A tightly held Vaucluse unit in original condition has sold for an eye-watering sum of $2,915,000 to downsizers from the eastern suburbs.
The three-bedroom deceased estate at 6/1-3 Kimberley Street was like walking into the 1970s time capsule when the building was built.
Yet neither the 48 stairs up to the home nor the different wallpaper in each room was enough to stop 14 buyers, a mix of cashed up downsizers and investors, registering to bid on the home which had a guide of $2 to $2.2 million.
The auction started at $2 million, with more than two dozen bids of mostly $50,000 pushing the price up.
The successful buyers, who were a couple downsizing from a house in the eastern suburbs, outbid another couple looking for a family home.
It was one of 755 homes scheduled to go under the hammer in Sydney on Saturday. By evening, Domain Group recorded a preliminary auction clearance rate of 62.8 per cent from 527 reported results, while 138 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
Auctioneer Scott Kennedy Green during the successful Vaucluse auction.Credit: Peter Rae
Craig Pontey of McGrath Double Bay said the property was called on the market at $2.4 million, but declined to reveal the reserve.
“[The price] just blew everybody away. It was the most amazing result. It was well and truly above what anyone expected,” Pontey said.
“There were 48 stairs up to it. That chopped out a lot of the market, but people didn’t seem to worry. It had a lovely balcony and a view out to the ocean,” he said. “A similar unit in the same building, two floors down, sold for $1.8 million three months ago. This [result] is phenomenal.”
He believed the cashed-up buyer pool and a shortage of quality homes helped the unit achieve its price.
The auction was held inside during the rain.Credit: Peter Rae
Vaucluse’s median unit price rose 16.7 per cent to $1,535,000 in the year to March on Domain data.
Meanwhile, another tightly held unit sold above expectations this time at 10/17 Moruben Road, Mosman. A St Ives first home buyer paid a cool $1,455,000 with the help of the bank of mum and dad.
The direct underbidder was an investor, who lives locally, but was bidding on the phone from Singapore without every setting foot in the apartment.
The two bedroom unit started with a guide of $1.1 million but was raised to $1.2 million due to interest. That was also the reserve.
Bidding started just above that at $1.21 million and rose in a frenetic-paced auction thanks to five of the six buyers, who were mostly first timers, taking part.
Adrian William’s Michael White said the home sold well because it was good quality and in a good location.
“It’s nice and quiet, good aspect, top floor, small, well-kept unit in a block that is tightly held. It wasn’t sold by the owner since 1963,” White said.
“It’s a good example of the A-grade point of the market is only represented by 10 per cent of the stock … there’s a shortage of good quality stock.”
Mosman’s unit price rose 13.3 per cent to a median of $1.36 million in the year to March.
In Alexandria, a three-bedroom home at 3 Power Avenue sold for $3.11 million to a couple upsizing within the suburb.
The property had a guide of $2.4 million after it was raised from $2.2 million due to interest.
Only four of the dozen registered buyers, a mix of upgraders and downsizers, had a chance to compete. The opening bid of $1.9 million was quickly topped by a $900,000 counteroffer, taking it up to its $2.8 million reserve. From there, $20,000 and $10,000 increments were placed until the hammer fell.
The Agency eastern suburbs selling agent Brad Gillespie said it was an outstanding result in a patchy market.
“We’re seeing results that can be a little bit patchy but that was very strong,” Gillespie said.
“For the home it was, it was a 10-year-old full-concrete build, over three levels and a lock-up garage, it started to tick all of the boxes, and opposite Alexandria Park and north facing. You can’t go wrong with that.”
Alexandria’s house price rose 16.9 per cent to a median of $2,105,000 in the year to March.