‘Box ticking’ lower north shore home sells to couple for $9.8m

An older couple from the eastern suburbs made a single bid to win a “box ticking” home in Cremorne Point, paying $9,840,000 at auction on Saturday.

More than 30 people gathered in the garden of 24 Hodgson Avenue as Atlas auctioneer Peter Kakos accepted an opening bid of $8.5 million from one of five registered bidders.

Two bidders set the pace at $250,000 increments, and then $100,000 bids until Kakos declared it on the market at $9,550,000. The guide for the renovated Federation home was $9.5 million, the same as the reserve.

When the price reached $9,770,000, a new bidder entered until, four bids later, the auction ended with another new bidder raising the paddle just once to secure the property at $9,840,000.

The property was one of 1326 scheduled to go to auction in Sydney this week. By evening, Domain Group recorded a preliminary auction clearance rate of 58 per cent from 828 reported results throughout the week, while 237 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.

A family with school-aged children missed out. The winning bidders were returning to the north shore after living in the eastern suburbs for some time.

The vendors were a family looking to upgrade in the area. Data shows the property last sold in 2015 for $4,710,000.

Kakos said the appeal of the five-bedroom home, redesigned by Corben Architects, was “it’s all done for you”.

The house features an open-plan living, dining space and kitchen with butler’s pantry flowing onto an outdoor kitchen and level yard with pool.

Four bedrooms are on the upper floor, including two master bedrooms, and a fifth bedroom or office on the ground floor. There is a wine cellar in the basement.

Sales agent Michael Coombs of Atlas Lower North Shore said auction conditions reflected a “fair market” with less competition for buyers.

“The interest rate [increase] has had a ripple effect, but our buyer inquiries are up 30 per cent right now.”

In Enmore, one bidder showed up for the auction of 96 Simmons Street, placing a bid of $1 million.

The one-bedroom terrace had a guide and reserve of $1.1 million. The vendor, an investor, put in a bid of $1,025,000. Thebidder then offered a further $5000. After further negotiation, the property sold for $1,060,000.

The successful bidder was a local with plans to upgrade the property to live in it.

Sales agent for Wiseberry Enmore David Cradock said that while the home was convenient to popular spots such as King Street and Enmore Road, buyers were reluctant to commit to properties that required significant renovation.

“It needed a lot of work ,” he said.

The joy of inner-city life was also the motivation for a young lawyer who was the successful bidder for a one-bedroom apartment in an art deco building in Darlinghurst, paying $877,000.

The 51-square-metre apartment at 8/235 Darlinghurst Road was the second to sell in the building, with a 66sqm one-bedroom apartment at 9/235 Darlinghurst Road going under the hammer earlier in the day for $1.2 million. Both homes were offered by the same vendor as part of a deceased estate.

Ray White Touma Taylor sales agent Amber Riethmuller, who had both listings, said some bidders registered for both properties. The smaller apartment (8/235) attracted seven registered bidders, with five active, and had a reserve of $750,000, which was the same as the guide.

At 9/235, all three registered bidders were active, and the reserve was $950,000. The guide was $1 million.

“We ran [the auctions] back to back, and we had a couple of people register for both, although the successful bidders were separate buyers,” Riethmuller said. “It was very competitive.”

Bidding for 8/235 started at $780,000, with increments starting at $20,000, then $10,000 bids and finally $5000 bids. At 9/235, bidding opened at $1.1 million, with increments of $25,000 dropping back to $10,000 and then $5000.

The winning bidders for the larger apartment (9/235) were a downsizing couple.

“The market for sub-$1.5 million properties seems to be performing quite well, but above the $2 million to $2.5 million mark, there is hesitation from buyers,” Riethmuller said.

In East Killara, a 1970s four-bedroom home was sold to a young couple for $2.67 million.

Four bidders registered to bid for the home at 5 Colette Place, with two active. The property had a reserve of $2.55 million and guide of $2.35 million. Bidding opened at the guide.

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

Ray White Upper North Shore agent Jessica Cao said the underbidders, a young family, were “heartbroken”.

“The [winning bidders] live near Sydney Airport, and they love the tranquillity,” she said.

The vendors were downsizers.