By Sarah Webb
A rare Wollstonecraft home sold under the hammer in less than six minutes for $9.1 million on Saturday. A young Chatswood family, who swooped in at the eleventh hour, won the battle – paying almost $1 million over the reserve to secure one of just two homes up for sale in the suburb.
Five bidders threw up their hands for the auction – at 7 Cable Street – which featured jaw-dropping harbour views across the water to Anzac Bridge, almost 1000 square metres of land, five bedrooms and a price guide of $7.5 million. The reserve was set at $8.25 million.
It was one of 1167 auctions scheduled in Sydney on Saturday. By evening, Domain Group recorded a preliminary auction clearance rate of 64 per cent from 688 reported results, while 158 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
Close to 200 buyers viewed the Wollstonecraft home, with bidding opening at $7 million despite one hopeful bidder attempting to kick it off with a $6 million low-ball bid.
Selling agent Peter Chauncy, of McGrath, said bids then rose rapidly in $250,000 increments to the $8 million mark before slowing to $100,000 and then $50,000 sums. A last-minute play from the ultimate buyers resulted in them snatching the keys.
“It took a little bit of time to get that first bid but a minute or two feels like forever when you’re trying to get someone to go first. But then it went quickly and was done within five or six minutes,” he said.
“It’s a trophy home, there’s not a lot of these that come on the market.
“All of the buyers were after a blue-ribbon address and a substantial home on a large block.”
Chauncy said it was an emotional sale for the vendors who had been there for almost 30 years and were downsizing as they had two grown-up kids.
The house was last extensively renovated in 2008 and 2009 and underwent a minor facelift before hitting the market.
Chauncy said the market remained solid in the prestige sector, with high-grade homes in the $5 million to $10 million bracket performing particularly well. He added low supply was fuelling strong prices but noted an uptick of investors offloading properties in the $1 million to $2 million range as rental income wasn’t covering mortgage repayments.
Elsewhere, at 10 Crimson Street in Ashbury, a charming three-bedroom semi-detached “time capsule” cottage that had remained in the same family for three generations sold for $1,775,000. It had a reserve of $1.55 million and a price guide of $1.4 million to $1.5 million.
A local family from just a couple of suburbs over bought the property, outbidding six other parties – mostly upsizers – in a fast and furious event with 35 bids thrown down.
Co-selling agent Simon Smajo Hadzic, of Ray White, said bidding started at $1.35 million, rising in largely $50,000 and $25,000 sums until the $1.6 million mark. From there, three bidders were left battling with two parties remaining for the final $100,000.
“The couple who bought it are looking to move in and renovate it and make it their family home … they were overjoyed to get it,” he said.
Smajo Hadzic said semi-detached homes and free-standing properties were performing well in the market, fuelled by a lack of stock.
PRD chief economist Dr Diaswati Mardiasmo said Sydney’s market was showing resilience and even vibrancy in some well-performing pockets, with stable capital growth across the board, underpinned by low stock levels and strong international migration.
She added the first home buyer market was a particular force.
“It’s hard to find negative growth in Sydney but when first home buyers see it, they pounce,” said Mardiasmo.
“We are definitely going to see more activity in the months to come too.”