Couple pays $3.96m for renovation project on ‘tremendous street’

A couple from the northern beaches paid $3.96 million for a three-storey renovation opportunity with ocean and harbour views in Balgowlah at a hot auction on Saturday.

The family home at 14 Seaview Street came with an indoor fireplace, high ceilings and full brick foundations.

SOLD - Price Withheld

14 Seaview Street, Balgowlah NSW 2093

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Six families from Sydney’s North Shore and the northern beaches registered, and five were active. All were owner occupiers except for one builder, and they were all interested in renovating the property.

Bidding opened at $3.2 million and rose in $50,000 and $25,000 increments, pushing past the $3.5 million guide and $3.8 million reserve until it sold under the hammer for $3.96 million.

There is no legal requirement for a vendor’s reserve to be in line with their property’s price guide.

Selling agent Kingsley Looker from Clarke & Humel Property said, “It was intense bidding.

“Fair bit of work, a great canvas … a tremendous street, close to all shops and transport, eastern aspect, great outlook. Just terrific potential,” he said.

“It was a good way to finish the year. I’m just delighted that both the buyer and the vendor were extremely happy.”

The buyer is a couple from the northern beaches. The vendor was a deceased estate. The home last traded for $174,000 in 1997, records show.

The property was one of 1113 scheduled auctions in Sydney last week. By Saturday evening, Domain Group recorded a preliminary auction clearance rate of 55.5 per cent from 767 reported results, while 260 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.

In Homebush, a five-bedroom, charming home with stained glass windows at 8 Cartwright Avenue sold for $2.51 million.

SOLD - $2,510,000

8 Cartwright Avenue, Homebush NSW 2140

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Five registered and four actively battled over the family home guided at $2.35 million. All owner-occupiers participated, while an investor who registered did not make an offer.

Bidding opened at $2 million with a strong $300,000 bid taking it to $2.3 million. Then a flurry of $50,000, $10,000 and $5000 bids followed until it sold for $10,000 above its $2.5 million reserve.

Selling agent Michael Murphy from McGrath Strathfield said buyers were drawn to “the substantial size of the home, like it had five bedrooms, [and] multiple living zones.

“There is still a solid group of buyers that are wanting to transact before Christmas, or at least within the very early parts of the new year,” he said.

The buyer is from Auburn. The vendor is downsizing to Ermington.

The house last traded for $1,468,000 in 2014, records show.

In Gymea Bay, a four-bedroom, multi-level house drew the interest of four young families from the Sutherland Shire at auction. Three made offers on the family home guided at $1.7 million at 37 Darryl Place.

SOLD - $1,963,000

37 Darryl Place, Gymea Bay NSW 2227

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Bidding opened at $1.6 million with $50,000, $10,000 bids, then towards the end of the 15-minute auction $1000 and $500 bids were placed until it sold $163,000 above its $1.8 million reserve for $1,963,000.

Selling agent Luke Lombardi from Pulse Property Agents said they launched the property on the market with an initial guide of $1.9 million for the first week of the three-week campaign, then it was reduced to $1.7 million.

“Last auction for the year. We have definitely seen the market slow down. It is very price driven at the moment,” he said.

The buyer is upsizing from Miranda. The vendor is moving to the inner west.

AMP’s chief economist Dr Shane Oliver said Domain’s clearance rate of 55.5 per cent for Sydney is “fairly depressed.

“All this talk of no more rate cuts and possibly hikes is obviously acting as a big drag on the property market,” he said.

“I think the bulk of it, the main driver, is the big swing in the outlook for interest rates, and that’s weighing on buyer demand.

“Buyers are feeling less confident about things, and at the same time, vendors are still thinking, well, we had better get out there and sell the property now. Given the property market has picked up, we’re seeing listings still up on a year ago, supply is up, and demand is down, and the outcome has been falling clearance rates.”