Spring to be ‘an exciting time for buyers and sellers’ as Randwick apartment sells $170k over reserve

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No. 2/109 Avoca St, Randwick, sold for $1.42 million at auction on Saturday.

This spring is set to be an ‘exciting time for buyers and sellers’, according to the agent who sold a Randwick apartment for $170,000 over reserve on Saturday.

The $1.42 million sale price for 2/109 Avoca St through Mark McPherson of McGrath Coogee was just one of a string of way-above-reserve results across Sydney, with CoreLogic putting the clearance rate at a whopping 81.2 per cent.

The eastern suburbs and city and inner south regions were both particularly strong, with clearances of 82.61 per cent and 82.35 per cent respectively.

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The lounge (above) and dining room (below) opens to a balcony with views of a church.

In Randwick, Mr McPherson had 15 bidders register for the three-bedroom. two-bathroom deceased estate.

Explaining the huge numbers who turned up, Mr McPherson said: “Buyers have realised we’ve hit the floor of the market and we’re going to have a really consistent sort of market for the next two to three years.

“I’ve seen this market for the past 20 years and I think it’s a great opportunity for people to trade … people are making more commitments.”

The well-located older-style apartment blocks at 16 and 18 Rainbow St, Kingsford (above) sold for $14.4 million and 65/15 Begonia St, Pagewood (below) sold for $820,000 in eight days.

Despite the big turn-up, only five of the 15 managed to get bids in before a downsizer couple snatched the keys.

“It was a sentimental moment for the purchaser because she grew up in the street and now she and her husband are returning,” Mr McPherson said.

He’d showed the couple the apartment three months ago but because of a delay in probate the property couldn’t be sold at the time.

That was fortunate for the beneficiaries as the market has improved substantially since then.

Young couples had also been keen on the apartment, which had two courtyards and was well located in the heart of Randwick but also handy to Randwick Junction, parks, schools and Coogee Beach.

The $50,000 and $20,000 bids were flying from $1.2 million.

Other agents are also reporting higher than expected results and quick sales in the improved marketplace.

Century 21 Maroubra’s Clay Chigwidden sold a two-bedroom, two-bathroom apartment at 65/15 Begonia St, Pagewood in eight days for $820,000.

“There’s just so much more certainty in the market now,” Mr Chigwidden said.

Ryan Greenhalgh of Ralton Property Group sold 16 & 18 Rainbow St, Kingsford — two amalgamated sites with two apartment blocks built in the 1970s — for $14.4 million.

It’s a price significantly higher than the $10,225,000 achieved for a similar site at 22-28 Gardeners Rd, Kingsford in Dec 2018.

Mr Greehalgh had 123 buyer inquiries for the Rainbow St site, which is set to be student accommodation. The buyer was an investor from Chatswood.

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