‘Confidence is back’: 14 bidders at auction for Darling Point unit
Sensing the bottom of the market is here or near, buyers are flocking to auctions across the eastern suburbs.
A Darling Point apartment attracted 14 registered bidders at auction last night and sold for $1,505,000 — more than $100,000 above reserve.
“The confidence is back,” Richardson and Wrench Double Bay‘s Veronika Turnbull said, after the competitive bidding for the two-bedroom, two-bathroom apartment at 34/66 Darling Point Rd.
She and her colleague, Marian Badenoch, who shared the listing, had one piece of advice for buyers waiting for further price falls which might never arrive: take advantage for the opportunities in the market now.
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At the same auction night, a two-bedroom apartment, in a Harry Seidler building at 25/29 Ocean Ave, Double Bay, had 10 registered bidders and sold for $1.32 million.
On Tuesday night, there were nine registered bidders lining up for an original two-bedroom terrace in Sutherland St, Paddington — one of the suburb’s best streets — before it sold for $1,515,000 through BadgerFox agents Peter Leipnik and Alexander George.
And also last night, Harriet France of Sotheby’s smashed a street record — set two years ago — when she sold a five-bedroom home at 5 Bell St, Watsons Bay for more than $4.5 million, with four registered bidders.
“It sold for head and shoulders above the reserve,” Ms France said.
At the Darling Point auction, Mrs Turnbull and colleague Marian Badenoch had five active bidders.
They said it was refreshing to see so many serious bidders in the room — a mix of young professionals, downsizers and also investors.
“We haven’t seen that many investors on properties for a long time,” Ms Badenoch said.
Bidding had started at $1.2 million; jumped immediately to $1.3 million and then rose in $20,000, $10,000 and $5000 increments.
Vendors Andrew and Noela Ferch, who are moving to another apartment in nearby Sutherland Crescent to “upsize” their view, were ecstatic with the result.
“I think we’re really lucky that the election result has created a lot more confidence,” Mrs Ferch said.
“We bought in a flat market and sold in a flatish market, but I think we’ve done OK!”
Although popular, the apartment, which had a harbour view from the balcony, may have sold for even more had the off-street car park been more accessible; the levies been less steep and the development potential nearby been clearer.
At Tuesday night’s auction for the original two-bedroom terrace at 125 Sutherland St, Mr Leipnik and Mr George had four competing.
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Bidding started at $1.3 million and rose in $25,000 and $50,000 increments.
In the end it was down to $10,000s and finally $1000s, with a young family from the Sutherland Shire moving back into the area.
Mr Leipnik said it was good to see the younger crew getting a chance to get their foot in the door.