Locals win keys to $2.55m inner south California bungalow at auction

4 hours ago 3

Four bids was all it took for a young couple to win the keys to a California bungalow in Mascot for $2.55 million, meaning they can farewell their apartment.

The pair embraced as the hammer fell at the bullish auction of 28 Middlemiss Street, which was guided at $2.3 million.

The property was one of 993 scheduled to go to auction in Sydney this week.

The buyers are locals who sought more space for their growing family, agent Chris Skarlatos of The Agency said. The three-bedroom, character-filled brick property had been gently modernised and has a backyard retreat, next to a spa.

The backyard retreat at 28 Middlemiss Street.

The reserve was broken by $150,000 in fast-paced bidding by two of the four registered buyers.

There is no legal requirement for a vendor’s reserve to be in line with their property’s price guide.

A commanding opening bid of $2.48 million obliterated the $2.4 million reserve in a heartbeat and shocked onlookers.

“I thought ‘that wasn’t the plan’ because I wanted to build some emotion,” Skarlatos said.

The buyer answered confidently with $2.5 million, which was followed by a $2.52 million bid, before $2.55 million sealed the deal. The underbidders were a family from Randwick.

The vendors were relieved and excited to see their auction unfold with such enthusiasm.

“They were nervous that I was maybe being a bit ambitious, but a brick bungalow always has this effect,” Skarlatos said.

In North Sydney, parents from the North Shore purchased a $1.34 million two-bedroom apartment for their son, for when he moves out of home. The underbidder was a local investor.

The apartment at 23/166 Pacific Highway was built in 2004 and has double-height windows, several skylights, dramatic angles and the rarity of dual parking.

Four bidders registered, including a father who was there on behalf of his daughter, and two participated.

The property’s guide was $1,050,000 and the reserve was set at $1,150,000.

Bidding opened at $1.1 million and toggled between $25,000 and $10,000 increments for most of the contest.

Auctioneer Edward Riley said interest in the North Sydney market has been spurred by the Metro.

“Today’s auction showed buyers are still willing to compete when the right property comes up, despite higher inflation numbers making a rate cut this month very unlikely,” he said.

Selling agent Victoria Liu from Richardson & Wrench North Sydney said the apartment had unique character, a handy location, and bonus space.

“There’s not many properties in North Sydney with double-parking, and it has proximity to the Metro, which is very convenient.”

In Concord, a keen golfer paid $5.2 million for a property in a prestigious street, with direct access to a golf course.

She beat a local family who intended to knock down 71 Links Avenue and build a luxurious new home, agent Ben Horwood of Horwood Nolan said.

The double-brick, four-bedroom house backs onto the Concord Golf Club and includes garaging for a golf buggy.

“The vendor, who built the property 40 years ago, was thrilled with the result but even more thrilled that the home went to a fellow female golfer from the club,” Horwood said.

Under the hammer of auctioneer Damien Cooley, the home leapt the $5 million reserve by $200,000.

It was guided at $4.5 million and the bidding launched at $4.65 million. The auction ran rapidly, in $100,000 bids, until Cooley’s gavel dropped.

In Newtown, a young couple ended a four-year hunt by signing a contract for $2.29 million to a traditional balcony terrace at 31 Golden Grove.

Eight buyers registered for the auction of the three-bedroom, renovation-ready home, which was guided at $2.1 million, including a retired investor, a builder, and young families. All but one put their hand up.

The reserve for the property was $2.2 million. Steered by auctioneer Tom Panos, bidding started at $2 million and was strong until $2.2 million, at which point the contenders tightened their belts.

Agent Michael Harris of Raine & Horne Newtown said the happy buyers weren’t too hopeful of getting it.

“They’re super excited. I said to them, ‘Did you come expecting to win?’ They said, ‘no, after four years of doing this, you never expect to win’.”