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A fresh renovation of a one-bedroom apartment in Cremorne lifted the sale price for the vendors by $400,000 to $1.25 million compared to a $850,000 offer late last year in its original condition.
The one-bedroom turnkey apartment at 501/221 Ben Boyd Road has panoramic views of Middle Harbour and a parking spot.
Six buyers registered, and four actively bid for the Sydney pad guided at $1,050,000. Bidding opened at $1 million, jumped to $1.15 million, then rose in $10,000 strides above its $1,155,000 reserve until it sold under the hammer for $1.25 million.
There is no legal requirement for a vendor’s reserve to be in line with their property’s price guide.
Selling agent Nicholas Boot from Raine & Horne Lower North Shore said, “It was beautiful. It really, it really does pay for itself, the renovation. So it’s one of those ones, should you renovate or not? Like it’s a classic example of ‘Yes you should’,” he said.
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“My rationale was that you’ve got a premium product, as in a big one-bedroom apartment in a very good area,” he said. Boot said renovation costs were about the $110,000 mark.
The buyers are a downsizing couple relocating to Sydney from Cairns. The vendors have owned the property for 45 years.
The property was one of 1153 scheduled to go to auction in Sydney last week. By Saturday evening, Domain Group recorded a preliminary auction clearance rate of 73.8 per cent from 721 reported results throughout the week, while 142 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
In Sydney’s south a four-bedroom home at 122 Millett Street in Hurstville sold for $465,000 above its $2.4 million reserve for $2,865,000.
Eighteen people registered and eight actively bid on the single-level brick house with duplex potential.
Bidding opened below its guided range of $2.2 million to $2.4 million at $1.8 million. Bids in increments of $100,000, $50,000, $10,000 and $5000 were placed until it sold.
Auctioneer James Hurley from Under the Hammer said, “that is a huge result to the area, and it was something that, I guess, kind of gobsmacked us as well, given, obviously, the level of inquiry, the level of intensity of bidding, you know, with most of the buyers obviously indicating they’re comfortable within our range.”
Ray White’s Allen Yan said buyers were a mix of downsizers, owner occupiers and developers. “It’s a big piece of land in the suburb, wide frontage, potentially duplex in the future,” he said.
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Both the downsizing buyer and the upsizing vendor are from Hurstville.
Yan said Hurstville “is very convenient. It has a very good school, train station, [and] Westfield.”
“There’s still plenty of buyers on the market looking to buy something,” he said, adding that there are more than 10 buyers at each inspection in his area.
The house last traded for $1.8 million in 2020, records show.
In Alexandria, a classic freestanding house at 47 Buckland Street sold for $2.96 million under the hammer. Guided at $2.2 million, the three-bedroom home was on offer for the first time in 100 years.
Ten registered and five were active, all were owner occupiers looking to renovate.
Bidding opened at $2 million and was hotly contested with $100,000, $50,000, $25,000 and $10,000 bids driving the price higher until it sold for $460,000 above its $2.5 million reserve.
Selling agent Brad Gillespie from The Agency said buyers were drawn to the potential of the place. “The frontage was 9.5 metres, if you include the house and garage. So it’s just a unique proposition,” he said.
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“We had three auctions in Alexandria today. All sold very well, so the sentiment’s strong in the market for spring.”
The buyer was from Hornsby. The vendor was a deceased estate.
Chief economist at AMP, Dr Shane Oliver said Domain’s clearance rate of 73.8 per cent is “another strong result.”
Oliver said “we’re certainly stronger than we were a year ago.”
“A year ago, the high interest rates were weighing the market down. Now rates are still high, but they’ve started to come down.”
“There’s an ongoing shortage of housing in Australia and Sydney. That’s bumping up against strong demand. And obviously, when you got strong demand, prices go up. And at the moment, it’s hard to see what’s going to derail that. So I suspect that the clearances are going to remain pretty solid going into October, when the selling season really hots up.”
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