Sutherland Shire family pay $4.3m to move closer to the beach

A family from Caringbah with dreams of living closer to the beach paid $4.3 million for a house in Cronulla on Saturday.

While the auctioneer called for bids of $4 million, offers for the two-storey, five-bedroom residence at 1 Iluka Place opened at $3.95 million, then rose in increments of $10,000 and $5000.

The property had a guide of $4.1 million to $4.5 million and a reserve of $4.3 million.

Agent at The Property Group Ian Gray said the asking price was based on an understanding that the property needed to be upgraded. It was originally built in the 1960s and last renovated in the ’90s.

The house on a 916-square-metre block came with a pool and manicured gardens. It was marketed as having “a fresh Hamptons aesthetic”.

It was among 1494 auctions scheduled in Sydney on a Super Saturday for property sales, a week before the Easter long weekend.

All three registered parties made bids at the auction, hoping to buy before selling their own properties. They were all also local families seeking the lifestyle benefits that its location on the peninsula of South Cronulla offered.

Gray said that recent uncertainty in the market had swayed the underbidder to pull out.

“The underbidder said, with the way the market was selling, he would have to sell [his own property] afterwards and his place was potentially going down [in value].

“Buyers are now speculating on what they will get for their own homes.”

In Rushcutters Bay, lifestyle was also high on the agenda as four of five registered parties battled for a two-bedroom, 51sqm apartment with balcony in an art deco building. It sold for $1,167,000.

Bidding at 16/67 Bayswater Road opened at $1,017,000 and rose in increments of $2000 and $1000 before a buyer’s agent acting on behalf of a local first home buyer sealed the deal after 28 bids. The underbidder was a first homebuyer with pets.

The deceased estate had a guide of $1 million and a reserve of $1.1 million.

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

BresicWhitney agent Nuri Shik said the apartment’s aspect, location and aesthetic appealed to buyers.

“Any property that ticks the boxes – with high ceilings, timber floors, character and a sunny-aspect balcony – [will do well].”