Source : the age
A first home buyer couple who combined forces with one buyer’s mother paid $3.15 million for a Cammeray home at auction on Saturday.
The stylish three-bedroom family home at 9 Colin Street features a central courtyard garden and light well, plus a rear garden, and will house three generations.
The property was one of 726 scheduled to go to auction in Sydney last week. By Saturday evening, Domain had recorded a preliminary auction clearance rate of 57 per cent from 425 reported results throughout the week, while 131 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
Five parties registered to bid for the Cammeray home and four took part. Most were upsizers from nearby areas.
Bidding opened at $2.8 million and rose in increments of $50,000 and $25,000.
After 11 bids, the hotly contested home sold under the hammer for $150,000 above its $3 million guide and $50,000 above its $3.1 million reserve.
There is no legal requirement for a vendor’s reserve to be in line with their property’s price guide.
Selling agent Nicolas Boot, of Raine & Horne Lower North Shore, said the mother is “selling her property so that she can help her family.”
“Prices of property are so high that parents are doing whatever they can to help their kids … to get into the market,” Boot said.
Auctioneer Ed Riley said that while listing volumes remained tight, the result indicated that well-positioned properties attract “real depth”.
“We’ve had a number of strong auction results recently where genuine competition has translated into very good outcomes for vendors,” Riley said.
The deceased estate last traded for $750,000 in 2000, records show.
In Kensington, a one-bedder with parking guided at $800,000 drew five registrations.
Interest for the apartment at 3/10-14 Duke Street came from a mix of first home buyers and investors.
Three parties took part, with bidding opening at $800,000 and rising in increments of $10,000, $5000, $3000, $2000 and $1000. After 28 bids, the unit sold for $51,000 above its $810,000 reserve at $861,000.
The winning buyer was a first home buyer from Dover Heights who will rent it out for the first year.
Selling agent Charles Stevens, of McGrath Coogee, said the original guide was $775,000 but was lifted to $800,000 three weeks into the campaign.
“There’s definitely a lack of stock,” Stevens said. “If you have the right strategy in place, and you price the property correctly, you’ll get the result.”
The vendor was an investor. The unit last traded for $735,000 in 2016, records show.
