First-home buyer picks up $1m Randwick apartment after two-week search

A two-bedroom unrenovated apartment in Randwick sold on Saturday for $1.01 million, $40,000 below the reserve to a first-time buyer.

Four groups registered to bid for the keys to 7/1 Church Street but when the auction opened, just two participated – a first-home buyer and a builder planning to renovate and keep it as an investment.

The first-home buyer made the opening bid at $900,000. Bids continued in increments of $25,000 until it reached $1 million when it stalled. The first-home buyer then bid a further $10,000 against himself and the property sold.

The property, which was sold as a deceased estate, had a guide of $950,000 and a reserve of $1.05 million.

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

The successful bidder, who has been renting in Zetland, had been looking for only two weeks.

“I am finding 70 per cent of buyers I have met in the last month or two are all new – they have been looking since August,” sales agent for Ray White Eastern Beaches, Angus Gorrie said.

“They are coming out of the woodwork because they have seen the market has dropped.

“But anyone who has been looking since May is still looking.”

The property was one of 682 scheduled to go to auction in Sydney this week.

In Baulkham Hills, a fully renovated five-bedroom home sold for $2,825,000 – $25,000 above the reserve.

Three groups registered to vie for the keys to 3 Valda Place – including one after the auction started – with bidding kicking off at $2.65 million. Two were active. Bidding proceeded in increments of $50,000 until it reached $2.75 million when it stalled briefly. Two more $25,000 bids followed and the hammer fell.

The property had a guide of $2.7 million and a reserve of $2.8 million.

The successful bidders were a local family who “fell in love” with the high-quality build and its position in the coveted Crestwood pocket. The vendors were a family moving out of Sydney.

Richard Matthews sales agent Jesse di Loreto said the sale price was a strong result for the area and an indication that buyer confidence was returning.

“A lot of people who have been holding off for the past six months are coming back. The Hills district has been quite resilient,” he said.

Property alerts are now available in the SMH app. Turn them on to receive the latest market news and trends.