East Lindfield home saved from possible demolition with $3.85m bid

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A young family who are renting in Lindfield paid $3.85 million at auction on Saturday for a double-brick home in the neighbouring suburb of East Lindfield.

The five-bedroom property on more than 1000 square metres at 101 Wellington Road was guided at $3.6 million and had a reserve of $3.7 million. There is no legal requirement for a vendor’s reserve to be in line with their property’s price guide.

The single-level abode has a rear yard and workshop. Interior features include high ceilings, timber-framed windows and a retro-style kitchen.

There were four registered bidders and all took part. Bidding opened at $3.5 million and rose in varying increments. The buyer, a young family from Lindfield who intend to live in the property and renovate the kitchen and bathrooms, outbid a local developer who planned to do a knock-down, rebuild.

The property was one of 884 scheduled to go to auction in Sydney on Saturday.

A living room in the East Lindfield home that sold for $3.85 million at auction on Saturday.

Ray White Upper North Shore’s Jessica Cao said the appeal was the block size and flat-level backyard.

She described East Lindfield as having a “younger demographic” than Lindfield due to the school catchment zone and greater number of newer builds. Cao said there is no conservation overlay in East Lindfield, allowing for a knock-down and rebuild.

The buyers will live in the property and renovate the kitchen and bathrooms.

The median house price for East Lindfield is $4,235,000 on Domain data, compared with $3,695,000 for Lindfield.

In Miranda, a downsizer from the Sutherland Shire paid $1,252,000 at auction for a three-bedroom, penthouse-style apartment.

The two-storey property at 50/23-29 Willock Avenue was guided at $995,000 and had a reserve of $1.1 million. It has several balconies and a three-car garage.

There were 11 registered bidders and three took part. Bidding opened at $800,000, rose in increments of $100,000 and then varied.

The buyer outbid upsizers, downsizers and first home buyers from the Sutherland Shire.

Pulse Property Agents’ Luke Lombardi said the appeal was the three-car garage and proximity to soccer fields and Westfield Miranda.

Lombardi said he’s seen more activity in the market, particularly for units, with the expansion of the First Home Guarantee.

From October, first home buyers on any income can use the guarantee and purchase with a low, 5 per cent deposit. The property price will be increased to $1.5 million in Sydney and the number of places will be uncapped.

In Five Dock, a young family from Croydon Park paid $3.48 million at auction for a brick home with dual street frontage. Their children attend school in Five Dock.

The three-bedroom, single-level house at 47 Henry Street was guided at $2.8 million and had a reserve of $2.9 million.

The property is on a corner block near Five Dock shops and the Bay Run. It has a solid timber kitchen with a granite breakfast bar as well as an outdoor entertainment area.

Of five registered bidders, four took part. Bidding opened at $2.5 million and rose in varying increments.

The buyers outbid a couple who were downsizing. They were drawn to the property as their daughter lives on the street.

Raine & Horne Five Dock and Drummoyne’s Sam Varrica said inquiry levels had significantly increased over the past two months, with greater confidence and energy in the market. Like Lombardi, he referenced the First Home Guarantee and said first home buyers have more urgency to purchase.

“People are wanting to buy, and they’re not hesitating. However, in general, we were expecting to have eight or nine registered bidders today, but three had purchased earlier this week.”