‘Solidly built’: Downsizers make bold bids to secure $3.58m upper north shore home

A downsizing couple from the next suburb over paid $3.58 million for a single-level 1930s Lindfield bungalow, being offered for the first time in over 60 years, at auction on Saturday.

Auctioneer Jason Keen took an opening bid of $3.2 million on the four-bedroom brick home at 104 Bent Street. The vendor is moving into a nursing home.

While four bidders registered and three were active, it quickly came down to two parties, with the underbidders placing $1000 bids and the successful bidders making larger bids of $4000 or $9000.

Bidding stalled briefly at $3.5 million while the auctioneer consulted the vendor and her family, and after a short negotiation, the lead bidder offered a further $80,000.

The guide for the property was $3.3 million and the reserve was $3.58 million. There is no legal requirement for a vendor’s reserve to be in line with their property’s price guide.

The new owners, who didn’t provide their name, said they were attracted by the garden’s north-easterly aspect and the “solidly built” house.

The property was one of 1895 scheduled to go to auction in Sydney this week. By evening, Domain Group recorded a preliminary auction clearance rate of 55 per cent from 1164 reported results throughout the week, while 369 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.

Ray White Upper North Shore sales agent Jessica Cao said six to eight bidders were expected, but only half that number showed up.

“It’s still pretty healthy, but the market has definitely cooled.”

In Russell Lea, two businessmen who saw the property for the first time on Friday night were the successful bidders at 24 Clare Crescent, paying $3,015,000 for the unrenovated four-bedroom house.

Bidding opened at $2.5 million for the property, which was on the market for the first time in more than 50 years. It had a guide of $2.8 million and a reserve of $3 million.

There were four bidders and all were active. Bids started with increments of $100,000 before quickly dropping back to $50,000, then $20,000 and finally $10,000.

Sales agent for Horwood Nolan Ben Horwood said $3 million was the “dream price” for the vendors, two sisters who had grown up in the house and acting on behalf of the family.

“They are ecstatic with the result.”

The successful bidders plan to demolish the house and build a luxury home with basement car park. The underbidders were a young couple who planned to renovate the 1930s bungalow.

Horwood said while there was uncertainty in the market right now, for some buyers it represented an opportunity to purchase at a competitive price.

“There are a lot of very hesitant people, but these [buyers] are experienced property people and they came in confidently, and they bought for a very fair price.”

Further south, a Caringbah family with dreams of living closer to the beach paid $4.3 million for a house in Cronulla.

While the auctioneer called for bids of $4 million, offers for the two-storey, five-bedroom residence at 1 Iluka Place opened at $3.95 million, then rose in increments of $10,000 and $5000.

The property had a guide of $4.1 million to $4.5 million and a reserve of $4.3 million.

The Property Group agent Ian Gray said the asking price was based on an understanding the property needed upgrades. It was originally built in the 1960s and was last renovated in the ’90s.

The house on a 916-square-metre block came with a pool and manicured gardens. It was marketed as having “a fresh Hamptons aesthetic”.

All three registered parties made bids, hoping to buy before selling their own properties. They were all also local families seeking the lifestyle benefits that its location on the peninsula of South Cronulla offered.

Gray said recent market uncertainty had swayed the underbidder to pull out.

“The underbidder said, with the way the market was selling, he would have to sell [his own property] afterwards and his place was potentially going down [in value].

“Buyers are now speculating on what they will get for their own homes.”

In Rushcutters Bay, five registered parties battled for a two-bedroom, 51sqm apartment with balcony in an art deco building. It sold for $1,167,000.

Bidding at 16/67 Bayswater Road opened at $1,017,000 and rose in increments of $2000 and $1000 before a buyer’s agent acting on behalf of a local first home buyer sealed the deal after 28 bids. The underbidder was a first homebuyer with pets.

The deceased estate had a guide of $1 million and reserve of $1.1 million.

BresicWhitney agent Nuri Shik said the apartment’s aspect, location and aesthetic appealed to buyers.

“Any property that ticks the boxes – with high ceilings, timber floors, character and a sunny-aspect balcony – [will do well].”