Forward-thinking dad nabs $1.1m inner west unit for 14-year-old daughter
A forward-thinking father paid $1.1 million at auction on Saturday for an art deco apartment in Stanmore for his 14-year-old daughter, outbidding first home buyers from the inner west.
The two-bedroom, top-floor unit at 4/215-217 Stanmore Road was guided at $875,000 and had a reserve of $950,000. There is no legal requirement for a vendor’s reserve to be in line with their property’s price guide.
The unit is in a block of four and has a north-facing balcony. Interior features include timber floorboards, double-glazed sash windows and whitewashed walls.
Of nine registered bidders, five took part. Bidding opened at $900,000 and rose in varying increments until $1.1 million. The buyer, a dad from Dulwich Hill, placed one bid of $1.1 million, securing the property for his daughter.
The property was one of 989 scheduled to go to auction in Sydney this week. By evening, Domain Group recorded a preliminary auction clearance rate of 72.3 per cent from 607 reported results throughout the week, while 110 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
Adrian William Real Estate’s Namir Mikha said quality homes that are styled and marketed well will always attract buyers.
“This property was freshly painted and styled with the best lighting to show it at its best,” he said.
Records show the property last sold for $545,000 in 2011. Stanmore’s median unit price rose 8.9 per cent to $865,000 in the year to June on Domain data.
In Epping, a young family living 500 metres away in a townhouse paid $3,315,000 at auction to upsize to a five-bedroom house in the suburb.
The art deco property at 14 Muriel Avenue had no guide and a reserve of $3.1 million. The home is on a block of more than 900 square metres and has an entertainer’s kitchen, studio and deck.
There were six registered bidders, and five took part. Bidding opened at $2.8 million and rose in varying increments, from $100,000 down to $1000.
The Agency Epping’s Catherine Murphy said the buyers had been looking for a year and were drawn to the property’s art deco style and block size. They outbid other young families, including one who had inspected the home four times.
Murphy described the market in her area as “gaining pace”, referring to rising property prices.
“In a few months we will look back and say, that’s not bad value at all, in comparison,” she said.
Auctioneer Edward Riley said, “Today’s result is a clear sign of renewed buyer confidence, with competitive bidding pushing well past expectations and underlining the strong momentum building as we head into the back end of the year.”
Epping’s median house price rose 7.8 per cent to $2,579,000 in the year to June on Domain data.
In Bexley, a young family from Ryde that had been looking for a house for three months paid $1.94 million at auction for a Federation home.
The three-bedroom, double-brick house at 1 Park Avenue was guided at $1.7 million and had a reserve of $1.8 million.
The deceased estate is on a corner block and across the road from a park. Interior features include leadlight windows, ornate ceilings and a timber-clad kitchen.
Of six registered bidders, three took part. Bidding opened at $1.72 million, then rose in $30,000 and other increments.
The buyers had purchased before, but this was their first time buying a house. Pulse Property Agents’ Luke Lombardi said they had missed out on many other properties and were “very delighted” to have secured the keys on Saturday.
They outbid young families from the St George region, Haberfield, Ryde and Concord. There were no developers as the property is heritage listed.
Lombardi said the selling points were the heritage charm, corner block location, proximity to the park and well-maintained interiors.
In Belmore, a family paid $1,753,000 at auction. They planned to knock down the brick home, which came with a pool and patio, and build their dream home.
The three-bedroom property at 32 Chalmers Street had no guide and a reserve of $1.5 million.
Belmore railway station and shops are in walking distance. Interiors feature patterned wallpaper and a retro-style kitchen.
There were 15 registered bidders and five took part. Bidding opened at $1.4 million and rose in increments of $50,000 before smaller variations.
The buyers were not from the area and outbid families wanting to live in the property and renovate it.
Ray White Bankstown’s Jordon Le Breux said the selling points were its proximity to local amenities including the railway station, Catholic primary school and church.
Le Breux said that despite limited stock for sale, “quality properties in good locations will always find interested buyers”.
Belmore’s median house price rose 10 per cent to $1.65 million in the year to June on Domain data.
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