Updated ,first published
An unrenovated Federation-era home in a heritage conservation area in Stanmore sold for $2,445,000 on Saturday at auction.
More than 50 people gathered at 61 Corunna Road, spilling down the footpath and onto the street as auctioneer Emma Brown-Garrett opened bidding at $1.8 million. The property had a guide of $1.95 million and a reserve of $2.12 million.
There is no legal requirement for a vendor’s reserve to be in line with their property’s price guide.
Thirteen bidders registered and five were active with increments starting at $50,000 before decreasing to $20,000 and then $10,000. By the time the hammer fell there were 45 bids.
The winning bidders were a family of four who had recently returned from living in Byron Bay. While their daughter is enrolled in a local school, they said they had barely had time to settle since their return to Sydney a month ago.
They plan to restore the property, which has three bedrooms and potential for a fourth bedroom or separate dining room. It still retains many of its original features, including decorative cornices, fireplaces, stained glass and a full-length, built-in hallway mirror.
“We fell in love with it,” one of the new owners, who grew up in Stanmore but did not give her name, said.
Sales agent for Ray White Touma Taylor, Walter Burfitt-Williams, said it was his team’s best auction this year. The property was being offered for the first time in 44 years and was sold as a deceased estate.
“[The owner] was a collector and it was [initially] hard to assess because there was so much stuff,” he said. “But it’s a magnificent house.”
The property was one of 939 scheduled to go to auction in Sydney this week.
In Potts Point, a first home buyer from nearby Darlinghurst paid $925,000 for a one-bedroom apartment in an art deco building.
Bidders gathered in the light-filled apartment at 4/113-115 Macleay Street to avoid the distraction of the weekend markets with bidding starting at $750,000.
Bids jumped around, starting at $25,000, then $5000 before increasing to $15,000 and then $10,000. A final bid of $20,000 won the keys.
The underbidder was also a local first home buyer.
The property had a guide of $820,000 to $900,000 and a reserve of $900,000.
Sales agent for BresicWhitney East Nuri Shik said while properties priced under $1.5 million will attract attention, some stand out more than others.
“Anything in a beautiful old building with a bit of character, charm and style, there are always buyers.”
Further east, a waterfront apartment at Darling Point sold for $5.2 million, $300,000 above the reserve.
The winning bidders for 4A/27 Sutherland Crescent were locals who plan to move into the spacious three-bedroom apartment. The underbidders were also locals looking for a new home.
The property overlooking Diendagulla Bay, Sydney Harbour and beyond had a guide of $4.9 million, the same as the reserve. While three bidders registered, two were active, with bidding opening at $4.5 million, going up in increments of $50,000.
Michael Pallier, sales agent for Sydney Sotheby’s International Realty, said the property “ticked a lot of boxes”, with a north-easterly aspect, access to a communal swimming pool and private jetty.
“It’s a waterfront position with a double lock-up garage and level access via a lift,” he said. “The building has recently had a major refurbishment. The fourth floor is also the best position – it’s not too low down or high up.”
The apartment was a deceased estate being offered for the first time in 22 years. It includes Miele appliances, marble bathrooms with underfloor heating and an en suite with spa.
“This property is quality real estate and there are plenty of people who want to buy that,” Pallier said.
South of the city in Caringbah it was the battle of the first home buyers, with a two-bedroom apartment selling for $995,000. Eight bidders registered with five active.
A buyer’s agent opened bidding for 6/1-5 Sunnyside Avenue at $922,000, with increments initially of $10,000 before dropping back to $1000 bids. Five minutes later, the auction was over. The property had a guide of $890,000 and a reserve of $950,000.
The winning bidders were a couple from Perth who had moved to Sydney for work. The buyer’s agent’s clients, also first home buyers, were the underbidders.
Luke Lombardi, sales agent for Pulse Property Agents, said properties in the $850,000 to $950,000 price range were in high demand right now, especially if they are move-in ready.
“The floor plan [in this apartment] really worked well because it was nice and open,” he said. “Buyers don’t want anything that requires work. They want to move in and enjoy it straight away.”
Robyn Willis is a property reporter and the former lifestyle editor for The Sydney Morning Herald and The Age.
