Source : the age
A female owner-occupier who had sold her Chatswood apartment paid $2.95 million for a four-bedroom house in East Lindfield on Saturday.
The property at 21 Crana Avenue was guided at $2.65 million and, after some negotiation, sold at auction for the reserve price of $2.95 million. The newly rendered home is on a wide-fronted block and has timber floors and a tropical backdrop.
There were two bidders and both took part. Bidding opened at the guide and rose in increments of $50,000 and $20,000.
Ray White Upper North Shore’s Jessica Cao said the buyer will extend the home in future. The underbidder was acting on behalf of their mother.
The property was one of 446 scheduled auctions in Sydney on Saturday.
A female owner-occupier paid $2.95 million at auction on Saturday for a four-bedroom house in East Lindfield.Credit: Domain
Cao said the sale price represented good value for East Lindfield, a suburb where the median house price is $4.16 million on Domain data.
She said first home buyers dropped out of the campaign. “For under $3 million, you need to sacrifice a lot to get a house like that,” Cao said. “If they look further out to the west, they can get a lot.”
Cao said Lindfield has many character homes, while in East Lindfield, many new houses have been built in the past 10 years as there are fewer restrictions on knockdown-rebuilds.
Records show the property last sold for $2.7 million in 2022. The vendor has relocated overseas.
Cao said buyers seem more engaged in the lead up to the Reserve Bank’s interest rate decision on Tuesday.
In Kensington, a local family with adult children in attendance paid $1.04 million at auction for a two-bedroom apartment.
The property at 2/53 Kensington Road was guided at $900,000, and the reserve was set at $950,000. The first-floor unit is in a block of nine and close to the light rail, Centennial Park and Royal Randwick Racecourse.
There were five registered bidders, with three taking part. Bidding began at the guide price and rose in varying increments, all the way down to $1000 rises.
The buyer outbid another family and a first home buyer. CobdenHayson Balmain’s Mark Bowis said there were no investors.
The property was offered for the first time in more than 40 years. Kensington’s unit median rose 4.4 per cent to $992,000 in the year to March on Domain data.
Bowis said buyer sentiment had improved ahead of Tuesday’s RBA meeting.
“We’ve definitely seen an uplift in buyer behaviour and energy, and I think the urgency to purchase,” he said.
