Wollstonecraft unit vendor slashes reserve by $50,000 to sell for $1.28m
A two-bedroom apartment in Wollstonecraft sold under the hammer for $1,285,000 on Saturday after spirited bidding lifted the price $35,000 past its $1.25 million reserve.
The turnkey unit at 10/66 Shirley Road came with a lock-up garage and had received an offer of $1,175,000 before going to auction.
BresicWhitney selling agent Darren Pearce said, “We had a reserve of $1.3 million. And basically the vendor put the property on the market and reduced the reserve to 1.25 [million].”
Bidding opened at $1.1 million and buyers used $25,000 increments before slowing to $10,000 bids towards the end. Two bid for the property; one was a first home buyer and the other was from Roseville.
“There’s nothing the buyer had to do if they moved in. It was just like, walk in and, you know, call it home and put some furniture in, and off you go,” Pearce said.
“The buyers were really happy with the outcome. Look, we probably could have negotiated beforehand, but the decision was to hold it, hold an auction in an open forum, where it was basically out there, where everybody could actually participate in an open scenario.”
The buyer, from Roseville, is moving to be closer to the city. The vendor renovated the home a few years ago and had been leasing it out.
The property was one of 1231 scheduled auctions in Sydney last week. Domain Group recorded a preliminary auction clearance rate of 70.2 per cent from 755 reported results, while 154 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
In Fairfield, a three-bedroom house built over two lots at 58 Malabar Street sold for $1.78 million.
Fourteen people registered to bid and three made offers on the house, which had a guided range of $1.4 million to $1.5 million. Many were developers attracted to the two titles, which would make building a duplex easier.
Bidding opened at $1.1 million and rose in varying increments. The rapid-fire auction was over within minutes. It sold for $1.78 million to a local buyer who lives nearby in the suburb.
LJ Hooker’s Henry Thai said, “It’s a good street … it was on the border between Canley Vale and Fairfield.”
Thai said the buyer planned to keep the home for a while before building. It was a deceased estate.
In South Hurstville, a three-bedroom townhouse with courtyard sold above its $1.25 million reserve at $1.31 million.
The two-storey home at 2/8 Joffre Street was guided at $1.2 million and attracted 10 registered bidders, most of them first home buyers.
Five bid on the home, with an opening offer of $1.1 million.
Ray White’s Allen Yan said buyers were attracted to the home’s location, low maintenance design and price. “It’s walking distance to a train station, a very quiet street in a peaceful neighbourhood,” he said.
“Anything around $1.2 [million] to $1.3 [million] entry level is very attractive in the market right now.”
The buyer was downsizing from Hurstville. The vendor would move interstate to Melbourne.
LJ Hooker’s head of research Mathew Tiller said Domain’s clearance rate of 70.2 per cent was “a pretty solid result.”
“Seventy per cent with an increase in auction numbers just demonstrates how much buyer demand there really is out there in the market,” Tiller said.
“We’ve seen pretty solid demand across the board, from first home buyers, investors, owner occupiers, everyone is out in the market.”
“Everyone’s pretty comfortable and confident in their household position at the moment to purchase,” he said.
“But also, we’ve seen very low numbers of listings over the course of this whole year. And you know, that’s how we’ve got some pent-up demand, I suppose… So as these new waves of listings come on for spring, there is that demand out there in the market at the moment that has been building over the course of the year.”
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