Young couple pay $2m for Carlton home – and a yard for the dachshund

A young couple from Allawah outbid five other parties, paying $2,012,000 to win the keys to a renovated Federation home in Carlton on Saturday.

The auction of the three-bedroom cottage at 3 Fleet Street attracted a large crowd, including the neighbours sitting on the front veranda as six of the 10 registered bidders vied to buy the property.

Auctioneer Stuart Ritchie opened bidding at $1.6 million for the property, which had a guide of $1.7 million to $1.8 million and a reserve of $1.85 million.

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

Bids ranged from $5000 to $10,000 over a 15-minute period, with bidders at times raising their paddles simultaneously. After 40 bids, the hammer fell.

The winning bidders embraced following the result. They were upgrading from an apartment and were attracted to the turnkey nature of the property, which is a blend of original features and modern amenities. The second bathroom at the rear of the property and the small enclosed backyard were strong selling points for them.

“We have a dachshund so we wanted a yard,” said one of the new owners, who did not give her name. “The second bathroom really sold us too.

“When you walk into the house, it feels like home.”

The underbidders were all owner-occupiers.

The vendors were a family looking for a home with more space for their growing children. They described the neighbours on the tree-lined street as “fantastic”.

McGrath Brighton-Le-Sands sales agent Michael Flevaris said the current market was “unpredictable”.

While he said he understood buyer hesitation, “there are not too many opportunities to buy something like this for $2 million, which is the entry point for young couples”.

The property was among 786 scheduled to go to auction in Sydney on Saturday.

In Neutral Bay, a single mother has slashed her commute time with the purchase of a 1940s “garden apartment” for $835,000. The woman works locally but has been living in Dural.

The underbidder was a single woman using a buyer’s agent.

Bidding for the one-bedroom apartment at 2/1 Nook Avenue started at $800,000, with both registered bidders active. It had a price guide of $850,000 and an adjusted reserve of $835,000.

Raine & Horne Lower North Shore sales agent Nicolas Boot said the vendors had higher expectations earlier in the week but had bought a three-bedroom property in Chatswood, where they paid $100,000 less than they expected.

“It’s a good market to upsize in,” he said. “If you are on the buying end, you will make up any ground [lost when selling], which means a smaller mortgage.”

In Marrickville, a young couple, each still living with their parents, won the keys to a single-level cottage on Saturday, paying $1.7 million.

Two parties registered for the auction of the two-bedroom freestanding home at 25 Francis Street, with both active.

Bidding was slow to start but began at $1.6 million before rising in increments of $10,000. The property had a reserve of $1.7 million and a guide of $1.6 million to $1.7 million.

Records show the property last sold in 1984 for $13,793.

The winning couple were first home buyers, both from the north shore, attracted to the property by its proximity to Marrickville restaurants, amenities and public transport.

The underbidders were also first home buyers.

Point & Bay Property sales agent Nick Chalipilias said that while the property had improvement potential, it could be quickly updated to move into.

“These buyers will try to keep the original features, but [the house] needs some short-term work first,” he said.

In Paddington, a single-level semi sold for $2,495,000.

The property at 21 Stafford Street had seven registered bidders, with six taking part. It had a guide of $2.2 million and a reserve of $2.1 million.

Bidding for the deceased estate opened at $2 million, with offers rising in increments of $50,000 and $25,000.

When bidding reached $2.4 million, two parties battled it out before the hammer fell. Records show the property last sold in 1995 for $400,000.

The new owner is a Sydney-based man who saw the property for the first time this week. He was attracted to the potential of adding value to the two-bedroom home, even while it was still liveable. The underbidders were a mix of downsizers and young couples looking for their first home.

Sydney Sotheby’s International Realty sales agent Emily Davidson said that despite this week’s cash rate rise, the third this year, the market was holding firm.

“Buyers have remained fairly resilient in this price category,” she said. “I have had a number of good sales in recent weeks in the $2 million to $3 million range. [People in the market] have intent to buy.”