By Robyn Willis
A final bid of $1000 sealed the deal for the auction of a mid-century apartment at North Strathfield, which sold for $961,000 on Saturday.
The two-bedroom apartment at 5/3 Shipley Avenue had a reserve and a price guide of $850,000, which was revised upwards from an original $800,000 guide during the week following strong interest.
Five people registered to bid for the residence which was in near-original but well-maintained condition, including one interstate party, with three active.
Bidding opened at $750,000 and initially went up in increments of $50,000 before slowing down to bids of $5000. The last 10 bids were $1000 each, with two parties battling it out.
The winning bidder was an investor with other properties in the area who had a solicitor bid on his behalf while a mother and daughter who had plans to move in missed out.
The property was one of 1278 scheduled to go to auction in Sydney this week. By evening, Domain Group recorded a preliminary auction clearance rate of 64 per cent from 783 reported results throughout the week, while 198 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
The mid-century apartment is in near original condition, including splashback tiles and a double stainless steel sink.Credit: Sitthixay Ditthavong
Cooleys auctioneer Ben Mitchell quipped in front of the crowd of 20 that “you will spend more money on petrol getting to the next auction” than it would take to finally win the keys to this property.
The size of the crowd and the lack of air conditioning in the 88-square-metre apartment on a humid Sydney day led the sales team to move the auction onto the street.
The vendors were a pair of brothers with several investment properties in the inner west.
Principal of Horwood Nolan Real Estate, Ben Horwood, said mid-century apartments gave buyers confidence in an uncertain market.
Cooleys auctioneer Ben Mitchell led bidders through the auction on Shipley Avenue on a humid Saturday.Credit: Sitthixay Ditthavong
“They don’t build them like this any more,” he said. “They’re popular because they’re bigger, they’re rarer and you know what you are getting [with a building this age].”
Sales agent for Horwood Nolan, Cooper Warnock, said the apartment block’s proximity to the existing train station at North Strathfield and new Metro station under construction, further added to its desirability.
“I’d say the Metro has added about 10 per cent to property values,” he said.
In Cammeray, another two-bedroom apartment went under the hammer at 36/20 Moodie Street, selling for $1.03 million. The apartment had a price guide of $875,000 and a reserve of $900,000. It last sold in 1993 for $236,000.
There is no legal requirement for a vendor’s reserve to be in line with their property’s price guide.
Djordje Kresovic, a sales agent from Atlas Lower North Shore, said the property was popular with first home buyers, with more than 200 enquiries. Nine bidders registered on Saturday, with six active. Bidding started at $820,000 with first home buyers taking the keys.
“Properties that are an entry-level price are going to be popular in a good area like Cammeray,” Kresovic said.
While the ninth floor apartment enjoyed district views, Kresovic said it “absolutely needed gutting”.
“It’s not just about repainting and some new carpets.”
In Maroubra, a young builder and his partner were the successful bidders for a three-bedroom bungalow, paying $2.9 million for their new home.
A sales agent from Agents and Co Property Group, Nick Papas, said all four registered bidders were locals looking to move into 191 Storey Street, with the underbidders a couple from Clovelly wanting to upgrade from their apartment.
Bidding started at $2.5 million. It had a price guide of $2.6 million and a reserve of $2.9 million.
Papas said the property was a deceased estate offered for the first time in more than 50 years.
The property at 191 Storey Street, Maroubra was marketed as having “exceptional potential for transformation”.Credit: Domain
Less than 10 minutes’ drive from Maroubra Beach, it was marketed as having “exceptional potential for transformation”.
Papas said the recent interest rate rise affected buyer confidence at this price point.
“Six months ago, there was no stock and lots of people wanting to buy, but people were getting a bit shy of showing up [at auction] because they may not have a chance to bid,” he said. “Even a month ago, we had 22 auctions scheduled and we sold 12 properties prior. There’s a bit more ease in the market.”
At Brighton-le-Sands, a renovated three-bedroom apartment in a 1970s block sold for $1,165,000 to an executive who plans to live in the property.
The apartment at 31/4-10 The Boulevarde enjoys views across rooftops to Brighton-le-Sands beach.
Four bidders registered on Saturday, with one dropping out after bidding began. The apartment had a guide of $950,000 and a reserve of $1.05 million. Bidding opened at $950,000.
A sales agent for McGrath St George, Aaron Bird, said the water views were a strong selling point, as was the age of the block.
“There are a lot of three-bedroom apartments that come up [for sale] but only two or three a year with these kinds of views,” he said. “People feel safer with these older-style blocks given they have been there for a long period of time.”
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