Strathfield new build, Paddington terrace and Balmain workers’ cottage go under the hammer
A flashy, brand-new structure on a corner block in Strathfield sold at auction for $10.85 million on Saturday as a crowd of 300 looked on in the rain.
Three-level luxury estate 31 Newton Road It had six bedrooms, a cinema room, an internal elevator and basement parking.
McGrath Strathfield sales representative Tarun Sethi said five bidders signed up and three placed bids.
Bidding opened at $9.6 million, which is $200,000 under the $9.8 million guide.
The price rose mostly in $100,000 increments, and it sold for just $50,000 more than its $10.8 million reserve.
Sethi said it was a “home address” and added that the auction was “a good sign that there’s still a lot of strength in the market.”
The seller was a property owner who completely rebuilt the property. The buyer was a local family.
Records show the address was last traded in 2017 for $3.39 million.
The property was one of 1326 auctions scheduled in Sydney last week. As of Saturday evening, Domain Group recorded a pre-auction approval rate of 58 percent from 834 results reported, while 237 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the liquidation rate.
A lime green two-bedroom terrace in Paddington with no parking was bought by a first home buyer couple for $2.48 million at auction on Saturday.
Two-storey property at 78 Underwood Street It was purchased from a church in 1951.
Ray White’s Jackson Snell said buyers were drawn to the “Central Paddington location, a very tightly held pocket and the opportunity to redesign and reinvent the home”.
Five parties have registered to bid on the deceased estate, which has been passed down through two generations of the same family.
Bidding opened at a price of $2 million and increased in $50,000 increments between the two parties.
Near the end of the battle, bids dropped to $5,000 until the terrace sold for $2.48 million, above its $2.2 million reserve, Snell said.
“The Paddington market remains resilient to unique and rare opportunities despite this week’s rate rise,” he said.
Snell said vendors are excited.
“It was bittersweet for the family to be kept in the family for so long.
“The buyers were from the UK and renting locally.”
A charming workers’ cottage in Balmain 73 University Avenue It sold under the hammer for $1.99 million.
The two-bedroom house was priced at $1.75 million and was attended by six registered bidders, including potential buyers from nearby suburbs, local residents and first home buyers.
Bids on the two-bedroom, one-story home opened at $1.65 million, with four actively competing in increments of $50,000, $20,000 and $10,000.
The property was called to the market when it reached its $1.95 million reserve.
The cottage was sold to a local who wanted to be on the other side of Balmain, closer to the ferry and Darling Street.
Belle Property selling agent Ralph Daher said: “Because of Balmain’s history of being a workers’ town, Balmain is full of these workers’ cottages… People loved the fact that so much of the character was still retained.”
He said it was easy to park on the one-way street because there was no parking lot.
“We’re going to a normal market right now,” he said. “It’s not too hot and it’s not too dead either.
“This [a] “At under $2 million, it’s a good entry level for a first home buyer and also for someone looking to create their dream home.”
The deceased property was last traded in 1995 for $295,000, records show.
AMP chief economist Dr Shane Oliver said Domain’s 58 per cent clearance rate for Sydney was “getting progressively worse”.
“This is just a continuation of the trend… We’re pretty much back to where things were pretty calm at the end of last year,” Oliver said.
“It is becoming increasingly clear that high interest rates and war undermine confidence.”
“In some ways,” he added, “it’s not a bad time to be looking for property, as high interest rates and concerns about war and inflation tax are keeping other people away, so it’s actually providing opportunities for smart home buyers.”
