A dozen first home buyers have missed out on a one-bedroom unit at the doorsteps of Redfern station that sold for $873,500.
The 81-square-metre property at 51/32 Rosehill Street had a price guide of $735,000. Thirteen buyers, almost all first timers, some with the bank of mum and dad behind them, registered to bid on the home.
It was in a highly coveted location not only for being within a few steps of the train station but also in the heart of the fast-growing South Eveleigh precinct.
An opening bid of $700,000 quickly started the auction and rose even faster from there in $10,000 bids as five parties placed offers. It flew past the $800,000 reserve until the hammer fell at $873,500. It sold to the only bidder who was buying it as their second property but plans to move in.
It was one of 677 homes scheduled to go under the hammer in Sydney on Saturday. By evening, Domain Group recorded a preliminary auction clearance rate of 72.9 per cent from 442 reported results, while 86 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
The home measured up at 81 square metres, but buyers were drawn to its location.Credit: Peter Rae
Selling agent Brad Gillespie of The Agency Eastern Suburbs said it was a hotly contested property due to its location.
“It’s on the doorstep of the station and the South Eveleigh precinct and has become a hot pocket,” Gillespie said. “It’s more location than anything else.”
The home last traded for $500,000 in 2012, records show.
Redfern’s median unit price rose 0.3 per cent in the year to March to $953,000 on Domain data.
In Annandale, a three-bedroom terrace at 177 Young Street sold for $1.94 million to a young couple who only set foot inside the home for the first time at Saturday’s auction.
The pair had missed out on another auction earlier that day when they walked into Annandale home which had no price guide yet drew five registered bidders – all young couples who were mostly upgrading.
The auction started at $1.8 million and went up in only a handful of bids thanks to two buyers before the successful buyers placed a single $20,000 bid and walked away with the keys. The reserve was $1.93 million.
Selling agent Tina O’Connor said the couple had never set foot inside the home before Saturday morning.
“It was a good result for everyone. It didn’t go crazy, but it was a good result. It was over reserve. The owners were happy because they were upgrading in the suburb and had already purchased and were keen to get everything done,” O’Connor said.
“It’s coming into more of a fair market. It’s not bad, and it’s not on fire. It’s a reasonable market for both sides.”
The home last sold for $1.4 million in 2016, records show.
Annandale’s median house price rose 14.9 per cent to $2.21 million in the year to March.
In Lane Cove, a two-bedroom unit at 32/105 Burns Bay Road sold for $907,000 to first home buyer siblings from Artarmon thanks to the bank of mum and dad.
The home had a price guide of $790,000 and the auction was brought forward by a week due to strong interest, according to selling agent James Snodgrass of Forsyth Real Estate.
Five buyers registered to bid, and the auction kicked off at $740,000, rising in varying increments as three buyers participated.
One buyer dropped out after $840,000 and it became a two-buyer race as they traded $2000 bids until it sold. The reserve was $800,000.
Snodgrass said most interested buyers wanted to live in the suburb rather than a stepping stone into nearby postcodes.
“That result speaks volumes about Lane Cove. Once upon a time, Lane Cove was a stepping stone to better areas and properties. Now people call up and say ‘I just want Lane Cove’,” he said.
“The owners [of this unit] were very realistic with the price and expectations,” he said, noting there would be more homes coming onto the market in coming months.
The unit last sold for $135,000 in 1991, records show.
Lane Cove’s median unit price dropped 1.8 per cent to $840,000 in the year to March.