Five families compete for $5.3m Mosman home
A stunning two-storey, four-bedroom house with well-tended gardens and swimming pool in Mosman sold for $5.3 million at auction on Saturday.
Turnkey property with stunning period features 14 Erith Street It was directed at $4.8 million.
Five young families were registered, mostly from the lower north coast, and three were active in the ring.
Bidding opened at $4 million and increased with bids of $100,000 and $50,000. There was an intensity in the tenders that started from the beginning and continued until the hammer fell on $5.3 million, exceeding the reserve of $4.85 million. There is no legal requirement for a seller’s reserve to match the property’s price guide.
“There was good passion about it,” said sales representative Stefon Bertram of Pello Lower North Shore.
Bertram said the auction experience of seeing the competition and crowds makes buyers feel comfortable.
“When you’re at the coalface and need a family home, I think the social proof of seeing other like-minded families competing for something of quality gives you the security to keep bidding,” he said.
The winning bid was made by strangers represented by a buyer’s agent. Records show the home last traded for $3.41 million in 2019.
Auctioneer Ed Riley said the auction was “a powerful reminder that quality homes still succeed despite the wider negative narrative”.
The property was one of 832 auctions scheduled in Sydney last week. As of Saturday evening, Domain Group recorded a pre-auction approval rate of 55 percent from 478 results reported, while 172 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the liquidation rate.
In Ashfield, a former two-bedroom duplex with a guide of $1.56 million sold for $1,753,000.
Home 151 Queen Street There was access from two streets via the front concrete courtyard and the rear driveway.
In front of a crowd of about 40 people, six parties signed up and five were actively bidding. It took a while for the auction to start with an opening bid of $1.4 million, but then it flowed back and forth in increments of $50,000, $20,000 and $10,000.
The eventual buyer placed one bid during the auction, and that was the final bid of $8000, placed through a buyer’s agent who secured the keys. Half of it rose to $153,000, above its $1.6 million reserve.
Selling agent Marco Errichiello of Rich & Oliva said: “It didn’t present any redevelopment opportunities because it was half a house. Half a house.”
Errichiello said dual street access would facilitate business if someone wanted to renovate.
“If it’s affordable, livable and has good transportation options, if you meet those three points, the market is strong,” he said.
Vendor moves into aged care. The buyer is a first home buyer from Five Dock.
Five listings have been filed for a two-story, three-bedroom mansion with a yard in Marsfield worth $1 million.
town house 24/3 Trafalgar Square before a crowd of 50 people from the surrounding community, attracting investors, downsizers and young families.
The tender was opened at $850,000 with buy-sell offers from three parties. Bids ranged in increments from $50,000 to $1,000 until it sold for $82,000, over $1,102,000 above its reserve of $1,020,000.
Selling agent Andy Lin of Uniland Real Estate said: “They came here for the Marsfield area, which is close to the Macquarie shopping center and schools.”
A key difference between townhomes and condos is lower strata fees, Lin said. Apartment buildings often have higher maintenance fees, he said.
“Townhouse, in general you have two levels, a little bit [of] The backyard and lower strata fees are very important.”
The buyer is a family from Epping. The seller is moving abroad.
The mansion was last traded for $899,000 in 2015, records show.
AMP chief economist Dr Shane Oliver said Domain’s 55 per cent clearance rate for Sydney was “still quite soft”.
“We’re kind of getting into the lower 50s right now. So we’ve seen a pretty sharp drop in clearance rates. A year ago it was 62 percent in Area numbers and then it kind of went up and now it’s down again,” he said.
“So the rise in interest rates, the uncertainty around the war, poor affordability, all of these things are obviously putting pressure on buyer demand.
“Unless there is a cut in interest rates, it’s hard to see the property market recovering much from here. So I think the more likely scenario is that it continues to soften due to high and rising interest rates, poor affordability and uncertainty about when we’ll get back to normal on fuel supplies.”
“We’re also coming into winter, which is generally a milder time.”
