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A charming two-storey, four-bedroom home with manicured gardens and a swimming pool in Mosman sold for $5.3 million at auction on Saturday.
The turnkey property with stunning period features at 14 Erith Street was guided at $4.8 million.
Five young families registered and three were active in the ring, mostly from the lower north shore.
Bidding opened at $4 million and went up in $100,000 and $50,000 bids. There was an intensity in the bidding that took off from the beginning and carried through past the $4.85 million reserve until the hammer dropped at $5.3 million. There is no legal requirement for a vendor’s reserve to be in line with their property’s price guide.
Selling agent Stefon Bertram from Pello Lower North Shore said, “there was some good passion in it”.
Bertram said the auction experience of seeing the competition and crowd made buyers feel comfortable.
“When you’re at the coalface and you need a family home, I think the social proof of being able to see other like-minded families competing for something quality, it gives you the security to keep bidding,” he said.
The winning bid was made by expats represented by a buyer’s agent. The house last traded for $3.41 million in 2019, records show.
Auctioneer Ed Riley said the auction “was a powerful reminder that quality homes still cut through, regardless of the broader negative narrative”.
The property was one of 832 scheduled auctions in Sydney last week. By Saturday evening, Domain Group recorded a preliminary auction clearance rate of 55 per cent from 478 reported results, while 172 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
In Ashfield, a dated two-bedroom duplex with a guide of $1.56 million sold for $1,753,000.
The home at 151 Queen Street had access from two streets via the front concreted courtyard and rear driveway.
Six parties registered and five actively bid before a crowd of about 40 people. It took a while before an opening bid of $1.4 million kicked off the auction, but then it flowed back and forth in rises of $50,000, $20,000 and $10,000.
The eventual buyer placed one bid during the auction and it was a final $8000 bid through a buyer’s agent that secured the keys. The semi went for $153,000 above its $1.6 million reserve.
Selling agent Marco Errichiello from Rich & Oliva said: “It didn’t offer any redevelopment opportunity because it was a semi. It’s half a home.”
Errichiello said if someone wanted to renovate, the dual street access would make it easier for trades.
“If it’s affordable, livable and has good transport options, if you cover those three points, the market is strong,” he said.
The vendor is moving to aged care. The buyer is a first home buyer from Five Dock.
In Marsfield, a double-storey, three-bedroom townhouse with a courtyard guided at $1 million drew five registrations.
The townhouse at 24/3 Trafalgar Place piqued the interest of investors, downsizers and young families before a crowd of 50 from the surrounding community.
Bidding opened at $850,000 with three parties trading offers. Bids ranged from $50,000 to $1000 increments until it sold under the hammer for $82,000 above its $1,020,000 reserve for $1,102,000.
Selling agent Andy Lin from Uniland Real Estate said: “They came here for the Marsfield location, close to Macquarie shopping centre and the schools.”
Lin said an important difference between townhouses and apartments is lower strata fees. He said apartment buildings usually have higher maintenance fees.
“Townhouse, overall, you have two levels, a little bit [of] backyard and lower strata fees, very important.”
The buyer is a family from Epping. The vendor is moving overseas.
The townhouse last traded for $899,000 in 2015, records show.
AMP’s chief economist Dr Shane Oliver said Domain’s clearance rate of 55 per cent for Sydney is “still fairly soft.”
“We’re now sort of pushing down into the low 50s. So we’ve seen quite a sharp downswing in the clearance rates. A year ago, on the Domain numbers, they were at 62 per cent and then it sort of rose, and then now it’s come back down again,” he said.
“So, quite clearly, the rise in interest rates, the uncertainty around the war, poor affordability, all these things are just weighing on buyer demand.
“In the absence of interest rate cuts, it’s hard to see the property market picking up much from here. So I think the more likely scenario is that it continues to soften under the weight of high and rising interest rates, poor affordability and uncertainty as to when we will get back to normal regarding fuel supplies.
“We’re also coming into winter, which is often a softer time.”
