Edwardian-era harbourside apartment passes in at $2.2 million
A three-bedroom, two-storey heritage flat in leafy Elizabeth Bay failed to sell at auction on Saturday as the winter cold continued to hammer the Sydney property market.
Ownership 3/4 Holdsworth Boulevard It had a reserve of $2.35 million and was being marketed with a price guide of $2.4 million.
Despite its house-like dimensions, Edwardian features and proximity to Rushcutters Bay Park, the flat attracted a pre-registered bidder.
Trading opened with a seller bid of $2.2 million. A female spectator who had previously viewed the property later registered at the scene but did not make an offer. The other registered bidder refused to oppose the seller’s offer and the property was delivered.
The seller was a local investor. The registered bidders were both property owners.
Renee Cross, Ray White’s agent, said both parties were “very strong contenders” to purchase the property after auction.
At the time of publication, the property had not been sold.
Cross said he and the seller discussed withdrawing the apartment from auction throughout the week due to the lack of listing, but ultimately decided to go ahead and “not fall victim to the current market.” He said the result exceeded his expectations.
“It gives me confidence to come out of the auction with two registered bidders who can afford to buy. I’m very excited.”
The property was one of 448 properties scheduled to go up for auction in Sydney this week.
At Forest Lodge, four registered bidders battled for a one-bedroom apartment with parking, pushing the price to $757,000.
Top floor property 33/211 Wigram Road It had a reserve of $650,000, which was the same as the price guide.
Bidding opened at $640,000 and moved quickly; the price rose in increments of $5,000 and $10,000 until it surpassed $700,000.
Later the field narrowed to two parties. The $740,000 bid increments dropped to $1,000 until the final $5,000 bid hammer fell.
The estate was deceased property. All four of the registered parties were first home buyers, and both the winner and the low bidder had their parents with them.
Belle Property Glebe agent James Cahill described the spirited bidding as a “boost” and said the outcome was a pleasant surprise.
“This shows that even in this market first home buyers will compete for properties that meet all the criteria.”
Cahill said the unit’s lush landscape, proximity to the village of Annandale and secure indoor parking area generated a lot of interest during the campaign. He also said that it was the condition of the apartment that was attractive to buyers.
“It was well-maintained and perfectly livable, but there was opportunity to add value by updating the kitchen and bathroom. In that sense, it offered the best of both worlds.”
Property managers listened to the market and determined a “fair and reasonable” reserve, which encouraged bidding, Cahill said.
Meanwhile in Cronulla, a two-bedroom flat with a striking vaulted ceiling sold for $1.49 million, just shy of its original $1.5 million reserve.
The unit is at 8/123-125 Gerrale Street It was marketed with a price guide of $1.45 million.
There is no legal requirement for a seller’s reserve to match their property’s price guide.
Two registered parties competed for top-floor housing. After an opening bid of $1,350,000, the price rose in $25,000 increments to $1,425,000.
The increases then narrowed to $10,000, then $5,000. The final wave of bids of $1000 failed to reach the reserve, but after consulting with the sellers, the auctioneer announced that the reserve had been revised to $1.49 million, and the final bid of $5000 sealed the deal.
The winning bidders were a couple who planned to downsize the apartment in a few years. The other registered party was an owner-occupier couple.
A couple of salesmen were renting the apartment. They had planned to downsize but have since decided to move elsewhere in Sydney.
Cronulla Realtor Corey Bell said the flat’s double lock garage, central location and large balcony with water views made it an attractive choice for downsizers looking for a simple lifestyle.
Bell said the result was indicative of how the Sydney market had performed this winter.
“Quality property will always attract interest, but in this market it must be attractively priced and marketed correctly, otherwise sellers will be left in a difficult position.”
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.
