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Acclaimed Australian actress Claudia Karvan sold her late father’s Bondi Beach estate at auction on Saturday for $989,000.
The oversized art deco apartment located at 4/49 Francis Street attracted nine buyers, mostly first home buyers.
Buyers were undeterred to hear the property featured non-approved space such as a workshop and laundry accessible below the kitchen and a courtyard, all common property but claimed by the owner during his twenty years living there. The floor plan on the listing labels this area as “not approved common property”.
The guide was initially $950,000 but after the agency received letters from strata in regards to the title it was lowered to $850,000.
Bidding opened at $700,000 in front of a curious crowd. After five $25,000 bids between five parties, bids of $5000 were placed until the reserve of $835,000 was met.
Further $5000, $2000 and $1000 bids were placed until it sold for $989,000 to a first home buyer pair of sisters.
A Bondi Beach apartment which once belonged to the father of actress Claudia Karvan sold at auction over the weekend.Credit: Wolter Peeters
This was one of 736 homes scheduled to go under the hammer in Sydney on the weekend. By evening, Domain Group recorded a preliminary auction clearance rate of 74 per cent from 440 reported results, while 81 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
Selling agent Brigitte Blackman from BresicWhitney Inner East, said the property had been in the family for generations, so although happy with the result it was an emotional outcome for “one of our best actresses”.
“There was one bedroom and one sunroom. It was a good entry point for someone to get into Bondi Beach,” she said.
Auctioneer Thomas McGlynn, CEO of BresicWhitney said it was a great experience to call an auction of predominantly first home buyers ready to bid.
“They showed a lot of courage to bid in the way that they bid,” he said. “A lot of the first home buyers in that particular situation did a really great job to put themselves in a financial position to buy.”
A few beaches along, a five-bedroom house located at 62 Sackville Street in Maroubra sold for $5,475,000 to a family upsizing from a semi in Coogee.
Bidding opened at $4.8 million, with rapid fire $100,000 bids taking it to $5.2 million. Final $25,000 bids reached the final price and it was all done within two minutes.
Five registered and four actively bid on the property guided at $5,000,000. The buyers had seen the property three times and made offers pre auction. They were represented by a buyer’s agent on the day.
The vendor, a builder, had done extensive internal refurbishment on the home and is now retired and planning a quieter life out of Sydney.
Selling agent Nader Hotait from Ray White Eastern Beaches declined to share the reserve, however said it sold above.
“We had over 120 groups come through. Very strong inquiry. Obviously based on the fact that we’re so close to the beach. There’s still a lack of quality stock on the market around the eastern beaches.”
The property last traded for $1.925 million in 2012, records show.
A three-bedroom house located in Mona Vale, sold for $3,300,000 to a local couple downsizing from a bigger property in Bayview.
Eight people registered, and three actively bid on the single level home.
Bidding opened on a $2.5 million vendor bid, with mostly $100,000 and 50,000 bids soaring above the online price guide of $2,595,000.
Selling agent Amy Young from Laing + Simmons Young Properties declined to share the reserve but said the vendors were pleased with the result.
“High quality location. There’s high demand for single level homes on the northern beaches because there’s limited options for people who are downsizing,” she said.
The property last traded for $900,000 in 2009, records show.
AMP Capital chief economist Dr Shane Oliver said the clearance rate of 74 per cent is reflective of an upward trend in listings.
Oliver is expecting a normal seasonal pickup come spring noting that while spring officially begins in September it is considered peak underway in October.
“Oftentimes, market people refer to [spring] as October. It is normal to see a pick up and peak through September, the strongest typically October, November. Then it quietens down for Christmas.”
Oliver said the dominant driver of the property market currently is the lack of supply, with a background of ongoing mortgage stress reducing buying power.
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