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A first-home buyer bought into the northern beaches property market at auction on Saturday, purchasing a three-bedroom house with an approved two-bedroom granny flat for rental income.
Three registered to bid and two made offers for the dual address at 10 & 10A Tennyson Road in Cromer.
Bidding opened under the $2.2 million guide at $2 million. Bids ranging from $100,000, $50,000 and $30,000 were placed, until $2,350,000 got it over the line for a man in his late 20s helped by his parents.
This was one of 545 homes scheduled to go under the hammer in Sydney on the long weekend. By evening, Domain Group recorded a preliminary auction clearance rate of 62 per cent from 355 reported results, while 92 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
Selling agent Frank Caterina from First National Real Estate Dee Why said it was rare to get two approved homes on the one title in the area.
“It’s a good opportunity for people like this fella. He’s a young fella so he’s going to live in one and rent the other one out and so [will] definitely help him pay the mortgage.”
Elsewhere, a four-bedroom classic home with development potential at 15a Memorial Avenue in St Ives attracted five registered bidders at auction on Saturday and sold for $4,608,000.
Bidding opened at $4.3 million, and a group of 25 people watched in the front garden as four people including the next door neighbour placed bids.
Fifty thousand dollar bids took it above the $4.5 million guide. Bids of $25,000 and $10,000 were placed until the reserve of $4.6 million was met. A final $8000 bid closed the deal for an investor from the local area.
Selling agent Ari Akbarian from Asset Realty said the 955 square metre block opposite St Ives Village Green was not for everyone due to the units surrounding the home. However, the buyer saw value in the landholding.
“They’re not making land anymore,” he said.
“There is a lot of value for a lot of developers in St Ives because a lot of people are downsizing. That’s the market we’ve got at the moment.”
Akbarian said there seems to be more momentum with buyers this week.
“It looks like there’s a bit more urgency than before.”
Buyers were out and about despite grand final weekend.Credit: Brent Lewin
AMP’s chief economist Dr Shane Oliver said the softened clearance rate of 62 per cent should be interpreted cautiously due to the long weekend.
“Even though the long weekend probably distorted things a little bit and led to less listings and less demand, it’s still consistent [with the] broad slowing trend that we’ve been seeing in clearance rates.
“We’re only about 40 per cent of the way through the fixed-rate mortgage cliff. There’s still another 60 per cent of people to refinance who will see their very low mortgage rates end and then have to move to much higher rates.”
Oliver said the spring selling season is the main driver of the Sydney property market, as well as the ongoing shortage of housing caused by a rebound in immigration. However, demand is still constrained by high interest rates.
A redbrick original home in Concord changed hands for the first time in 70 years for $4,025,000 at auction on Saturday.
The four-bedroom property at 12 Alton Avenue showcasing original ornate ceilings, wallpaper, and mahogany furniture attracted seven registered bidders.
Bidding opened right on the guide of $2.9 million in front of 40 people. With one single bid of $100,000 the $3 million reserve was met. Four developers bid in increments of $50,000 with a final $25,000 bid closing the deal. The deceased estate sold for $4,025,000, $1,025,000 above reserve.
Selling agent Dib Chidiac from the eponymous agency said three interested buyers wanted to maintain the property as is, however none of them placed a bid. The buyer was a local investor from Concord who wanted a large parcel of land.
“It’s a lot of money for a knockdown in the area, but it was also a pretty large block compared to what we normally get.
“Having 840 square metres was definitely quite rare. Typically, if you get [a] 600 to 700 square metre block, you’re happy.”
Chidiac said a further drawcard was that a set of duplexes or a luxury home could be built under compliant development without the need for a DA.
It was an emotional auction for two siblings selling their family home of 70 years.
“They’re very happy. Obviously having a reserve of $3 million and [getting] $4,025,000.”
In Sydney’s west a three-bedroom home with a unique location next to a church and school sold for $1,705,000.
The property with a three-car garage located at 141 Highclere Ave in Punchbowl attracted six registered bidders. It was sold by John Yatman from Ray White Punchbowl.
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