A luxurious mansion with state-of-the-art features in Strathfield sold for $6,462,500 at auction on Saturday to upsizers, who are moving from closer to the city.
The two-storey, five-bedroom property at 166 The Boulevarde has an internal lift, a cinema room with a wet bar, and an eight-car basement.
Four bidders registered, and two participated in the fast-paced auction, which was held in the living area, where a crowd of nearly 200 spilled out into the backyard.
Bidding opened at $5.7 million, with bids of $100,000 and $50,000 placed until it slowed to $25,000 bids, and the final bid was $12,500. The house was guided at $5.9 million; it sold for $562,500 more than that.
McGrath Strathfield selling agent Michael Murphy said the buyers, a couple making a dramatic upgrade from a unit in Rosebery, were planning to start a family.
“They are forward-thinking, [in that] Strathfield has really good schools in the area, they love that it’s a very convenient location wedged in between Strathfield and Burwood,” he said.
“It was a brand-new home with well-appointed finishes, and also, it did have the third level with a large basement and internal lift to all three levels,” he said.
Murphy would not share the reserve; however, they said it sold for more than the vendors were willing to take.
The seller was the developer, who was pleased with the result.
The property was one of 805 scheduled auctions in Sydney at the weekend.
By Saturday evening, Domain Group recorded a preliminary auction clearance rate of 67.4 per cent from 534 reported results, while 113 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
In Artarmon, a recently refreshed four-bedroom home at 8 Sydney Street sold for $3,615,000. The sale price was $415,000 more than the $3.2 million reserve and $615,000 more than its $3 million guide.
Six bidders registered, and three bid for the property; most were young families with children.
Bidding opened at $3.05 million, the second bid shot the price up to $3.1 million, then it was $25,000 bids all the way until a final $5000 bid sold the home under the hammer.
McGrath Crows Nest selling agent Peter Chauncy said there was strong interest in the family home because he handed out 20 contracts during the campaign.
“It was a nice period home that had been given a cosmetic facelift before we put it on the market,” Chauncy said.
“It’s now considered an affordable entry point in the $3 million to $4 million range in this area. It’s just a good, solid family home that was recently given a refresh with paint, floors and landscaping,” he said.
The buyers, a family with a second child on the way, were upsizing from an apartment in Ultimo. The vendors were a deceased estate with fourteen beneficiaries, most of which were present at the auction.
In Narrabeen, a two-bedroom apartment just one street from the beach sold for $1,325,000. The sale price was its reserve, $130,000 more than its $1,195,000 guide.
Three bidders registered, and two bid on the unit at 2/1283-1287 Pittwater Road. All were downsizing owner-occupiers from the northern beaches, LJ Hooker selling agent Kylie Segedin said.
Segedin said garden flats were always in high demand with downsizers and often attracted twice the number of potential buyers at inspections.
Bidding opened at $1,175,000, and one $25,000 bid was placed, which took the price to $1.2 million. Then, $5000 bids were placed until it sold under the hammer.
Segedin said proximity to the beach was the main attraction.
“Over the road is the beach. So it’s a building on the main road. But this particular unit was to the back of the property. So it didn’t get any of the main road noise but had all the conveniences you could walk to,” she said.
The unit was an investment property for the vendor. The unit last traded for $540,000 in 2003, records show.
AMP’s chief economist, Dr Shane Oliver, said the clearance rate of 67.4 per cent was still soft, and rising rents, along with high immigration rates, were forcing people into the home-buying market.
“We’re continuing to see a relatively high level of listings: 805 listings. A year ago, that was 541,” he said.
Oliver said Tuesday’s interest rate meeting was almost certainly going to leave interest rates on hold.
“But the RBA will probably indicate that, yet again, they did consider the prospect of raising rates. But the upshot will be that rate cuts are still a long way away.”