Retro knockdown in Ryde sells for $2.59m at auction

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A retro knockdown in Ryde will become the site of a dream home after fetching $2,591,000 under the hammer.

All five registered bidders at 30 Dorothy Street intended to replace the antiquated four-bedder with a new build, said agent Cameron Nicholls of Nicholls & Co Estate Agents.

“The buyer will be speaking with their architect to design a new home,” Nicholls said. “It’s quite an old dwelling which didn’t have the sort of bones or the floor plan to try to renovate.”

With shaggy carpet, built-in dressing tables and a pink bathroom, the property on a peaceful street and a block of about 594 square metres had the hallmarks of decades past.

The property on a peaceful street had the hallmarks of decades past.

The property was one of 812 scheduled to go to auction in Sydney this week.

The buyer, an owner-occupier, launched the auction at $2.26 million, just above the campaign guide of $2.25 million. However, others were playing their cards close to their chests.

Nicholls paused, at $2.28 million, to confer with his vendors. Bidders were advised that the property would be passed in if the momentum didn’t pick up, and the three active bidders gave it their best shot from then on.

Bidding rolled in $20,000, $10,000 and $5000 rises before the gavel dropped at a figure that was $91,000 above the reserve of $2.5 million.

The auction at 30 Dorothy Street, with auctioneer Charlie Powell of Apollo Auctions.

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

“The communication to the registered bidders was that currently there’s only five people competing, but if we kick this into a private treaty campaign next week, I wouldn’t be surprised if we were presented with 10 to 15 offers,” Nicholls said.

A pink bathroom is a feature of 30 Dorothy Street, but the home is set to be knocked down to make way for a new build.

“That bit of dialogue was enough to spur on the bidders to stop moving slowly and make it known if they were here to buy.”

In St Marys, a double-storey brick home skipped past its $2 million reserve, selling for $2,005,000.

The four-bedroom property on 1208 square metres at 66 Australia Street was bought by an investor, who will lease it out and beat another investor to the keys.

Guidance during the campaign, based on feedback, had begun at $1.6 million and rose to $1.9 million.

Bidding opened at $1.8 million, which agent Peter Diamantidis of Ray White United Group said had knocked out three of the five registered bidders.

Confident bids of $50,000 were traded, and the buyer – a son acting for his father, from the northern beaches – tipped in a final $5000 to leave his rival behind.

“They said, ‘We might be paying a bit more now, but we know in 12 months’ time we would be buying it for a lot more’,” Diamantidis said.

“I call it the golden mile – it’s one of the best streets in St Marys.”

In Newtown, a first home buyer relocating from Melbourne signed the contract to an updated, two-bedroom brick apartment with a lock-up garage for $1,181,000, against a $1.1 million reserve.

Four of the five registered bidders were first home buyers. The single investor was the underbidder for the property at 1/344-348 Edgeware Road.

Bidding among three active parties opened at $950,000 – which was $25,000 shy of the price guide of $975,000 – and climbed in $25,000 and $10,000 increments.

At the end, a bid of $1000 was enough to prevail.

Agent Adrian Vassallo of Stone Real Estate Newtown said the buyer had been searching for 18 months.

“Apartments in older buildings with lock-up garages tend to be very popular, particularly when they have low strata fees,” he said.

Auctioneer Edward Riley said the result was indicative of buyer enthusiasm, spurred by the Australian government’s 5 per cent deposit scheme and speculation of a rate cut in November.

“It’s clear that sentiment has shifted, with many buyers eager to get in before conditions potentially improve further,” Riley said.

In Blakehurst, a family-sized home was contested by two registered bidders and bought by a recently married couple aged in their 20s, for $3,347,000.

The reserve of $3.3 million was in line with the initial price guide for the property at 25 East Street. The guide was adjusted to $3 million during the campaign.

The five-bedroom house on 809 square metres comes with a saltwater pool, outdoor kitchen and soaring glass entry.

“The open-plan living leads out onto a really nice entertaining area which, for this market, is important,” said agent Aaron Bird of McGrath St George.

The auction began with a $3 million vendor bid, followed by a $25,000 bid, and Bird said the conservative pace quickened when the auctioneer declared the home was on the market.

A middle-aged couple were the underbidders.