Family competes with themselves for $5.3m home,
A family from St Ives aimed to upsize. They were determined to secure a Warrawee home during the auction on Saturday.
They bid against themselves five times. Ultimately, they secured the property for $5.3 million, surpassing the $5 million guide.
Moreover, this amount was $100,000 more than the reserve. The home featured five bedrooms and three bathrooms, located at 5 Boondah Place.
This auction was one of 969 scheduled in Sydney that Saturday. An opening bid of $5.1 million attracted a large crowd.
Ray White Upper North Shore’s listing agent, Michael Dempsey, communicated with the vendor. He convinced the bidder to increase the offer by $60,000.
After consulting with the owner again, additional offers followed. These included bids of $5.2 million, $5.24 million, and $5.27 million over 40 minutes.
Finally, a last offer of $5.3 million was accepted. The vendors had lived in the home for 20 years, planning to downsize in Paddington.
In Miranda, a three-bedroom, one-bathroom home sold under the hammer. This property went for $1.55 million to first home buyers, a young couple renting in Sutherland Shire.
The property had a guide price of $1.45 million. Additionally, the reserve was set at $1.5 million.
Buyers Nathan Wood and Georgia Cuming attended the auction with their parents. They stated that the home captured their hearts instantly.
“We met in Orange three years ago,” they shared. “To this day, the central west holds a special place for us.”
“When we first entered this house,” they continued, “the first thing we said was that it reminded us of our home in Orange.”
Ray White Sutherland Shire’s Matt Debreczeni noted an interesting detail. Two of the five registered bidders also had their parents present.
Furthermore, three active bidders were all young couples. This highlights the growing interest of younger buyers in the market.
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The opening bid started at $1.4 million. However, the auction progressed slowly until the price reached $1.49 million.
Bids were then placed rapidly in increments of $10,000. Ultimately, the winning bid was established at $1.55 million.
Debreczeni commented that his agency experienced a hectic September. “We’ve achieved our largest September on record in Sutherland Shire regarding listing volumes,” he stated.
“However, buyers are not rushing to make impulsive decisions.” This indicates a more cautious approach among potential buyers in the market.
