Upsizer splashes $3.76m on inner-west duplex they only saw that day

A four-bedroom duplex in Dulwich Hill was snapped up by an inner-west buyer who saw it in person for the first time on the same day as the auction.

Guided at $3.2 million, the striking duplex at 67A Windsor Road, attracted seven registrations, most were upsizers drawn to the quality design.

SOLD - $3,760,000

67A Windsor Road, Dulwich Hill NSW 2203

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Four competed for the luxe property, which included an open plan kitchen with a butler’s pantry and huge sliding doors that flowed out to a saltwater pool.

Bidding opened above the guide at $3.35 million and climbed in $50,000 and $25,000 increments until $3.71 million, where the pace slowed.

A $10,000 bid took it to $3.72 million, then $5000 bids were made until it sold under the hammer for $160,000 above its $3.6 million reserve for $3.76 million.

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

Selling agent Namir Mikha from Adrian William Real Estate said the duplex was built by brothers, who then initially lived in the two residences.

“The size of the door frames and the windows made it an extremely bright home,” he said.

“The build quality is second to none, the space and the freedom of space in that house, it’s amazing,” he added, saying that the location close to the light rail was “fantastic.”

The address last traded for $1.67 million in 2016, records show. The buyer is upsizing from Hurlstone Park.

The property was one of 1029 scheduled auctions in Sydney last week. By evening, Domain Group recorded a preliminary auction clearance rate of 74.6 per cent from 638 reported results, while 100 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.

In Kingsford, a two-bedroom townhouse at 1/18 Hayward Street, part of a boutique block of four, fetched $1,746,000 and was fiercely fought for by local owner-occupiers; none were investors.

Six registered and all competed for the property guided at $1.5 million.

Bidding opened $10,000 above the $1.5 million guide at $1.51 million, the strategic bid was placed by a buyer’s agent. Undeterred, all participated in varying increments of $5000, $10,000 and $20,000 until it sold under the hammer for $156,000 above its $1.59 million reserve, for $1,746,000, to a couple upsizing from a unit in Coogee.

SOLD - $1,746,000

1/18 Hayward Street, Kingsford NSW 2032

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Selling agent Joshua Karam from McGrath Maroubra said, “It was an odd-paced auction, some bids were really fast and others slow.”

Karam said as the property was considered a stepping stone between a unit and a freestanding house, the backyard area was “really desirable” for buyers.

The property last traded for $1.47 million in 2022, records show.

In Sydney’s east, a two-bedroom modern apartment with parking and a lift in Randwick sold for $1,325,000.

SOLD - $1,325,000

105/1 Young Street, Randwick NSW 2031

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Guided at $1.25 million, the unit at 105/1 Young Street was snapped up in a rapid five-minute auction before a dozen people on site.

Two registered, and both competed with an investor making the opening bid bang on the guide at $1.25 million. It was called on the market when the reserve of $1.3 million was met, which is where the investor bowed out.

Then, a first home buyer from Strathfield secured the keys for an additional $25,000, where it sold under the hammer for $1,325,000.

Selling agent Angus Gorrie from Ray White Eastern Beaches said the unit was a good, solid first home or investment.

“The market has definitely picked up based on interest rates coming down. We’re gearing up for a pretty busy spring. Prices are strong. We are starting to see more and more investors come into the market.”

The vendor was an eastern suburbs investor.

Chief economist at PRD, Dr Diaswati Mardiasmo said Domain’s clearance rate of 74.6 per cent is “stable.”

Mardiasmo said while we’re seeing “stable demand”, people aren’t rushing as much as she expected after the third cash rate cut.

“Hopefully, we will see an uplift in the auction clearance rate in the next fortnight because, if it does, it means that the interest rate cut is definitely helping move the market demand along,” she said.