watch the rare auction, with four out of the 10 registered bidders raising their hands. The home featured a price guide of $2 million and had a reserve of $2.2 million.
Selling agent James Mitchell, of Mitchell Estate Agents, said a local family kicked off bidding at $2.13 million, with a fast flurry of $30,000, $20,000 and finally $5000 bids following until the hammer fell.
“We were shocked at the result,” said Mitchell.
“Not often does a home like this come up … and when unrenovated ones like these do, they are either a development site or R2 zoned. But this home was on a sloping block, and it was environmentally zoned and that’s quite unique.
“It was original ’70s vibe, too … the buyers had family in the area and they just wanted it. What’s really nice though is that they were able to outbid a developer too, which is what the owners wanted.”
Despite the reserve-beating result, Mitchell said the market had been more challenging off the back of increased stock hitting the market.
“Over the weekend there were a lot more homes withdrawn or sold prior … which is also why I was surprised to get this result,” he said. “But if there’s a quality property, people bid.”
It was one of 461 scheduled auctions in Sydney on Saturday. By evening, Domain Group recorded a preliminary auction clearance rate of 63.1 per cent from 255 reported results, while 58 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
In front of a buzzing crowd of more than 100, a five-bedroom, three-bath duplex at 23 Hepburn Avenue in Gladesville fetched $3,275,000, following a battle between two families.
Lead agent Tim Le, of Ray White Hunters Hill, said in the end it was a couple from Hills District with an adult daughter who nabbed the keys.
He added the home was a brand-new build with house-like proportions, with the sellers only wrapping up the finishing touches a week ago.
“They used high-end materials, plus it is in a premier setting, just minutes to schools, shops and city-bound buses,” he said.
The home had a price guide of $3 million and a reserve of $3,275,000, with bidding starting strong at $2.8 million. A second bid took the price to $2.95 million, followed by increments of $50,000. The price stalled at $3 million, sparking a vendor bid of $3,250,000. The buyers then negotiated on the floor, offering another $25,000 to get the keys.
Over in Bexley North, a young couple who recently tied the knot splashed $2,165,000 on a 1940s brick home turned contemporary retreat.
The three-bedroom home, at 16 Miller Avenue, features two bathrooms and a separate teenage retreat. It had a price guide of $2 million and a reserve of $2.2 million.
Selling agent Frank Mazzotta, of PRD Kingsgrove, said it was a strongly contested auction that took a bit of work to get over the line.
He said bidding kicked off at $1.9 million and rose in $25,000 increments until the $2 million mark. From there it slowed to $10,000 and $5000 rises until $2,125,000.
“The vendor wanted a vendor bid at $2.2 million and one of the bidders put in a $2,135,000 [bid] and then it stopped. But after negotiations, we got it to $2,165,000. There was a bit of going back and forth on this one,” said Mazzotta.
“I actually sold this to the owners back in September 2010.”
Both bidders were couples, Mazzotta said, with the newlywed buyers hailing from Hurstville. They were looking for a larger home and loved the property’s tasteful renovations, he said.
Ray White chief economist Nerida Conisbee said that, across Sydney, stock levels were up 20 per cent year-on-year, likely fuelled by overstretched owners at the end of their tether amid high interest rates. Despite those conditions, she added, the market remained buoyant.
“Those stock levels are not impacting pricing, which remains elevated. But this is still good news for buyers,” said Conisbee.
“I think this trend will continue … the economy is better in NSW (compared with Victoria). But I think everyone is holding out for an interest rate cut.”