Young family employs strategy to win auction,
A rare Wollstonecraft home sold at auction in less than six minutes for $9.1 million on Saturday.
A young family from Chatswood swooped in at the last moment to win this competitive bidding battle.
They paid nearly $1 million over the reserve price to secure one of only two homes available in the suburb.
Five bidders raised their hands for the auction at 7 Cable Street. This property featured breathtaking harbour views extending to Anzac Bridge.
Additionally, it offered almost 1,000 square metres of land, five bedrooms, and a price guide of $7.5 million.
The reserve price was set at $8.25 million, creating a competitive environment among bidders.
This auction was part of 1,167 scheduled in Sydney on that Saturday. By the evening, Domain Group reported a preliminary clearance rate of 64 percent from 688 results.
Meanwhile, 158 auctions were withdrawn, which counts as unsold properties when calculating the clearance rate.
Close to 200 interested buyers viewed the Wollstonecraft home. Bidding opened at $7 million despite one hopeful bidder’s attempt to start at $6 million.
Selling agent Peter Chauncy from McGrath noted that bids quickly rose in $250,000 increments to reach $8 million.
Afterward, the increments slowed to $100,000 and then to $50,000 as the auction progressed.
Ultimately, a last-minute move from the winning buyers allowed them to secure the keys to the property.
“It took some time to get that first bid started,” he explained. “However, a minute or two feels like forever in such situations.”
“But then the auction went quickly and concluded within five or six minutes,” he added.
“It’s a trophy home; few properties like this come to market,” he emphasized.
“All buyers were seeking a blue-ribbon address along with a substantial home on a large block of land.”
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Chauncy mentioned that the sale was emotional for the vendors. They had lived in the home for nearly 30 years.
The family decided to downsize as they now have two grown children. The house underwent extensive renovations in 2008 and 2009.
It also received a minor facelift before hitting the market. Chauncy noted that the prestige sector remains solid overall.
High-grade homes in the $5 million to $10 million range are performing particularly well. Additionally, low supply is driving strong prices in this market.
However, there is an increase in investors offloading properties. Many are selling homes priced between $1 million and $2 million because rental income isn’t covering mortgage repayments.
In another sale, a charming three-bedroom semi-detached cottage at 10 Crimson Street in Ashbury sold for $1,775,000. This “time capsule” cottage had remained in the same family for three generations.
The property had a reserve price of $1.55 million and a price guide of $1.4 million to $1.5 million. A local family from nearby suburbs purchased the property after outbidding six other parties, mostly upsizers.
This auction was a fast and intense event with a total of 35 bids placed. Co-selling agent Simon Smajo Hadzic from Ray White reported that bidding started at $1.35 million.
Bids then rose largely in increments of $50,000 and $25,000 until reaching the $1.6 million mark. After that, three bidders remained, with two parties battling for the final $100,000.
“The couple who bought it are eager to move in and renovate the home,” he said. “They were overjoyed to secure the property.”
Smajo Hadzic also noted that semi-detached homes and free-standing properties are performing well in the current market. This trend is largely driven by a lack of available stock.
PRD chief economist Dr. Diaswati Mardiasmo stated that Sydney’s market shows resilience and even vibrancy in certain areas.
She highlighted stable capital growth across the board, supported by low stock levels and strong international migration.
Additionally, she mentioned that the first home buyer market is a significant force in this landscape.
“It’s difficult to find negative growth in Sydney,” said Mardiasmo. “When first home buyers see an opportunity, they quickly act.”
“We expect to see increased activity in the upcoming months as well,” she concluded.
