By Elizabeth Redman
A mother bidding on behalf of her first home buyer daughter bought a Redfern apartment for $1,362,000 at auction on Saturday.
The two-bedroom unit at 14/39-61 Gibbons Street attracted 14 registered bidders to its sought-after location, ground floor position and private courtyard.
It was one of 667 auctions in Sydney on Saturday. By evening, Domain Group recorded a preliminary auction clearance rate of 68.3 per cent from 420 reported results, while 96 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
The price guide for the apartment was $1.1 million and bidding opened at the same price, Raine & Horne Newtown selling agent Adam Freitas said.
He said six or seven parties made offers, at first in $10,000 increments, then in smaller rises of $1000 towards the end when it came down to a two-horse race.
A mother bidding on behalf of her first home buyer daughter, who was away that day, won the keys.
The Redfern apartment fetched $1,362,000 at auction.Credit: Dion Georgopoulos
“She mentioned to me, ‘finally I can get my weekends back,’” Freitas said.
Nearly all the interest had been from first home buyers, plus a smaller number of investors and downsizers, he said.
He said the Redfern location close to the CBD is highly sought after.
“As much as Redfern has transformed through the years it is only going to get better,” he said.
The vendors had owned the apartment since 2007, and lived there part of that time and rented it out for the rest. They also did a renovation about eight years ago. Records show the property last traded for $405,000.
Freitas declined to reveal the exact reserve, but the sale price was about $200,000 or a little more over the reserve price.
He said the market in his area is patchy and there is a lack of good quality stock for sale, but good quality houses and apartments are selling well.
Elsewhere, a one-bedroom apartment with study in Petersham sold for $935,000 at auction.
Twelve bidders registered and five made offers for 3/21 John Street, which had been listed with a price guide of $750,000.
The first offer was $820,000 and the price rose fast in $5000 increments until the $900,000 mark, Adrian William selling agent Norman Tran said.
Then the stride shortened to smaller $1000 and $2000 bids. The reserve was $825,000.
The winners were rentvestors who had sold their investment property and were buying their first home, a local couple from Dulwich Hill.
The seller was a single mother and her son, he said.
“It was always a very special apartment being that it is a converted Victorian terrace and they don’t come up very often,” Tran said.
He said first home buyers have been active, trying to escape high rents and the low rental vacancy rate. Buyers had expected more stock after Easter than has materialised, he said.
“The best stock on the market is getting attention.”
A battle of inner west upsizers played out at auction for a three-bedroom Earlwood house, pushing the sale price to $1,822,000.
A young couple from Dulwich Hill just beat a young couple from Marrickville for the renovated, freestanding home at 88 River Street.
Twelve bidders registered for the Earlwood home, set on a 196-square-metre-block and advertised with a price guide of $1,425,000.
A buyer’s agent began with a bullish offer of $1.65 million and four parties made offers in a quick auction, although the buyer’s agent did not win.
The home at 88 River Street drew interest from inner west upsizers.Credit: Adrian William Real Estate
Selling agent Adrian Tsavalas of Adrian William Real Estate said the property was on the market from the initial bid which was close to the reserve price, but declined to reveal the exact reserve.
He said the home was value for money, as in the Marrickville and Dulwich Hill area, the $1.8 million to $2 million price range would be more likely to include two-bedroom houses than three-bedrooms.
“They were able to go a little bit further afield and get a three-bedroom house and get a free-standing home,” he said.
“Most of the parties in attendance were inner west upsizers.”
The vendors bought the home in 2018 for $992,000, records show, and did a renovation.
Elsewhere, on the northern beaches, a young couple looking for a fixer upper paid $2,075,000 for an original home in Bilgola Plateau with water views.
The three-bedroom deceased estate at 16 Hansford Parade was listed with a price guide of $2.1 million.
Three parties registered but the auction was slow to start, kicking off at $1.75 million and rising at first in increments of $100,000, then eventually down to $5000 offers.
A young couple beat a mature couple and a young gentleman for the keys. The reserve was $2 million.
Selling agent Steven Crooks of The Agency Northern Beaches said fixer uppers are harder to move but this home had the advantage of its views over Pittwater.
“If it didn’t have a view it would have sold for under $2 million,” he said. “Probably a lot less than $2 million.”
The street is tightly held because of its outlook, he said.
He said the market in his area is tracking okay and is reasonably good for lower priced properties but above the $4 million mark, buyer interest is thinner, and the market can be more property-specific.
correction
One reference to the Earlwood house erroneously called its location Dulwich Hill. The article has been updated.