Waterfront northern beaches home sells for $700k above $9 million reserve
Six families registered for a northern beaches deep waterfront property in Mona Vale, with the winning bidder paying $700,000 above its reserve at auction on Saturday.
The six-bedroom sandstone residence located at 68 Rednal Street comes with panoramic Pittwater views and level access to a private jetty and pontoon. It was guided at $8 million.
Bidding opened at $8 million, and four buyers were active. Bids of $50,000, $25,000 and $10,000 were placed until the property was called on the market at $9 million.
Bids of varying increments continued until it sold under the hammer for $9.7 million, which was $700,000 above its $9 million reserve. There is no legal requirement for a vendor’s reserve to be in line with their property’s price guide.
The property was one of 836 scheduled to go to auction in Sydney over the week. By Saturday evening, Domain Group recorded a preliminary auction clearance rate of 76.7 per cent from 498 reported results throughout the week, while 73 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
Selling agent Lachlan Elder from LJ Hooker Mona Vale said the auction result exceeded his expectations.
“The atmosphere was electric,” he said. “It comes with a marina berth,” he said, adding it would be suitable to moor a 33-foot boat.
“It was a north-facing level waterfront. Very rare,” Elder said.
The buyer is from Wheeler Heights. The vendors of 21 years are downsizing on the same street. The address last traded for $1.9 million in 2004, records show.
In Fairlight, a two-bedroom property with no parking at 1/232 Sydney Road sold for $1.91 million.
Seven registered and five actively competed for the home, guided at $1.7 million.
Bidding opened at $1.75 million with increments of $20,000, $10,000 and $1000, taking the price $110,000 above its $1.8 million reserve.
Selling agent Eddy Piddington from Ray White Northern Beaches said, “it’s a small block of three, which is rare … on paper, it’s still an apartment, but … because it was bigger than the usual, it had a kind of nice semi feel.”
He said the buyer interest came from young families.
“So obviously, a lot of families that can’t quite get into the housing market at the moment… look at this as a kind of nice step in the middle. Bigger than the average unit, but still better value than a freestanding home or a semi.”
The buyers are a local couple from Manly. The vendor will be upsizing locally. The apartment last traded for $1,215,000 in 2020.
In Concord West, a four-bedroom house guided at $2.7 million, attracted 10 registrations.
The red brick family home at 8 Nullawarra Avenue had dual street access and development potential.
Bidding opened below the guide at $2.6 million. Four competed, one was an owner-occupier, the rest were developers.
Bids rose in increments of $50,000, $25,000, $10,000 and $1000 until it sold under the hammer for $3,153,000, which was $53,000 above its $3.1 million reserve, to a developer from Epping.
Selling agent Angela Andrews from McGrath Strathfield said the deceased estate was in the family “for over 50 years”.
Andrews said the main draw cards were “development potential and the dual access, also because there is access from the back.” The buyer will build duplexes.
Chief economist at PRD, Dr Diaswati Mardiasmo, said Domain’s Saturday evening clearance rate of 76.7 per cent was “on the lower side”.
“I would say that 77 [per cent] is still a reflection of the previous cash rate. I don’t think the current cash rate cuts have translated in yet,” she said.
Since last Tuesday’s cash rate cut, Mardiasmo expects faster transaction times on the horizon for property.
“At the moment, average days on market is still at about, I’d say, 50 plus days, because people are still a bit sticky when it comes to the market. I would expect that to reduce,” she said.
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