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A first home buyer couple from Leichhardt paid $1.62 million at auction on Saturday for an Art Deco apartment in Dulwich Hill, outbidding other first home buyers.
The two-bedroom property at 3/375 New Canterbury Road was guided at $1.3 million and had a reserve of $1.43 million. There is no legal requirement for a vendor’s reserve to be in line with their property’s price guide.
The top-floor unit is located in an Art Deco block of four, which lead agent Daniel Josevski of Adrian William Real Estate said was scarce in the area. There are stained-glass windows, decorative archways, skylights, engineered oak floors, a sunroom and separate study area.
A first home buyer couple from Leichhardt paid $1.62 million at auction on Saturday for an apartment in this Art Deco block Dulwich Hill.Credit: Domain
Of seven registered bidders, three took part. Bidding opened at $1.45 million and rose predominantly in increments of $10,000 and $20,000.
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The property was one of 731 scheduled to go to auction in Sydney on Saturday.
The buyers were renting in Leichhardt and outbid others from the inner west who were searching for a two-bedroom unit.
Josevski said part of the appeal was the large internal floor space over 100 square metres that made the unit “almost feel like a home”.
The vendor couple – a fashion designer and hospitality entrepreneur – are upsizing to a house in the area. Records show the unit last sold for $841,000 in 2020.
Josevski had a positive outlook for the spring selling season with many more listings to his name.
In Penrith, an investor paid $3.99 million at auction for a block of eight units that are currently tenanted and will continue to be rented out.
The red brick apartment block, with 16 bedrooms in total, at 25 Castlereagh Street went to auction without a guide and had a reserve of $3.8 million. Interiors are described as well maintained on the listing and there is a carport at the rear.
There were seven registered bidders and four took part. Bidding opened at $3.4 million and rose in varying increments.
The underbidder was an investor who had a buyer’s agent act on their behalf.
Ray White United Group’s Peter Diamantidis said that while Penrith was not typically an “auction-based area”, results have been strong. The clearance rate for the area this year is at 100 per cent.
He said there was a lot of first home buyer interest in Penrith due to the lower price point, in comparison to other regions closer to Sydney’s CBD.
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