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A tightly held Federation home in Petersham sold for $2,485,000 to a family upsizing from their Point Piper unit.
Nine buyers – all upgraders – registered to bid on the three bedroom freestanding house at 11 Shaw Street. The 373-square-metre block was guided at $2 million.
The auction was quick to start at $2.2 million and rose in varying increments from $50,000 bids down to $10,000 bids as four buyers participated.
Within minutes, the sell-off was over as the family – who was represented by a buyers’ agent – walked away with the keys when the hammer fell at $2,485,000. The reserve was $2.35 million.
Selling agent Namir Mikha said double-fronted, freestanding homes were highly sought after, even in a market constrained by rising rates.
The home, which was on the market for the first time in more than 70 years, was last bought for about £5000, Mikha said.
The home was guided at $2 million and drew nine registered bidders on Saturday.
He said the price went above the guide and reserve because of realistic expectations from his sellers.
“My vendors were really realistic. As a seller, you have to understand what has sold in the area [recently] and does the agent have the right price or are they trying to win the listing?”
Petersham’s median house price dropped 1.6 per cent to $1.85 million in the year to June on Domain data.
It was one of 776 homes scheduled to go under the hammer in Sydney on Saturday. By evening, Domain Group recorded a preliminary auction clearance rate of 66 per cent from 531 reported results, while 123 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
In Sutherland, a five-bedroom house at 2 Auburn Street sold for $2.12 million to a family renting in Rosebery.
The 854-square-metre block had no price guide and drew four registered buyers at auction on Saturday.
Bidding opened at $1.8 million and rose at a fast, yet controlled, pace as all four buyers competed for the home in small increments.
It stalled at $1.9 million, where half of the buyers dropped out of the race and the remaining two battled it out.
The Rosebery family outbid the first timers with a winning bid of $2.12 million. The reserve was $1.95 million.
Selling agent Michael Lloyd of McGrath Sylvania Waters said it was a stand-out result in a market that has been choppy since July.
“The reality of interest rate increases has hit a lot more people than previously. A lot of people are just nervous,” Lloyd said. “It’s just nervousness about interest rates going up, uncertain about making that decision to buy, but there is still trepidation in the market.”
The home last sold for $690,000 in 2007, records show.
Sutherland’s median house price fell 7.3 per cent to $1,112,500 in the year to June.
In East Lindfield, a full brick house at 5 Johore Place is still on the market for $3.8 million after it passed in on a vendor’s bid.
The five-bedroom, three-bathroom house guided at $3.5 million drew a huge crowd and five registered bidders – all young families hoping to upsize.
Bidding started at $3.4 million and rose in a handful of bids thanks to two active buyers. But the sell-off pulled up at $3.55 million before a vendor’s bid of $3.8 million (the reserve price) was placed, and it soon passed in with no more bids.
A large crowd turned up to watch the East Lindfield house go under the hammer.Credit: Peter Rae
Ray White Upper North Shore’s Jessica Cao said the home was good value and felt buyers were unsure of the property market’s conditions.
“The market is definitely changing and I just feel like there are uncertainties in the marketplace. We had real buyers there, but with uncertainties buyers are cautious until conditions become clearer,” Cao said. “I don’t think the vendor is asking too much, it’s a very fair price, for whatever reason, buyers were not there today to perform.”
The home last sold for $2.65 million in 2017, records show.
Lindfield’s median house price fell 0.3 per cent to $3.8 million in the year to June.
Meanwhile, a four-bedroom house in 36 Dening Street, Drummoyne sold for $3,455,000 million in post auction negotiations.
The 480-square-metre house had a price guide of $3.3 million and drew three registered bidders.
Bidding opened at $3.2 million and went up in a handful of increments, including a vendor’s bid of $3.4 million. But it was passed in at $3.42 million, where it was sold shortly afterwards.
The $3.5 million reserve was adjusted to meet the market. The home last sold for $2.41 million in 2016, records show.
It sold through Bresic Whitney Balmain’s Adrienne Williams.
Drummoyne’s median house price fell 9.9 per cent to $2,540,000 in the year to June.
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