Roseville and Waverton houses and an apartment in Camperdown
A young couple paid $2.5 million for a four-bedroom single-family home in Roseville on Saturday, upping their only bid to get the keys.
Home 68 Boundary Street It had $2.6 million in reserves and was being marketed with a $2.45 million guide.
There is no legal requirement for a seller’s reserve to match the property’s price guide.
Four registered lots participated in the morning sale, but three other lots backed out after the young couple placed an opening bid of $2.45 million.
Ray White agent Jessica Cao set the reserve at $2.5 million after meeting with the seller.
He then encouraged the couple to up their offer, listing the property on the market after offering $2.5 million. No other offers came.
The successful bidders from the Hills District were looking to expand on a property where they both worked, with easier access to the city. All other registered bidders were property owners.
The sellers, a couple with three teenage children, are moving to another property in the area after living in the same house for 20 years.
The property was one of 603 properties scheduled to go up for auction in Sydney this week.
Cao said the home had strong demand from young families due to its backyard pool, proximity to Chatswood and location within the catchment area of two well-respected high schools.
Five lots were registered, but three decided not to attend on the day and auctioneer Edward Riley had to persuade bids from the remaining two lots.
Bidding started at $3.5 million, increasing in $5,000 increments until the guideline was met and the home went on the market.
After two offers, the price reached $3.9 million, followed by a last-gasp bid of $3.92 million from one side. The other party responded with $3.95 million and the hammer fell.
The buyer, a young professional, was traveling interstate and had his parents bid on his behalf.
The bidders, a couple with two children, were hoping to make a better living from their home in North Sydney.
The sellers, including a couple with children, bring the lifestyle to the northern beaches.
Victoria Liu, representative of Stone Crows Nest, said the property’s backyard with jacuzzi and heated pergola and its location 200 meters from the train station were of great interest to registered bidders.
He said the result proved that well-kept homes in tightly controlled suburbs could still fetch good prices in a softer market.
“We’ve had 16 auctions in this area in the last two months and every home has sold. Demand still exceeds supply, especially in Waverton.”
A two-bedroom converted warehouse flat in Camperdown has sold for $846,000 after rapid bidding.
Apartment 220/1 Missenden Road It had a reserve of $800,000 and was being marketed with a guide of $750,000.
Five bidders signed up, attracted by the apartment’s generous rates and the building’s shared amenities, such as a pool and gym.
Bidding opened at $750,000, rose rapidly in $10,000 increments to reach $800,000, and the property was listed on the market.
When the price reached $830,000, three of the registered parties backed out, leaving two bidders to contend with increments of $1,000 and finally $500.
The buyers, a young couple with a school-aged daughter, are first home buyers.
The other four registered parties were all property owners. The bidders were a young, professional couple.
“They were all familiar with the area and they all wanted to live on property close to the action,” said Ray White agent Juan D’Arcy.
The sellers, a professional couple, are moving to a different part of Sydney to be closer to family.
D’Arcy said the apartment’s warehouse feature and the building’s reputation helped drive interest during the campaign.
“It is a unique building that is well known and popular, with amenities and a location that makes it stand out in the area.”
He said he was relieved to get a good result for the sellers.
“It was a quality stock and that always helps, but there is a bit of luck in this market.”
Dan F Stapleton writes about First Nations issues, visual arts, property and more. His writings have appeared in The New York Times, Financial Times and others. Based in Sydney.
