Inner west home sells for $300k under reserve in ‘cautious’ market
Updated ,first published
A two-storey, seven-bedroom house in the historic suburb of Haberfield sold for $5.2 million on Saturday, $300,000 below reserve.
Home 262 Hawthorne Parade It had $5.5 million in reserves and was marketed with a $5 million guide.
There is no legal requirement for a seller’s reserve to match their property’s price guide.
Owned by a prominent local family, records show they paid $200,000 for the property in 1987. They built the house in 1991, which features a sweeping staircase and a chandelier in the entryway.
Approximately 50 people gathered in the 1239 square meter area, which auctioneer Jesse Davidson opened with a bid of $4.8 million. An initial bid of $100,000 was followed by two bids of $50,000 before the auction progressed in $10,000 increments.
While sales representative Alfio Musumeci received instructions from the seller, the tender remained at 5.16 million dollars. When bidding reached $5.2 million, the property was listed on the market and sold. There were five registered bidders with four exhibitors.
The successful bidders were a family from further west whose children attended private schools in the inner west. The bidders were a local family looking to make a trade.
Ray White Elevate sales representative Kristian Morris said the result was “further evidence” that the market was cooling.
“I thought we could do better [with the price]”But he was hesitant to bid,” he said. “Even the bidder had mentioned the interest rates when I encouraged him. [to bid].”
The property was one of 376 properties scheduled to go up for auction in Sydney this week.
A two-bedroom mid-century apartment in Elizabeth Bay has sold for $1.34 million, and the money from the sale will be distributed to local charities.
About 50 people gathered in the 1960s-era flat 414/6A Birtley Place To witness the auction, the opening bid was $1.2 million. There were five registered bidders, two of which were active.
The property had a guide of $1.1 million and a reserve of $1.2 million. After bids opened at $1.2 million and rose in $25,000 increments, only five bids secured the sale.
The successful bidder was a woman planning to move from Glebe. The bidders were a couple with a baby who knew people in the building. The property was deceased property.
The property is located at Baroda Hall under the corporate title. There is also a warning that the properties cannot be rented and pets are not allowed.
BresicWhitney sales representative Nuri Shik said the restrictions left the door open for home buyers, shutting out investors and “flippers.”
A three-bedroom townhouse in Crows Nest sold Saturday for $2.15 million, $205,000 less than its 2023 sale price.
1 bidder registered for the tender 1/85-87 Burlington StreetIt had a guide of $2.1 million and a reserve of $2.15 million.
Before the auction, Belle Property Mosman selling agent David Benjafield said he expected three bidders but only one showed up.
“For one [absent] “The bidders had financing problems,” he said.
Benjafield said the outcome of the property, which records show sold for $2,355,000 in 2023, is indicative of the current market.
“I’ve never seen such a quick fix; that’s the reality,” Benjafield said.
That creates opportunity for buyers, he said, but added that concerns about capital gains tax, negative gearing and banks reviewing loan pre-approvals have had a negative impact.
“Buyers are now acting very cautiously,” he said. “The report states that [the market] The 0.9 percent decrease is delayed. “It decreased by 10 percent in our region.”
The successful bidder was a single woman downsizing from Mosman, near the Crows Nest stores.
The new owners of a four-bedroom terrace in Marrickville are planning to renovate it after paying $1.65 million at auction.
unrenovated house 270 Victoria Road It attracted four registered bidders, three of whom were exhibitors. It had a guide (and reserve) of $1.5 million.
Bidding opened at $1.4 million, with increments of $50,000 followed by increments dropping to $10,000 or $5,000.
The successful bidders were a couple who were extending a flat in Penshurst that they renovated themselves before selling. They plan to start tooling again and are deciding whether to move or start construction right away.
The bidders were a young family who also had renovation plans.
Aales agent Ramon Raneal of The Agency Inner West said buyers were “doing the math” on unrenovated properties, factoring in labor and material costs, but there was still a market for handymen.
Robyn Willis is a property journalist and former lifestyle editor of The Sydney Morning Herald and The Age.
