Sydney auctions: Eastern suburbs apartment sells for 'rare' but 'fair … – realestate.com.au

Fiona Killman, Real Estate Reporter
Updated 2 Dec 2023, 1:45pm
First published 2 Dec 2023, 1:42pm
A “rare” buy in Sydney’s eastern suburbs was nabbed by a young couple.
When you search for properties in Sydney’s sought-after eastern suburb of Bellevue Hill, there’s not much for sale under the $2m mark.
Competition at the auction of a three-bedroom apartment was fierce with buyers keen on both the “rare” price guide of $1.5m and location.
The apartment on Cranbrook Rd, just 300m from Rose Bay waterfront with a lockup garage, sold under the hammer for $1.675m – $110,000 above reserve.
Bidding opened at $1.5m, with five registered bidders from investors and young couples to country buyer keen on a city pad close to some of Sydney’s best private schools.
Increments ranged from $20K down to $1K before McGrath auctioneer Scott Kennedy-Green dropped the hammer.
The auction was hotly contested in Bellevue Hills. Picture: Monique Harmer
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McGrath Double Bay agent James Ledgerwood said the successful bidders were a young, engaged couple from Rose Bay buying their first home together.
He said all parties were happy including the seller, an investor who paid $1.565m in 2019.
“It was a really popular listing, we had more than 100 inspections,” he said.
Mr Kennedy-Green described the sale as “good real estate at a fair price”.
“The guide was fair, it was not over inflated,” he said.
“It was a well contested auction.”
He said the past few weeks had seen a “bit of a two speed market” across Sydney.
“Over $5m and beyond there’s reasonable activity,” he said.
Auctioneer Scott Kennedy-Green said the auction was a reflection of “good real estate”. Picture: Monique Harmer
The Bellevue Hill apartment was 300m from Rose Bay waterfront.
“The major sentiment below that is if buyers don’t see value in the proposition they move on quickly.
“There’s more than enough volume to keep people searching.”
Mr Kennedy-Green said there was also an element of “buyer fatigue creeping in” with the past year of interest rate rise speculations, decisions and ongoing media coverage.
It’s not over yet with the Reserve Bank of Australia’s last cash rate decision for 2023 to be handed down Tuesday.
Real Estate Institute of NSW chief executive officer Tim McKibbin said “the case to keep rates on hold is strong as people grapple with the cost of keeping a roof over their heads this festive season”.
Meanwhile, over in Sydney’s inner west a last minute call from the northeast of Sweden saw a strong sale of $2.65m in Forest Lodge.
A couple from Zurich bought this inner west Sydney terrace.
The Hereford St terrace had two of the five registered bidders active during the auction, with the winning bid from a couple who only decided to buy at 10pm on Friday night.
Ray White Surry Hills agent Matthew Carvalho said the couple bought the three bedroom Victorian-style terrace sight unseen, as they planned to relocate from Zurich.
“The supply is starting to get tighter towards the end of the year, and buyers are being a bit more disciplined after that last rate rise,” he said.
“The market seems to be very property specific with some things performing well and some things being a bit harder.”
A home on the upper North Shore, which was listed for the first time in more than 60 years, attracted 10 bidders.
The five bedroom home, on Laurel Cl in Hornsby, sold for $2.186 million with six bidders active.
A Hornsby home, listed for the first time in more than 60 years, has sold for more than $2.1m.
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The winning bid went to a young family, while the sellers were great-grandparents who had owned the home since 1960 and raised their four children.
They are now downsizing and moving into their daughter’s newly-built granny flat.
“We had 105 groups through the open homes, and issued 27 contracts prior to auction,” Ray White Upper North Shore agent Tim Latham said.
“Most of our bidders were growing families who were upsizing. The property had a lot of family appeal. It’s in a quiet cul-de-sac close just 500m from a popular public school.”
PropTrack economist Anne Flaherty said buyers keen to purchase before the end of the year needed to act quickly with the number of home listings expected to slow down by mid December.
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