A highly sought-after four-bedroom family home in Turramurra sold under the hammer for $650,000 above its $3,950,000 reserve on Saturday.
Five active bidders of the 12 who registered were in the running for the quality double-brick home guided between $3.6 million to $3.9 million at 3 Avalon Street. All were upsizing families wanting to be close to the local private schools.
Bidding opened at $3.4 million, with increments ranging from $100,000 and $50,000 placed initially. Three bidders battled it out from $4.1 million with one bidding in $10,000 increments, one in $1000 increments and one rounding up to the next biggest number. When bidding reached $4.52 million, the next bid rounded the figure to $4.6 million and secured the keys for a very emotional winning buyer.
Belle Property’s Tracey McDonald said the vendor was “ecstatic with the result”.
“The amount of interest in the property was outstanding,” she said.
“It has a separate rumpus area, formal lounge and a casual open plan, casual family dining area which opens to the level back garden and pool.”
McDonald said the renovated double brick property was perfect for a family.
The buyers are an expectant couple from Newington.
The home last traded for $1,275,000 in 2010, records show.
The property was one of 621 scheduled auctions in Sydney at the weekend.
By Saturday evening, Domain Group recorded a preliminary auction clearance rate of 66.4 per cent from 390 reported results, while 87 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
In Chatswood, a five-bedroom classic, redbrick, two-storey family home at 41 Clanwilliam Street, sold after auction for $5.228 million after first passing in on a vendor bid of $4.8 million.
Two buyers registered for the home, guided at $4.8 million. Both were looking for family houses that didn’t require further development.
Bidding opened at $4.8 million on one buyer’s bid on the floor. It was passed in and the crowd of 80 people dispersed as negotiations were made between the bidder and the vendor. After one hour of negotiation, it sold $72,000 below its adjusted reserve of $5.3 million.
Selling agent Dominic Smith from The Marshall Group said there are a lot of buyers looking at the market but the commitment is tough.
“Buyers aren’t anywhere near as aggressive as perhaps they were before so fairly standoffish at the moment with auctions,” he said.
The buyers are an upsizing family from Roseville. The vendors are happy with the result, they had already purchased near the city.
In Ultimo, a large two-bedroom, two-storey unit at 42/267 Bulwara Road, sold under the hammer for $1,295,000.
Nine registered, and five actively bid on the tidy property guided between $995,000 to $1,045,000.
Bidding opened at $900,000 with bids ranging in increments of $20,000, $10,000 and $5000 placed. When the apartment hit the market at $1,050,000, the price soared $245,000 above its $1,050,000 reserve.
LJ Hooker’s John Zheng said the purchase was a unique opportunity.
“This is a lifetime opportunity for them to secure property in this particular complex,” he said.
Zheng said it is a large apartment of 107 square metres, with northeast aspect, low strata levies and a private leafy outlook.
The buyers are a young family who love the area. The vendor was a first home buyer with this unit, however, has since relocated overseas.
The unit last traded for $612,000 in 2010, records show.
AMP’s chief economist Dr Shane Oliver said the clearance rate of 66.4 per cent is a fairly soft reading for Sydney.
Oliver said the clearance rate so far for July is averaging 65 per cent.
“Which is just below the July norm, which is around 67. So it’s sort of okay, but it’s softer than normal for July,” he said.
“We still have a supply shortfall but easing of the demand pressure from high immigration numbers, combined with continuing high-interest rates, weighing on existing homeowners… are acting to cool the market a little bit.”