Source : the age
A young couple paid $2.5 million for a freestanding four-bedroom house in Roseville on Saturday, increasing their sole bid to secure the keys.
The home at 68 Boundary Street had a reserve of $2.6 million and was marketed with a guide of $2.45 million.
There is no legal requirement for a vendor’s reserve to be in line with their property’s price guide.
Four registered parties attended the morning sale, but after the young couple placed an opening bid of $2.45 million, the three other parties stepped back.
After conferring with the vendor, Ray White agent Jessica Cao adjusted the reserve to $2.5 million.
She then encouraged the couple to raise their bid, declaring the property on the market after they offered $2.5 million. No other bids came forth.
The successful bidders, from the Hills District, were looking to upsize to a property with easier access to the city, where they both work. The other registered bidders were all owner-occupiers.
The vendors, a couple with three teenagers, are upsizing to another property in the area after living in the home for 20 years.
The property was one of 603 scheduled to go to auction in Sydney this week.
Cao said she had received a strong inquiry from young families, attracted by the home’s backyard pool, proximity to Chatswood and position within the catchment zones of two well-regarded high schools.
Five parties were registered, but three decided not to participate on the day, leaving auctioneer Edward Riley to coax bids from the two who remained.
Bidding began at $3.5 million, rising in $50,000 increments until the reserve was met, and the home was declared on the market.
After two further bids, the price reached $3.9 million, followed by a last-gasp offer of $3.92 million from one party. The other party countered at $3.95 million and the hammer fell.
The purchaser, a young professional, was travelling interstate and had his parents bid on his behalf.
The underbidders, a couple with two children, had been hoping to upsize from their home in North Sydney.
The vendors, also a couple with children, are making a lifestyle move to the northern beaches.
Victoria Liu, an agent at Stone Crows Nest, said the property’s backyard, with hot tub and heated pergola, and its location 200 metres from the railway station had been big draws for the registered bidders.
She said the result proved that well-maintained homes in tightly held suburbs could still achieve good prices in a softer market.
“We’ve run 16 auctions in this area over the past two months and every home has sold. In Waverton, in particular, demand still exceeds supply.”
In Camperdown, a two-bedroom warehouse-conversion apartment sold for $846,000 after rapid-fire bidding.
The apartment at 220/1 Missenden Road had a reserve of $800,000 and was marketed with a guide of $750,000.
Five bidders registered, attracted by the apartment’s generous proportions and the building’s shared amenities, which include a pool and gym.
Bidding opened at $750,000, rising swiftly in $10,000 increments until it reached $800,000 and the property was declared on the market.
By the time the price reached $830,000, three of the registered parties had stepped back, leaving two bidders to battle it out in increments of $1000 and, finally, $500.
The purchasers, a young couple with school-aged daughter, are first home buyers.
The four other registered parties were all owner occupiers. The underbidders were a young professional couple.
“They were all familiar with the area, and they all wanted to live in a property that was close to the action,” Ray White agent Juan D’Arcy said.
The vendors, a professional couple, are upsizing to a different part of Sydney to be closer to family.
D’Arcy said the apartment’s warehouse character and the building’s reputation helped generate interest during the campaign.
“It’s a unique building that is well known and popular, with amenities and a location that make it an area standout.”
He said he was relieved to have achieved a good result for the vendors.
“It was good-quality stock, which always helps, but in this market, there is also a bit of luck involved.”
CORRECTION
A previous version of this story said: “bidding rose in $5000 increments until the guide was met.” This should have said “bidding rose in $50,000 increments until the reserve was met.”
Dan F Stapleton writes on First Nations issues, visual art, property and more. His writing has appeared in The New York Times, the Financial Times and others. He is based in Sydney.
