A Gladesville house will be saved from the wrecking ball after an owner-occupier family bought it for $4.25 million after auction on Saturday.
The five-bedroom house at 3 Shackel Avenue was sold by a lady who had lived there since the 1960s.
It was one of 1004 auctions scheduled in Sydney on Saturday. By evening, Domain Group recorded a preliminary auction clearance rate of 66.3 per cent from 572 reported results, while 130 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
The Gladesville home set on 640 square metres offered water views and was advertised with a price guide of $4.25 million.
At auction, a family began proceedings with an offer of $4.1 million.
But with no other bids forthcoming, the home was passed in and taken to post-auction negotiations.
The Gladesville home sold for $4.25 million. Credit: Oscar Colman
After a quick negotiation, the family bought the home for $4.25 million, its reserve price, McGrath Ryde selling agent Robert Bagala said.
He believed the family plans to enjoy the home in its current form. Other parties who had inspected the home had been hoping to knock it down and rebuild, or build a duplex, while some planned to live in the existing home and make enhancements, he said.
“The property was across the road from waterfronts and had sweeping 180-degree views over the rooftop of the water,” he said.
The seller had lived in the home since the 1960s.Credit: Oscar Colman
“[The seller] enjoyed that tranquil little pocket since the ’60s.”
One party made a bid, then bought the home in post-auction negotiations.Credit: Oscar Colman
He thought buyers were feeling hopeful about interest rates starting to come down in the near future. Although stock levels have been slightly increasing, demand still outpaces supply, he said.
“Our pocket of Sydney has been quite resilient, and it appears to be bucking the trend of the auction clearance rates.”
Gladesville’s median house price hit $2,785,000 in June, Domain data shows, up 13.7 per cent over the past year.
In Willoughby, a young family looking to upsize paid $6.15 million for a renovated family home.
The five-bedroom house at 22 Tyneside Avenue had a price guide of $4.5 million.
Eleven parties registered but the auction began with a bullish bid of $5 million, more than the reserve of $4.8 million, which knocked some hopefuls out of the race.
Three parties traded offers in mostly $100,000 increments until the hammer fell.
DiJones Willoughby selling agent Daniel Campbell said most of the buyer interest had been from upsizing young families, who were drawn to the character and charm of the home plus the modern comforts of the renovation.
He said although 1920s Californian Bungalow style homes were synonymous with the suburb, there had not been a renovated family home like this for sale for some time.
“It was highlighting a gap in the market,” he said.
“[The market] is good. The prices are still strong. It is definitely what we call a multi-speed market where the really popular homes are going to sell incredibly well and homes that have got a few asterisks against them are going to find it tough.
“[This auction] is a great example of a good home selling really well.”
Willoughby’s median house price is $3,219,000, up 7.3 per cent in the past year.
In Camperdown, a large two-level apartment sold under the hammer for $1,202,000.
Seven bidders registered and five made offers on the two-bedroom home at 9/119-135 Church Street, advertised with a price guide of $1.08 million.
The first bid was at $1.1 million and the price rose in a range of increments as small as $1000, passing the reserve of $1.15 million.
An upsizer won the keys, BresicWhitney Inner West selling agent Renae Dickey said. The sellers had owned the home for 10 years and lived there as tenants for a year prior, then had the chance to buy the home from their then-landlord.
She said the size of the home was an attraction, as the upstairs/downstairs layout with study helped the home to feel spacious. Its location near the University of Sydney and the Royal Prince Alfred Hospital, and walking distance to Newtown, was another drawcard.
“The market is patchy at the moment but good properties are still drawing a crowd,” she said.
“People have learnt over the last few years and especially since COVID that it is better to be in the market than out and waiting.
“As long as you are looking to buy and hold for a sensible period of time there is no perfect time to get into the market.”