North shore apartment passes in without a bid despite strong interest

A three-bedroom apartment in Waverton passed in at auction on Saturday when it failed to attract a single bid.

Sales agent for 3/14 Woolcott Street, Sean St Clair, from Holmes St. Clair, had expectations ahead of auction day that three parties wanted to buy the ground-floor apartment, which had a guide of $2.2 million and a reserve of $2.4 million – but none registered when the time came.

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

“There were about 12 people there – I think about half of them were neighbours,” St Clair said. “But there were three groups after the auction that I could not get rid of, which was very strange. They all thought it would sell.”

The property will now be offered for sale for $2.4 million.

“There was a downsizing couple who live locally – they want something single level,” he said. “There were also two young couples in their 30s who were sorting out finances.”

The vendors are a couple who need more space for their growing family.

St Clair said the result reflects ongoing hesitancy among buyers.

“Because there are more results that are a bit lower than what people might expect, buyers get a gut feeling that this is not the bottom of the market.

“There are definitely buyers in the market, but they are super concerned about buying and the market continuing to drop.

“It’s just unpredictable.”

The property was one of 451 scheduled to go to auction in Sydney on Saturday.

In Zetland, two first home buyers vied for the keys to a split-level apartment, which sold for $1,150,000, the same as the reserve.

The two-bedroom, two-bathroom apartment at G55/9 Letitia Street had a guide of $1 million.

Four parties registered to bid, with two active. Bidding opened at $900,000 and bids rose in increments of $50,000, $20,000 and $10,000.

The successful bidder was a single woman, while the underbidders were a young couple. The vendor is hoping to leverage market conditions to upsize for a lower price.

Sales agent for Ray White Erskineville, Ercan Ersan, said even the prospect of a further rate rise this year was not enough to deter buyers.

“People are preparing themselves for the rate rise,” he said. “If they need to buy, a rate rise won’t stop them. Life still goes on.”