Family spends $9.3 million on rare Greenwich home,
A family successfully paid $9.3 million for a stylish Greenwich house during an auction held on Saturday.
They outbid four other registered parties eager to secure the property, showcasing strong competition in the market.
The auction featured four bidders participating for the residence located at 14 George Street, adding excitement to the event.
This property boasts five bedrooms and a desirable waterfront reserve location, making it an attractive choice for families.
Initially, the house had a price guide set at $8.8 million, indicating significant interest from potential buyers.
It was one of 1,004 auctions scheduled in Sydney on Saturday, reflecting a busy real estate market.
By the evening, Domain Group recorded a preliminary auction clearance rate of 66.3 percent from 572 reported results.
Additionally, 130 auctions were withdrawn, which are counted as unsold properties when calculating the overall clearance rate.
Bidding for the Greenwich house began at $8.5 million, with the price increasing in increments from $100,000 down to $5,000.
James Bennett, the selling agent from Belle Property Lane Cove, noted that families with younger children and teenagers showed interest.
The winning bidders were a family from the North Shore, showcasing the area’s appeal to prospective homeowners.
Bennett mentioned that the home’s high-quality build features double brick walls and a concrete slab, which is increasingly rare.
This rarity is significant due to rising building costs, making similar constructions challenging in the current market.
He emphasized the premium position of the home, highlighting water views and proximity to the ferry for easy access.
As of Saturday, only two houses were available for sale in Greenwich, including this auction, an unusual situation in mid-September.
“At this time of year, that is unheard of,” he stated. “Greenwich is a tightly held place, and lack of choice restricts movement.”
According to Domain data, the median house price in Greenwich is $4.17 million as of the June quarter.
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In East Killara, a renovated family home sold for $2,711,000 during an auction event held recently.
Four parties registered to bid on the five-bedroom house located at 14 Redfield Road, generating significant interest.
Among the bidders, three were young families looking to upsize, while one was a developer, all actively participating.
Bidding commenced at $2.4 million, which was the home’s guide price throughout its marketing campaign.
Jessica Cao, selling agent from Ray White Upper North Shore, noted that bidding progressed quickly, surpassing the $2.6 million reserve.
Ultimately, the home sold to a young family, highlighting its appeal in the competitive market.
Cao explained that the property’s fully renovated condition meant no additional work would be required by the new owner.
Furthermore, she mentioned that the market has been quite busy as spring approaches, attracting more buyers.
“It is pretty active, with lots of stock available, but buyers are also very engaged in the process,” she stated.
“Certainly, some buyers are discussing a potential drop in interest rates, especially since the US reduced rates recently.”
She referred to the US Federal Reserve’s official interest rate cut last week, which brought rates to 4.75 to 5 percent.
In Earlwood, an uninhabitable fixer-upper or development opportunity sold for $1,036,000 during a competitive auction.
Eight buyers registered for the two-bedroom house at 42 Stone Street, which sits on 174 square meters of land.
Among those interested, four bidders actively participated in the auction, indicating strong demand for the property.
Bidding commenced at $750,000 and increased in $20,000 increments, showcasing the competitive nature of the auction.
Alexandra Stamatiou-Buda, selling agent from McGrath Leichhardt, noted that the reserve price was set at $900,000.
She speculated that the new owners planned to renovate or possibly undertake a new build for the property.
Additionally, the underbidder shared similar intentions, demonstrating the property’s potential for improvement.
Cao mentioned that the entry-level price point attracted interest, considering the significant work required to make the home livable.
The seller had inherited the property, which had remained in their family for 80 years, and was pleased with the outcome.
“Some properties are performing better than others; you can’t predict it,” she explained regarding the market dynamics.
“There are good buyers available. Anyone who has financing at the moment is considered a strong buyer,” she added.
Earlwood’s median house price is currently $2.05 million, reflecting a 19.5 percent increase over the past year.
Ray White chief economist Nerida Conisbee indicated that the average number of active bidders has decreased in September compared to August.
This change occurred as more homes were listed for sale this spring, affecting the bidding landscape.
“There has been a lot of property available, providing ample choice for buyers, which spreads the number of bidders.”
“Nevertheless, the market remains steady; we haven’t seen a significant drop-off despite the increasing inventory,” she noted.
She also mentioned that Sydney prices are showing signs of stabilization, making it a favorable market for buyers.
Hopes are high that interest rates have peaked and may decrease later this year or early next year.
