First-home buyer pays $3.22m for cottage,
A reimagined 1880s cottage in Erskineville was sold at auction on Saturday for $3.22 million.
This price marks a significant increase, as it had previously sold for $555,000 in 2007.
The four-bedroom house, located at 19 Devine Street, had a guide price of $2.75 million.
Its reserve was set at $3.2 million, and bidding began at $2.9 million.
Two out of three registered bidders raised the price in varying increments during the auction.
Among the bidders were a first-time home buyer and upsizers from Surry Hills and Redfern.
The buyer appreciated the home’s unique design, including a weatherboard front and a treehouse at the rear.
She mentioned that such a design is rare in a suburb typically known for its terraces.
By the evening, Domain Group reported a preliminary auction clearance rate of 62.6%.
This was based on 850 reported results from the 923 scheduled auctions in Sydney that day.
However, 218 auctions were withdrawn, and these properties were considered unsold when calculating the clearance rate.
CobdenHayson Annandale lead agent Alex Mastoris, who sold the property alongside Ben Southwell and Kate Fitzsimmons, commented.
He stated that the inner west market has shown more resilience compared to other areas of Sydney.
Mastoris explained that “the right property, presented well and marketed correctly, will always achieve a good result.”
However, he noted that this particular property is unique and does not appeal to a wider audience.
He also mentioned that buyer hesitation has been linked to the anticipation of interest rate cuts.
“Buyers are taking more time to make decisions,” Mastoris added. “If a home doesn’t tick all boxes, they wait.”
In addition, Erskineville’s median house price rose by 5.9% to $1.8 million in the year leading up to September.
This data was sourced from Domain, reflecting the area’s continued growth despite market uncertainty.
Receive the latest property news and advice directly in your inbox
In Woollahra, an apartment sold at auction for $2.17 million, which was $470,000 above its reserve price.
The buyer, returning to Sydney after living abroad, purchased the two-bedroom, two-bathroom deceased estate at 1/414 Edgecliff Road.
She outbid a local downsizer as well as first-time home buyers, who were accompanied by their parents at the auction.
Five out of six registered bidders were active, with bidding starting at $1.5 million and rising in $10,000 increments.
The guide and reserve price for the apartment were both set at $1.7 million.
McGrath Paddington agent Georgia Cleary mentioned that while other Sydney markets were struggling, Woollahra remained stable.
She explained, “Buyers are beginning to recognize the difference between a good property and an average one.”
Cleary also noted that during COVID, buyers were desperate and often paid high prices for properties without key features.
However, she stated that now, buyers are willing to pay more for properties that offer more desirable features.
In Killara, a family from Pymble paid $3.15 million at auction for a property they plan to demolish and rebuild.
At 7 Manning Road, the four-bedroom, two-bathroom property attracted nine registered bidders, with four actively participating.
The Pymble family outbid another family, a local developer, and a couple from Hurstville, all planning similar projects.
Ray White Upper North Shore agent Jessica Cao shared that the sellers were a young family who moved north for a sea change.
They had purchased the property for about $2 million in 2018 and were thrilled with the auction result.
The final sale price was $350,000 above the reserve of $2.8 million, exceeding their expectations.
A developer made the opening bid of $2.4 million, which was below the $2.5 million guide price.
Following this, bids increased in increments of $50,000 and $10,000. Cao explained that the property’s appeal was mainly due to its land value.
The flat block was considered a rarity in the suburb, making it particularly attractive to potential buyers.
Killara’s median house price increased by 11.3% to $3,894,440 in the year leading up to September, according to Domain data.
Cao noted that while some buyers were hesitant, the upper north shore market remained balanced between supply and demand.
She added, “There’s no new stock, so whatever is available is the last chance for buyers to choose from.”
“We have sold most of our stock, so strong buying signs are evident,” she concluded.
In Port Hacking, a semi-detached house sold at auction for $1.87 million to an upsizing couple from Caringbah.
The four-bedroom, two-bathroom property at 3A Moombara Crescent attracted three active registered bidders, including the upsizing couple.
The other bidders included a young family from Caringbah and a downsizer from Cronulla. The opening bid was $1.7 million, matching the guide price.
Bids then increased in increments from $5000 down to $1000, with the reserve set at $1,835,000.
MattBlak Property selling agent Blake Spooner mentioned that the auction had to be paused several times to encourage bidding.
Records show the property last sold for $1,187,500 in 2018. Spooner noted that well-priced and well-presented properties tend to sell at auction.
He added that properties in less desirable locations tend to struggle. Buyers who had their finances approved were not waiting for interest rate cuts.
