A young woman from Bondi buying her first home has won the keys to a one-bedroom apartment in Potts Point paying $1.03 million on Saturday.
While 10 bidders registered for the 49 square metre home at 8/127-139 Macleay Street three were active, with bidding opening at $910,000. Bids went up in increments of $10,000 initially before slowing to $1000 and a single bid of $500. After 26 bids, the hammer fell.
The property had a guide of $900,000 and a reserve of $925,000.
There is no legal requirement for a vendor’s reserve to be in line with their property’s price guide.
The underbidder also planned to move in while the vendors were looking to upsize into a larger home to start a family.
Sales agent for Ray White Touma Taylor, Walter Burfitt-Williams said the light-filled apartment with features including neoclassic columns, parquetry floors, original kitchen cabinetry and pink tiled bathroom had much to recommend it.
“Overlooking the [El Alamein] fountain, it has the ‘X factor’ buyers fall for,” he said.
Comparable apartments had sold for between $925,000 and $950,000, he said.
“Emotion took over from logic [with this auction],” Burfitt-Williams said. “People loved the special features – the huge columns and high ceilings.”
The property was one of 871 scheduled to go to auction in Sydney this week.
At Sylvania, a three-bedroom townhouse metres from Georges River at 1/1-3 Ellis Street sold for $1.59 million to a couple downsizing, less than the reserve of $1.65 million. The property had a guide of $1.5 million.
Bidding opened at $1.55 million and went up in increments of $25,000 and $20,000. Three bidders registered and two were active.
The successful bidders were attracted by the “gated community” style of the development and water views. The underbidder was a “rentvestor” with plans to live in the property for a while before putting it on the rental market.
Sales agent for Pulse Property Agents Luke Lombardi said activity had picked up in recent weeks as buyers and vendors adjusted to interest rate rises and ongoing international uncertainty.
“I’ve had a few comments from buyers that they are waiting until Tuesday to see if rates will go up and whether there will be some bargains,” he said. “But if you price well, you will get buyers.”
The Monetary Policy Board of the Reserve Bank of Australia meets on Tuesday to make a decision on the cash rate.
Robyn Willis is a property reporter and the former lifestyle editor for The Sydney Morning Herald and The Age.
