Sydney property: Impressive results show east’s resilience
The eastern suburbs auction market is one of the busiest and one of the strongest in Sydney, with the market far better than before Christmas.
CoreLogic put the eastern suburbs clearance rate at a respectable 64.63 per cent, with 82 results in from the 97 auctions scheduled over the week.
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There’ve been a range of above-reserve results, with a Bondi Beach home selling for $3,365,000 — $115,000 above reserve on Saturday.
During the week, a dilapidated home at North Bondi went for $2,275,000 — $175,000 above reserve — and in Bulkara Rd, Bellevue Hill a home in the same family for 97 years sold for $5.08m, also above reserve.
And interestingly, the Bellevue Hill buyer was former football star Nick Rizzo, who started playing at Sydney’s Waverley College, later went on to play for England’s Premier League team Crystal Palace and then several other Italian and English teams before he returned to Australia.
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“The market is stronger than before Christmas, and there’ve been some pretty good results in the eastern suburbs — good fundamentals and limited supply so there’s always strong demand,” CoreLogic auctions commentator Kevin Brogan said.
“While the east isn’t immune from the issues that affect the broader market, other areas are more susceptible because there is more supply.
“Compare the east with Parramatta, for example, and it’s clear that the market there is far more volatile — the clearance rate is back in the low 40s.”
The Bondi Beach home that went so well on Saturday was the Simpson St home of Walkley Award-winning journalist Caroline Overington, of The Australian, and her husband, Martin Whelan.
McGrath agent Simon Exleton had five bidders register for the stylish five-bedroom, three-bathroom home with double garage on the 297 sqm corner block.
And all five competed from $2.8m, with bidding rising quickly to $3.15m where it stalled. There were then a series of $25,000 bids, and then down to $10,000 offers as it approached $3.3m.
Mr Exleton then went around to the bidders in the crowd of about 50 in the living room and announced it onto the market.
The bidding then got serious between the two remaining bidders, as the others had met their budgets.
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It almost sold at $3.35m, but Mr Exleton managed to encourage a further six $5000 bids from the pair before it sold at $3.65m to a roar of applause.
The buyers were a young Bondi Beach family — four out of the five bidders had been local upsizing families with the other an investor.
“The Bondi market is resilient and always in demand,” Mr Exleton said.
“Houses like this suit local upsizing families that love the beach lifestyle, the schools and the community.”
Ms Overington and Mr Whelan’s two children grew up in the home that CoreLogic records show they purchased for $1,080,000 almost 13 years ago.
The sale followed another during the week: a dilapidated cottage on a level 334 sqm block at 10 Patterson St, North Bondi, sold under the hammer for $2,275,000 — $175,000 above the reserve.
Agent Michael Rowles of Bradfield Cleary said the buyer was planning to knock down the 1930s cottage at and replace it with a modern house.
“It was the worst house on the best street,” Mr Rowles said.
The buyer faced stiff competition from five rival bidders.
Meanwhile, the home of the Cutler family for 97 years at 3 Bulkara Rd, Bellevue Hill, attracted one of the highest prices achieved at auction so far this month when it sold for $5.08 million.
There were three registered bidders — all who competed — for the three-bedroom house on the 642 sqm block with city views. The opening offer was $4.65m.
Alain Waitsman of LJ Hooker-Double Bay said it was above the reserve but couldn’t say by how much.
“There were 35 bids, so a fair bit of activity,” Mr Waitsman said.
While Mr Waitsman was tight-lipped about the identity of the buyer, there was no mistaking Rizzo among his tribe at the auction.
CoreLogic said over the past week, the inner west had a higher clearance at 69.77 per cent — but from far fewer auctions (just 43 reported from the 59 scheduled) and the north shore 70.65 per cent (92 from 132).
CoreLogic put the overall Sydney clearance rate for the week at 58.2 per cent.