Family pays over $7m at auction for Collaroy Plateau fixer-upper

A young family from Freshwater paid $7,225,000 at auction on Saturday for a deceased estate in Collaroy Plateau with jaw-dropping ocean and coastline views.

The five-bedroom, three-bathroom property at 52 Edgecliffe Boulevard was described as a “golden opportunity” with its subdivision potential on the listing, and had buyer feedback of $5.2 million during the campaign. LJ Hooker Mona Vale’s Ryan Petrie declined to reveal the reserve.

SOLD - Price Withheld

52 Edgecliffe Boulevard, Collaroy Plateau NSW 2097

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There were six registered bidders and five took part. Bidding opened at what the auctioneer described as a “conservative” $4.5 million and was competitive, rising in varying increments.

Agent Petrie said the buyers plan to transform the property into their dream home. They outbid a local family and builder.

The property was one of 883 scheduled to go to auction in Sydney this week. By evening, Domain Group recorded a preliminary auction clearance rate of 67.6 per cent from 561 reported results throughout the week, while 115 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.

Petrie said alongside the spectacular views, the appeal was the potential to subdivide the 1018-square-metre block of land, subject to council approval.

Auction Works auctioneer Jake Downs described the sales figure as “extraordinary”.

“I didn’t expect it to go that far above,” he said. “I thought we would end up in the low $6 million.

“I think it shows you the rarity of a 1000-square-metre plot with big street frontage that has the potential to be divided into two blocks.”

Records show the property last sold for $260,000 in 1987. Collaroy Plateau’s median house price rose 2.9 per cent to $2.8 million in the year to March on Domain data.

In Lane Cove, a first home buyer couple, who had moved back in with their parents in Killarney Heights to save for a deposit, paid $852,000 at auction for an apartment.

The two-bedroom, one-bathroom property at 29/33-41 Stokes Street was guided at $750,000 and the reserve was set at $825,000. Interiors feature floorboards and whitewashed walls.

SOLD - $852,000

29/33-41 Stokes Street, Lane Cove NSW 2066

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There were nine registered bidders and six active. Bidding opened at $700,000 and rose in varying increments.

The couple outbid other first home buyers from all over Sydney. CobdenHayson Lane Cove’s George Gialouris said the property’s appeal was its natural light, peaceful outlook and central location.

Auctioneer Edward Riley said optimism around further interest rate cuts was clear to see.

“It’s always rewarding to see first home buyers in the market, and their enthusiasm certainly contributed to the competitive atmosphere and strong outcome,” he said.

Records show the property last sold for $378,000 in 2006. Lane Cove’s median unit price rose 8.8 per cent to $908,500 in the year to March on Domain data.

In Surry Hills, a young professional couple from Sydney’s east upgraded from an apartment, paying $2,353,000 at auction for a terrace in one of the suburb’s “premier” laneways.

The two-bedroom, two-bathroom property at 52 Arthur Street was guided at $1.9 million, and the reserve was set at $2.1 million. The listing stated the home was in “one of the area’s premier laneway-style settings”.

SOLD - $2,353,000

52 Arthur Street, Surry Hills NSW 2010

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There were nine registered bidders and six took part. Bidding opened at $1.8 million, rising in $50,000 increments to reach $2 million and then varying until the hammer fell.

The buyers outbid other young professional couples from the east, none of whom were first home buyers, and two investors.

BresicWhitney Inner East’s Michael Kirk said the appeal was the configuration and location.

“For a two-bedroom house in the inner city, it offered two bathrooms upstairs and a downstairs toilet, which is difficult to come by,” Kirk said. “The north-rear aspect was popular, and it’s also freestanding to one side.”

A wraparound courtyard terrace and open-plan layout maximise the 82-square-metre floor plan.

Kirk said he had fielded an increased number of calls on properties since last week’s federal election.

Records show the terrace last sold for $627,500 in 2002. Surry Hills’ median house price fell 6.6 per cent to $2,125,000 in the year to March on Domain data.

In Forest Lodge, newlyweds with family in the suburb paid $2.35 million at auction for a classic Victorian cottage.

The three-bedroom, two-bathroom property at 134 Wigram Road was guided at $2.2 million. Ray White Surry Hills’ Matthew Carvalho declined to reveal the reserve but said the “sale price was in line with vendor expectations”.

SOLD - $2,350,000

134 Wigram Road, Forest Lodge NSW 2037

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There were three registered bidders and two took part. Bidding opened at $2 million and rose in varying increments.

The newlyweds already lived in the suburb and outbid young families upsizing from the inner city.

Records show the property last sold for $1.06 million in 2012. Forest Lodge’s median house price is $2,125,000 on Domain data.

Carvalho said the market has picked up since Easter, Anzac Day and the election, but there was “a little less stock for sale”.

Carvalho believes further rate cuts may increase demand and cause prices to rise.

“I think it will be competitive throughout winter and prices will keep rising, particularly if we get a rate cut in May,” he said.