Darling Point waterfront apartment sells for $5.2 million

A waterfront apartment at Darling Point sold for $5.2 million at auction on Saturday, $300,000 above the reserve.

The winning bidders for 4A/27 Sutherland Crescent were locals who plan to move into the spacious three-bedroom apartment. The underbidders were also locals looking for a new home.

The property overlooking Diendagulla Bay, Sydney Harbour and beyond had a guide of $4.9 million, the same as the reserve. While three bidders registered, two were active, with bidding opening at $4.5 million, going up in increments of $50,000.

Michael Pallier, sales agent for Sydney Sotheby’s International Realty, said the property “ticked a lot of boxes”, with a north-easterly aspect, access to a communal swimming pool and private jetty.

“It’s a waterfront position with a double lock-up garage and level access via a lift,” he said. “The building has recently had a major refurbishment. The fourth floor is also the best position – it’s not too low down or high up.”

The apartment was a deceased estate being offered for the first time in 22 years. It includes Miele appliances, marble bathrooms with underfloor heating and an en suite with spa.

“This property is quality real estate and there are plenty of people who want to buy that,” Pallier said.

The property was one of 939 scheduled to go to auction in Sydney this week.

In Caringbah it was the battle of the first home buyers, with a two-bedroom apartment going under the hammer for $995,000.

A buyer’s agent opened bidding for 6/1-5 Sunnyside Avenue at $922,000, with increments initially of $10,000 before dropping back to $1000 bids. Five minutes later, the auction was over. The property had a guide of $890,000 and a reserve of $950,000.

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

The winning bidders were a couple from Perth who had moved to Sydney for work. They had been active in the market for a month. The buyer’s agent’s clients, also first home buyers, were the underbidders.

Luke Lombardi, sales agent for Pulse Property Agents, said properties in the $850,000 to $950,000 price range were in high demand right now, especially if they are move-in ready.

“The floor plan [in this apartment] really worked well because it was nice and open,” he said. “Buyers don’t want anything that requires work. They want to move in and enjoy it straight away.”