Upper north shore five-bedder sells for $2.77m, $120k below its reserve

A five-bedroom home in leafy Wahroonga sold for $2.77 million on Saturday – $120,000 below its auction reserve – after one of the two registered bidders got cold feet.

The home at 16 Tanderra Street had a reserve of $2.89 million and was marketed with a guide of $2,675,000.

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

After an opening bid of $2,675,000, the action stalled, before one of the two registered parties signalled they would not be participating.

Auctioneer Michael Walter, who was also the property’s selling agent from First National Avenue, then invited the sole active party – a young family – to raise their bid.

Back and forth between the vendors and the active party ensued, with bids rising in ever-smaller increments until, finally, the vendors accepted an offer of $2.77 million.

“It was bloody hard, but little by little we negotiated an outcome,” Walter said.

The vendors are a separating couple. The family who won the keys are upsizing from a home nearby.

The property was one of 414 scheduled to go to auction in Sydney this week.

Walter said the prospective buyers who inspected during the campaign had been drawn in by the home’s generous around 967 sqm block size, its position next door to a nature reserve and its proximity to Wahroonga village.

Ultimately, however, current market sentiment thinned the field, Walter said.

“In this market, something has to be perceived as great value to sell, which is what ultimately led the vendors to accept the offer they did,” he said.

Walter said properties in upmarket suburbs such as Wahroonga were unlikely to remain bargain-priced for long.

“The broader market’s probably come off 10 per cent, but in this area, it’s only a matter of time before it comes back again.”

In Belmore, two parties competed for a three-bedroom semi with a large backyard, pushing the price to $1,505,000.

The home at 18 Liberty Street had a reserve of $1.5 million and was marketed with a guide of $1.4 million.

Four registered parties attended the mid-morning auction but only two participated, and the hammer fell after just six bids.

Bidding opened at $1.4 million, rising in ever-smaller increments until, five bids later, it hit $1.5 million and the home was declared on the market. One final $5000 bid sealed the deal.

The winning bidders and the underbidders were both local families looking to upsize. Both were represented by buyer’s agents.

The vendors, a couple moving elsewhere in Sydney, were “over the moon” with the result, said William Angelis, agent at Richard Matthews Real Estate.

“They have been very reasonable to deal with. They know what the current market is like, and they set their expectations accordingly.”

Angelis said the property had generated significant interest during the campaign, with 55 parties inspecting.

The home’s double-brick construction, north-facing backyard and proximity to shopping villages, train stations and an upcoming Metro station were major selling points.

“It ticked every box, and in the end that was what got it sold, despite the market,” Angelis said.

Meanwhile, in Matraville, a compact two-bedroom villa fetched $1,075,000 after spirited competition between five registered bidders.

The home at 18/581 Bunnerong Road, part of a residential complex, had a $1 million reserve and was marketed with a $990,000 guide.

Bidding opened at $920,000 and was “all over the place,” McGrath Maroubra agent Joshua Karam said.

“Some people were bidding in $1000s, others in $20,000s, but all five parties were active.”

The eventual winning bidder made his presence felt early on.

“Whenever someone bid, he countered with a bit of authority,” Karam said. “He really showed that he wanted it.”

Bidding slowed after the price hit $1 million and the home was declared on the market. It was a final $20,000 bid that brought the hammer down.

The property was a deceased estate. The winning bidder, a Matraville local, plans to renovate the home before moving in.

“It was a given that whoever won today would renovate,” Karam said.

All the other bidders were owner-occupiers. Karam said the registered parties had been attracted first and foremost by the price point – “a small house for the price of an apartment” – and the peaceful surrounds.

“A lot of first home buyers would rather buy something with a bit of a backyard, in a neighbourhood that feels welcoming, than an apartment,” he said.

The home’s position in low-key Matraville, a short drive from Maroubra, Malabar and Little Bay beaches, was another draw.

Karam said the market was “definitely still struggling” but that demand for affordable properties in his area remained high.

“Today just shows you that if you price properties correctly, then buyers will turn up and bid,” he said.