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A woman represented by her father paid $4,815,000 for a four-bedroom house in Glebe, outbidding five others, mostly families, at auction on Saturday.
The home at 405 Glebe Point Road had ornate ceilings, a romantic vine canopy in the courtyard and a highly desired backyard for the buyer who has dogs.
Five out of six registered parties made offers on the property with an initial guide of $4 million which was later lifted to $4.3 million. Most were families looking to upsize from smaller houses. Bidding opened at $3.8 million in $50,000 increments until it reached its $4.3 million reserve, then smaller bids were made until it sold.
Ray White’s Matthew Carvalho said, “It was one of those sorts of houses in Glebe that don’t come up very often at that scale… it had a lot of beautiful character and period features.
“The Sydney Film Festival used to own it 25-odd years ago, and it was their headquarters,” he said, which is why the vendors named it Festival House.
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“Glebe still, I believe, looks like good value compared to, you know, your Paddington, Woollahra and so forth,” he said.
The buyer is from the lower north shore. The vendor is downsizing to travel.
The house last traded for $1.17 million in 2003, records show.
The property was one of 1572 scheduled auctions in Sydney last week. By Saturday evening, Domain Group recorded a preliminary auction clearance rate of 67.1 per cent from 994 reported results, while 218 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
In Coogee, a two-bedroom unit with glorious ocean views, but in need of a facelift, sold for $55,000 more at auction than the $2 million offer it received two weeks into the campaign.
On the first floor of a boutique block, the 70 square-metre apartment at 10/251-261 Oberon Street had an initial guide of $1.7 million that was increased twice to $1.8 million and $2 million, based on offers from the same couple.
Two investors who weren’t willing to overly compete turned up and registered. An initial bid of $1.8 million opened the auction by one, then with neither making another offer a vendor bid of $2,050,000 was placed. The other investor then offered $5000 on top. The reserve of $2.1 million was adjusted to sell and the property sold for $2,055,000. The couple who had made offers before auction had purchased elsewhere in Coogee.
Selling agent Steven Henderson from Raine & Horne Double Bay said, “It was a good price, but the unit was run down… you’d want to do a reno on it.
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“We’ve sold a few rundown properties lately, and it seems to me that there’s definitely a lot of interest there, despite obviously building costs and timing. You’ve still got buyers there that see the potential in adding their own value to property.”
The buyer is an investor from Coogee. The vendor is from the eastern suburbs and always kept it as an investment property.
The unit last traded for $390,000 in 1997, records show.
PRD’s chief economist Dr Diaswati Mardiasmo said Domain’s clearance rate of 67.1 per cent was “probably one of the lower figures we’ve spoken about Sydney for this year.”
“It’s not surprising that the combination between a steady cash rate and a very high price point is definitely, you know, slowing down conversion rates,” she said.
Mardiasmo added that many people were starting to prepare for the year-end of trading. “I think, November auction clearance rate is always so interesting because the market almost depends on who’s still around.”
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