‘Unique’ lower north shore three-bedder sells for $1.9m at auction

A home in Chatswood West hand-built from sandstone quarried onsite has sold for $1.908 million at auction – smashing its $1.7 million reserve, despite needing a makeover.

The three-bedroom home, at 6 River Avenue was the result of a multi-year build that began 1952, and has stayed in the same family ever since.

Marketed with a $1.5 million guide, it features an open fireplace, and mature gardens on a 569.1 square metre parcel.

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

The home in Chatswood West was hand-built from sandstone quarried onsite.Credit: Domain

There were eight registered bidders for 6 River Avenue, with three actively battling it out for the keys after bidding opened at $1.5 million. A $100,000 leap followed, kicking off a flurry of smaller bids until the home hit the reserve.

From there, two young families duelled it out in $1000 rises until the hammer fell.

Selling agent Jessica Cao, of Ray White Upper North Shore, said both families were reluctant to give up the chase, with the underbidders “slightly crushed” to miss out.

“They are originally from Europe and I think the home quite reminded them of that European heritage style,” she said.

The selling agent said the fact the house was “unique” was a selling point.Credit: Domain

“But, while we had over 100 groups through, a lot of buyers said that while it was cute, it needed too much work.

“The backyard isn’t landscaped properly either, so if anyone wants to have a flattish useable block, that is another add on … but it’s also unique and that’s why it got the interest it did.”

The vendors were two brothers.

“One of the brothers was watching the auction on Facetime as he had to work, and he literally jumped when he heard the final price it,” Cao said.

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The property was one of 1483 scheduled to go to auction in Sydney last week. By evening on Saturday, Domain Group recorded a preliminary auction clearance rate of 69.8 per cent from 880 reported results throughout the week, while 166 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.

In the Southern Highlands, the Burradoo home of influencer Phoebe Burgess sold under the hammer for $2.09 million after an inner-city Sydney family seeking a tree change nabbed the keys.

The home at 613 Moss Vale Road, features four-bedrooms, established grounds while boasting eight-foot ceilings inside, a slow-combustion fireplace and multiple living zones.

On Saturday, two determined families battled it out after bidding opened at $1.9 million, which was the listed price guide. The duo traded fast bids until the home sold under the hammer for bang on the $2.09 million reserve.

Erica Chapman, of Atlas Southern Highlands and South Coast said the two bidders had fallen completely in love with the home, both appreciating the rare almost two acre offering in the heart of Burradoo.

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“The buyers were looking for a tree change … they chose the area for the schools and the home just married up with their needs,” she said.

The auction took 15 minutes from start to finish, Chapman said the result was indicative of a buoyant spring market.

Closer to the coast, a two-bedroom, two-bathroom brick cottage in Monterey sold for $2.457 million after a man in his 20s outmuscled three other bidders to clinch the keys.

The property at 1 Jones Avenue features an open fireplace, a balcony and a 505.9 square metre land parcel. The home was marketed with a price guide of $2.4 million guide, with an initial reserve of $2.5 million.

However on the day the owner – who had lived there for 50 years – advised she was happy to let it go at $2.45 million.

Bidding opened at $2 million and climbed in sluggish $50,000 increments before slowing down to $10,000 rises. At the $2.3 million mark it a two-horse race with the underbidder – a builder – and the eventual buyer going head-to-head for the final $100,000.

Selling agent Frank Mazor, of LJ Hooker Brighton Le Sands, said the young man had missed out at a couple of recent auctions, and now planned to rent the home out before eventually moving in himself.

“He was there with his dad and he gave him a big hug when the gavel came down,” Mazor said.

AMP chief economist, Dr Shane Oliver, said while Sydney’s market remained more buoyant than this time last year, the delayed prospect of a rate cut was dampening sentiment.

“Clearance rates are still solid, we’ve been gradually slowing down to below 70 per cent over recent weeks and this tells us the market has slowed,” Oliver said.

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