Family trades renovation for $6.2m home,
A family that had spent years trying to renovate was thrilled to secure a turnkey home in Artarmon. They purchased it for $6,213,000 at auction on Saturday.
The sale of the property at 32 Tindale Road set a new suburb record for a house on a single block. Furthermore, it was the highest advised weekend auction sale.
Four registered bidders participated, with two actively bidding on the six-bedroom property renovated by Sanctum Design Consultants.
The property had a guided range of $5.8 million to $6 million. Bidding started at $5.25 million, with most bids being $100,000.
Subsequently, two $50,000 bids increased the price to its reserve of $6.2 million. Once the property was on the market, a $5000 bid followed by an $8000 bid finalized the sale.
It sold under the hammer for $6,213,000.
Ray White’s John McManus noted that the campaign was unusual as buyers were uncertain about the house’s value.
He mentioned that he had sold a house on the same street the previous week for $3,707,000.
McManus observed that sellers are motivated, and there is fantastic buyer interest during open homes. During the 20-minute auction, 90 people attended.
They spilled across the street and onto the other side of the road.
He added that the sunny weather has contributed positively: “You can definitely feel a spring in everyone’s step.”
The buyers, from Willoughby, had been trying unsuccessfully to get council approval for a renovation. They abandoned their project and are eager to move into a ready-to-go property, according to McManus.
The vendors were overseas during the sale.
Records show that the house last traded for $1.105 million in 2001.
The property was among 908 auctions scheduled in Sydney over the weekend. By Saturday evening, Domain Group reported a preliminary auction clearance rate of 64.4 percent from 548 results.
In addition, 134 auctions were withdrawn, which are counted as unsold properties in the clearance rate calculation.
An executive couple passionate about entertaining outbid six other buyers for a five-bedroom duplex in Caringbah.
The newly built home at 11b Taronga Parade sold for $2.6 million, exceeding its $2.4 million reserve by $200,000.
Seven registered bidders, all actively participating, competed for the contemporary property featuring an in-ground pool and a cinema room.
Bidding commenced at $2.3 million with mostly $25,000 bids, transitioning to $5000 and $1000 bids toward the end.
Initially, the guide was set at $2,275,000, reflecting the sale of the adjoining duplex. It was later updated to $2.3 million to $2.4 million based on buyer interest.
Ray White’s Wendy Samrani noted that the property met many criteria.
“They wanted a prime location with a north aspect. The alfresco entertaining area with a built-in barbecue and the cinema room were significant draws,” she explained.
Samrani also mentioned that demand for turnkey, pristine homes currently exceeds that for renovation projects.
“Sixty percent of my buyers are from the eastern suburbs, seeking better value for money,” she added.
The buyers are a couple from Rose Bay. The vendors lived in the duplex for eight months post-construction but chose to move closer to the city.
Additionally, a first-home buyer couple is moving from their parents’ home in Strathfield into a three-bedroom Federation house in Enfield.
This classic home at 8 Wynnstay Avenue sold for $2.55 million, which is $400,000 above its $2.15 million reserve.
A remarkable seventeen registered for the auction, and ten actively bid, all attracted by its affordable price point for the area.
Bidding started at $1.9 million, with increments varying from $100,000 down to $5000, drawing a strong local crowd outside the picket fence.
McGrath’s Tarun Sethi noted that many buyers were eager to purchase before the school term ended.
The vendors plan to downsize and move further south.
Records indicate that the house last traded for $205,000 in 1992.
LJ Hooker’s head of research, Mathew Tiller, commented that the clearance rate of 64.4 percent is impressive, especially given the increase in auction listings.
“Buyers are still attending open homes and good auctions. However, attendance is slightly thinner due to the surge in listings since spring began,” Tiller explained.
He added, “The more affordable segment of the market remains active. This activity is driven by investors capitalizing on recent strong rental growth, along with first-home buyers.”
