‘Loved for years’: Two brothers sell inner-city family home for $2.7 million

A young couple have secured their access to next year’s Sydney Gay and Lesbian Mardi Gras, paying $2,730,000 on Saturday for a three-storey, three-bedroom terrace just minutes from the main route for the parade in Darlinghurst.

The end terrace at 219 Bourke Street was being offered for the first time in more than 30 years. It last sold in 1993 for $128,000.

More than 30 people stood on the street – steering clear of the busy bike lane – to watch seven registered bidders slug it out for the keys.

This followed a two-week campaign, run by lead agent Maclay Longhurst, that was brought forward due to strong interest.

The property was one of 1489 scheduled to go to auction in Sydney this week. By evening, Domain Group recorded a preliminary auction clearance rate of 65.0 per cent from 939 reported results throughout the week, while 231 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.

With a price guide of $2,350,000 and a reserve of $2.5 million, bidding started slowly at $2.3 million. Auctioneer Daniel Carter from Cooley Auctions quipped that the silence highlighted the quiet nature of the street, despite its central locale.

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

Four bidders were active, with initial increments alternating between $50,000 and $100,000 before stalling for several minutes at $2.7 million while agents for Sotheby’s International Realty took advice from the vendors, two brothers selling their family home.

The winning couple, who had a parent bid on their behalf, were sold on the quality of the workmanship of the renovated 1890s terrace and rooftop garden.

“It’s old and beautiful and has lots of character,” the bidder’s son said. “You can tell it has been taken care of.”

The young man’s partner was also delighted. “You can see it has been loved for years,” she said.

On the northern beaches, a first home buyer bought a two-bedroom, street-level apartment in Fairlight for $1,785,000.

The price guide of the property at 7/33 Fairlight Crescent was $1.75 million, while the reserve was $1.8 million. The property is part of a block with a 995-year leasehold.

The vendors were three siblings selling on their mother’s behalf. Bidding opened with a vendor bid of $1.75 million. There were two registered bidders.

Sales agent for Cunninghams Real Estate, Georgi Bates, said buyers were taking their time at the moment.

“There are quite a few properties on the market and buyers are picky,” she said. “This one would have had more buyers, but it’s leasehold, so there are challenges.”

An interstate move prompted a family from Queensland to buy a four-bedroom home in Hornsby Heights, with the property going under the hammer for $2,131,000.

The single-level home at 27 Montview Parade had a guide of $1.8 million. The reserve was set at $2 million.

Eight bidders registered for the property which has no garage but ample parking, with five actively bidding. Bidding opened at $1.7 million.

Belle Property Upper North Shore sales agent, Sally Dodd, said the home was beautifully presented by the vendor, who was Dodd’s former property stylist, but still within reach of local buyers.

“[The vendor] totally styled it according to the character of the home and in a way that would appeal to Hornsby buyers,” she said.

“We’re not Mosman or Neutral Bay – the record price here is $3.1 million and the average is $1.7 million.”

The successful bidders were attracted by the presentation of the home and the space afforded their caravan, Dodd said.

“It’s been beautifully renovated and there is nothing to do.”

The recent interest rate increase had affected buyer confidence in the area, as had rising building costs, she said.

“Buyers are a lot more cautious. If a property has major objections, such as being on a sloping block, or it is in need of major renovations, it’s more challenging to sell.”

In Cronulla, a four-bedroom house, with one in a lofted space, sold for $3.6 million to a local couple.

The reserve for 10 Portsmouth Street was $3,585,000, while the price guide was $3.3 million to $3.4 million

Six people registered to bid, with three active after the opening bid of $3.4 million.

The successful bidders were a young couple who planned to move into the house before considering a renovation.

“They’re a young couple from Burraneer who have been living in Cronulla and have fallen in love with the lifestyle,” said Gibson Partners sales agent, Ivan Lampret.

“The underbidders were an older couple looking for something on a single level where they could walk to everything Cronulla has to offer.” The vendor is moving into aged care.