A three-bedroom, two-storey heritage apartment in leafy Elizabeth Bay failed to sell at auction on Saturday, as a winter chill continues to grip the Sydney property market.
The property at 3/4 Holdsworth Avenue had a $2.35 million reserve and was marketed with a price guide of $2.4 million.
Despite its house-like proportions, Edwardian-era features and proximity to Rushcutters Bay Park, the apartment attracted one pre-registered bidder.
Proceedings opened with a vendor bid of $2.2 million. A female spectator who had previously inspected the property then registered on the spot, but she did not put in a bid. The other registered bidder declined to counter the vendor bid, and the property was passed in.
The vendor was a local investor. Both the registered bidders were owner-occupiers.
Ray White agent Renee Cross said both parties were “very strong contenders” to buy the property post-auction.
At the time of publication, the property had not sold.
Cross said she and the vendor has discussed withdrawing the apartment from auction during the week due to a lack of registrations, but had ultimately decided to proceed and “not become a casualty of the current market.” She said the outcome had exceeded her expectations.
“To walk out of that auction with two registered bidders that can afford to buy gives me confidence. I’m stoked.”
The property was one of 448 scheduled to go to auction in Sydney this week.
In Forest Lodge, four registered bidders battled it out for a one-bedroom apartment with parking, pushing the price to $757,000.
The top-floor property at 33/211 Wigram Road had a $650,000 reserve, the same as its price guide.
Bidding opened at $640,000 and proceeded swiftly, rising in $5000 and $10,000 increments until the price surpassed $700,000.
The field then narrowed to two parties. At $740,000, the bidding increments shrunk to $1000, until a final $5000 bid brought the hammer down.
The property was a deceased estate. All four registered parties were first home buyers, and both the winning bidder and the underbidder were flanked by their parents.
Belle Property Glebe agent James Cahill described the spirited bidding as a “punch-up” and said the result was a pleasant surprise.
“It shows that, even in this market, first home buyers will compete for properties that tick all the boxes.”
Cahill said the unit’s leafy outlook, proximity to Annandale village and secure undercover parking space generated strong interest during the campaign. Also attractive to buyers was the apartment’s condition, he said.
“It was well kept and perfectly liveable, but there was scope to add value by updating the kitchen and bathroom. In that sense, it offered the best of both worlds.”
Cahill said the executors of the estate had listened to the market and set a “fair and reasonable” reserve, which had encouraged bidding.
Meanwhile, in Cronulla, a two-bedroom apartment with a striking vaulted ceiling sold for $1.49 million, just shy of its original $1.5 million reserve.
The unit at 8/123-125 Gerrale Street was marketed with a price guide of $1.45 million.
There is no legal requirement for a vendor’s reserve to be in line with their property’s price guide.
Two registered parties competed for the top-floor residence. After an opening bid of $1,350,000, the price rose in $25,000 increments until it reached $1,425,000.
The increments then narrowed to $10,000, then $5000. A final flurry of $1000 bids failed to reach the reserve, but after consultation with the vendors, the auctioneer declared the reserve had been revised down to $1.49 million, and a final $5000 bid sealed the deal.
The winning bidders were a couple who plan to downsize into the apartment in a few years’ time. The other registered party was also an owner-occupier couple.
The vendors, a couple, had been renting out the apartment. They had planned to downsize into it themselves but have since decided to move elsewhere in Sydney.
Cronulla Real Estate agent Corey Bell said the apartment’s double lock-up garage, central location and large balcony with water glimpses made it an attractive pick for downsizers seeking a low-fuss lifestyle.
Bell said the result was indicative of how the Sydney market was performing this winter.
“Quality property will always attract interest, but in this market, it has to be priced attractively and marketed correctly; otherwise vendors will struggle.”
Dan F Stapleton writes on First Nations issues, visual art, property and more. His writing has appeared in The New York Times, the Financial Times and others. He is based in Sydney.
