Couple outbid other first home buyers for ‘glam’ $1.46m Petersham pad
A first home buyer couple from the inner city paid $1.46 million at auction on Saturday for a dual-level apartment in Petersham.
The two-bedroom property at 24/301-313 Stanmore Road was guided at $1.2 million and described as “glamorous” by Adrian William Real Estate’s Namir Mikha. There is a gourmet kitchen, soaring ceilings, skylights and private access to a wraparound terrace with district views.
Mikha declined to reveal the reserve. There is no legal requirement for a vendor’s reserve to be in line with their property’s price guide.
There were eight registered bidders and six took part. Bidding was fast, opening at $1.1 million and rising in varying increments.
The property was one of 678 scheduled to go to auction in Sydney this week. By evening, Domain Group recorded a preliminary auction clearance rate of 71.2 per cent from 437 reported results throughout the week, while 75 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
The buyers had a family member bid on their behalf. They outbid other first home buyers from all over Sydney.
The vendor had leased out the property. Records show it last sold for $1,060,000 in 2017.
Mikha said buyers were drawn to the bright interiors, elevated living area, northeast-facing balcony and private terrace. The apartment is the only one in the block to have access to the terrace.
“The previous owner received approval for private usage of the terrace. It offers added value to the apartment, I would say in dollar value around $30,000 to $40,000,” Mikha said.
Mikha said whether it’s a quiet winter or busy spring, properties that are presented well and marketed correctly will always achieve a great outcome at auction.
In Neutral Bay, a couple upsizing from the lower north shore paid $3,085,000 at auction for a semi-detached house.
The three-bedroom property at 11 Yeo Street was guided at $2.65 million. McGrath Lower North Shore’s Jon Snead declined to reveal the reserve.
There were six registered bidders and four took part. Bidding was slow to start, with an eventual offer of $2 million that was rejected by the auctioneer as it was below the guide.
Snead said they were about to pass the property in when they received an offer of $2.5 million. Bids then varied until the property sold under the hammer.
The buyers outbid another young couple who were upsizing from the lower north shore. The vendor was downsizing.
Snead said the appeal of the property was its practical layout and location, being in walking distance of pubs such as The Oaks and offering convenient access to the heart of Neutral Bay and the city.
In Forest Lodge, a mum and dad paid $1,088,000 at auction for an apartment that their two adult sons will live in.
The two-bedroom property at 3/276 Bridge Road was guided at $950,000 and the reserve was set at $1 million.
There were four registered bidders and three took part. Bidding opened at $975,000 and rose in varying increments.
The top-floor unit is located in a boutique block and features timber floors, decorative fireplaces and French doors that lead out to a balcony.
The buyers sold the family home in Stanmore and recently bought in Kangaroo Valley. Their sons, both in their twenties, will live in the Forest Lodge unit and pay off the mortgage.
“It’s so hard for young people to get on the property ladder,” the boys’ mother said after the auction. “The boys acknowledge that they’re incredibly lucky.”
The parents outbid a first home buyer couple from the inner city. Records show the property last sold for $812,000 in 2018.
Ray White Surry Hills’ Matthew Carvalho said that while there’s a lack of stock, he’s noticed auction activity has improved this winter.
“The number of registered bidders per auction in my area feels like it’s improved,” he said. Carvalho sells properties predominantly in Erskineville, Alexandria, Glebe and Surry Hills.
In East Ryde, an investor paid $2,080,000 at auction for a house that he intends to rent out immediately and probably knock down in future.
The four-bedroom property at 4 Long Avenue had a guide of $1.8 million. Nicole Robertson of BresicWhitney Hunters Hills declined to reveal the reserve but said that “there wasn’t a delay in the auction and the reserve was hit without much effort”.
There were six registered bidders and four took part. Bidding opened at the guide and rose in varying increments.
The buyer flew back to Sydney from a holiday in Thailand the night prior. He outbid a builder who saw it for the first time on auction day, and families from Ryde, Lane Cove and the inner west who had the intention of living in the home and making a few cosmetic updates.
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