New South Wales real estate: Buyer splashes $5.7m on home for … – Nine

A Sydneysider paid $5.7 million for a dream beachside home in the eastern suburbs, for his girlfriend at auction over the weekend.
Four people registered to bid and three made offers on the six-bedroom, five-bathroom home at 60 Gubbuteh Road in Little Bay.
Bidding opened at $4.5 million. Bids were placed rapidly between two parties up to $5.3 million and then the house was on the market at $5.4 million, which was when the third bidder and final buyer stepped into the ring.
Bidding went above the $5.4 million reserve until $5.7 million secured it for a couple who had recently sold in Bondi.
The property last traded for $3.4 million in 2015, records show.
It was one of 676 homes scheduled to go under the hammer in Sydney on the weekend.
By evening, Domain Group recorded a preliminary auction clearance rate of 73 per cent from 419 reported results, while 81 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
Selling agent Charles Yuanchao Pei from Ray White Norwest said the buyer was purchasing a dream house with ocean views for his sweetheart and considered the 20-minute drive from Bondi reasonable.
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Meanwhile, the vendor who sold in the morning bought another property, a downsizing duplex, in the afternoon.
The four-bedroom duplex located at 20a Hume Street in Chifley sold for $3,190,000 after four bidders battled it out at 1pm from an opening bid of $2.7 million. It was sold by Peter Goulding from NGFarah.
Elsewhere, a 99-year-old vendor sold her home at 1 Miramont Avenue in Riverview she had owned for 70 years.
Nine people registered and five actively bid on the family home. The original property, untouched since the 1950s, was guided at $2.5 million and sold above its $2.9 million reserve for $3.64 million.
"Fifty per cent of my buyers were wanting to start again and 50 per cent were wanting to renovate the existing home," Stewart Kirkby from LJ Hooker Lane Cove said.
AMP Capital chief economist Dr Shane Oliver said the clearance rate of 73 per cent looks unseasonal and could be an increase in distressed selling or a move to take advantage of higher prices that are driving a pick-up in listings.
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Oliver believes the recent streak is probably unsustainable. "To get a sustained, strong upswing in the property market, you probably need to see lower interest rates, and that looks to be a fair way off," he said.
"We do have strong levels of immigration, we have a very tight property market and low vacancy rates. So, they're all the positives. But working against that is the fact that interest rates are still high."
This article was originally published in The Sydney Morning Herald.
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