Lone bidder nabs North Shore home for $205k less than it sold for three years ago

A three-bedroom townhouse in Crows Nest went under the hammer $2.15 million on Saturday, $205,000 less than it sold for in 2023.

One bidder registered for the auction of 1/85-87 Burlington Street, which had a guide of $2.1 million and a reserve of $2.15 million.

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

Before the auction, sales agent for Belle Property Mosman David Benjafield said he was expecting three bidders, but only one showed up.

“For one of the [absent] bidders, it was financing issues,” he said.

Benjafield said the result for the property, which records show sold for $2,355,000 in 2023, was indicative of the current market.

“I haven’t seen a correction this fast – that’s the reality.”

While he said this created opportunity for buyers, concerns around capital gains tax, negative gearing and banks reviewing loan preapprovals were taking their toll.

“Buyers are very cautious now,” he said. “The reporting that [the market] is down 0.9 per cent is lagging. It has pushed back 10 per cent in our area.”

The successful bidder was a single woman downsizing from nearby Mosman who was attracted to the convenience and safety of the townhouse, which is within walking distance of Crows Nest shops.

The property was one of 376 scheduled to go to auction in Sydney this week.

In Marrickville, the new owners of a four-bedroom terrace are making plans to renovate after paying $1.65 million at auction.

The unrenovated home at 270 Victoria Road attracted four registered bidders, with three active. It had a guide of $1.5 million, the same as the reserve.

Bidding opened at $1.4 million with increments of $50,000 initially, before slowing to $10,000 and $5000.

The successful bidders were a couple upsizing from an apartment in Penshurst, which they had renovated themselves before selling. They have plans to get back on the tools, although they are deciding whether to move in or start building immediately.

The underbidders were a young family who also had plans to renovate.

The Agency Inner West sales agent Ramon Raneal said buyers were “doing the maths” with unrenovated properties to factor in the cost of labour and materials, but there was still a market.

“People still need to upsize and downsize,” he said.