Young couple nab $3,925,000 North Sydney Victorian in competitive auction

A young couple expecting their first child are moving into a North Sydney Victorian-era terrace, which they nabbed at auction for just shy of $4 million.

The pair outbid three other parties to become the new owners of 11 Riley Street, which was built in 1890 and is brimming with heritage flourishes, including an iron-lace verandah, high ceilings and romantic fireplaces.

SOLD - $3,925,000

11 Riley Street, North Sydney NSW 2060

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The property was one of 1302 scheduled to go to auction in Sydney this week. By evening, Domain Group recorded a preliminary auction clearance rate of 59.4 per cent from 881 reported results throughout the week, while 267 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.

Bidding leaped the $3.7 million reserve, progressing in increments of mostly $25,000, after opening exactly on the $3.3 million guide. Auctioneer Edward Riley dropped his gavel at $3,925,000.

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

Nine bidders registered and four took part. One was an investor and others intended to lease out the four-bedroom property, and move in later. The underbidders were an older couple with children.

Emotions bubbled over at the conclusion.

“Even the underbidders were very happy for the couple who got it, and everyone was smiling,” agent Daniella Rundle of Richardson & Wrench North Sydney said. “It was gorgeous to see that reaction.”

Rundle said there were few freestanding Victorian houses in that tranquil, harbourside pocket, near top schools including Shore, which drove competition.

“You’re about an eight-minute walk to the Metro, you’re not in that metropolitan, dense area,” she said. “So whilst you’re still in proximity to all the amenities, it’s quiet.”

Riley said there was depth in the market for top-notch properties.

“The home’s authentic 1890s Victorian charm attracted significant interest from the outset, and the fiercely competitive auction is clear evidence that the North Sydney housing market is in exceptional shape,” he said.

“Buyers are still stepping up decisively when quality homes become available.”

In Menai, parents bought a renovated, four-bedroom brick home for their adult children to eventually live in, paying $2.15 million.

“It will help give them a kick-start,” agent Chris Lechowicz of Ray White Sutherland Shire said.

The parents trounced an elderly couple, a pair of upsizers in their 40s and a younger couple.

Auction | Saturday 6th Dec at 9:30am, On Site

13 Tupelo Grove, Menai NSW 2234

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The luxurious 13 Tupelo Grove had pre-auction hopes of $1.9 million to $2 million, and a reserve of $2,050,000. Bidding opened at $1.8 million, and coasted along in $25,000 rises, strong to the end.

The stylish property attracted four active bidders from the six who registered, and all were drawn by the new interior and easy floor plan.

“The single level makes a big difference,” Lechowicz said. “I am starting to notice that the younger generation prefer single level.”

In Mosman, a first-home buyer was unchallenged, with only the reserve to beat, to secure their own piece of one of Sydney’s most elite postcodes.

The one-bedroom, sunlit apartment at 2/67 Bradleys Head Road was guided at $750,000 and sold for $775,000, which was $5000 more than the reserve.

One bidder placed two bids, after some encouragement from the auctioneer, and agent Andrew Bowden of Raine & Horne Mosman.

Auction Guide: $750,000

2/67 Bradleys Head Road, Mosman NSW 2088

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The bidder started off with $750,000, but they were told they needed to increase their position, and offered $25,000 more. It was enough for the hammer to drop.

Four bidders registered, but three were not ready on the day, Bowden said.

With the median unit price at $1.28 million in Mosman, the purchaser scored an entry-level deal, close to the suburb’s best attributes.

“It is not too far from Balmoral Beach, and near to the village, without the hustle and bustle,” Bowden said.

In Earlwood, a flash three-bedroom townhouse fetched $1,462,000, after campaign guidance of $1.3 million.

A young family were the winning bidders for the tri-level 1/217 William Street, designed by Hebden Architects, and in a new, boutique complex of six.

The underbidders were downsizers.

SOLD - $1,462,000

1/217 William Street, Earlwood NSW 2206

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All four registered bidders joined in, under the eye of auctioneer Tom Panos. He took an opening bid of $1.25 million, and the contest quickly surpassed the $1.3 million reserve.

Agent Lambros Markessinis of Ray White Burwood said the presentation was A-grade, but the location was just as important.

“It’s a very good suburb that attracts lots of families,” he said.

“It is close to shops, and the bus service is outside. It’s a good purchase, and we have an extremely happy young family. They’re going to enjoy it.”