‘The rate cut gave it a little blast’: Sydney one-bedder sells for $1.44m

Raine & Horne Lower North Shore’s Nicolas Boot said the result could probably be put down to February’s rate cut.

Loading

“The property probably would have done well [regardless], but the rate cut pushed it along and gave it a little bit of a blast,” he said.

“Purchasers are more motivated now. They all waited [last year], and they’re all acting the same way now, thinking: we need to buy.”

He declined to reveal the reserve, saying only that it was in line with the guide.

In Abbotsford, a deceased estate that was offered to the market for the first time in more than 70 years sold under the hammer for $5.4 million.

The property at 6 Poolman Street received buyer feedback of $4.3 million to $4.4 million. There were 10 registered bidders and four active, with a mix of developers and families wanting to build their dream home.

Bidding started at $4 million, quickly surpassing the $4.5 million reserve. A developer who intended to build a luxury duplex swooped in about the $5.35 million mark, winning the keys.

“He came in at the end and was quite strategic,” The Agency Inner West’s Joe Kanaan said.

Kanaan said there was plenty of interest during the campaign, with 75 contracts issued. “Many buyers viewed the property as a development proposition.”

In Randwick, a two-bedroom apartment sold to a Canberra couple who had a family member bid on their behalf.

The top-floor unit at 7/33-35 Rae Street was guided at $1,625,000 and sold for $1.8 million, right on the reserve.

Two of the four registered bidders were active. Parties included an investor and homeowners from Randwick. The Canberra couple are relocating to Sydney and offered bids over the phone.

Bidding began at $1.6 million and rose in increments of $25,000 until it sold under the hammer.

The vendors purchased the property for $1,725,000 in 2021 and are relocating to Queensland.

Ray White Eastern Beaches’ Angus Gorrie sold the property with Cristian De Nigris of Sydney Sotheby’s International Realty and admitted the sale price was lower than what he expected.

“I thought we might have got a little bit more to be honest,” Gorrie said.

“We had 60 buyers inspect during the campaign. However, it’s still a two-bedder, so for a two-bedroom unit, the sale price is well above the median price in Randwick. Overall, we are pretty happy with that result.”

Randwick’s unit median rose 8.6 per cent to $1.2 million in the year to December, on Domain data.

In Lewisham, a first home buyer paid $2.37 million for a three-bedroom freestanding character house.

There were eight registered bidders and four active for the property at 3 Summer Hill Street. A first home buyer from Leichhardt secured the keys and had help from the Bank of Mum and Dad. She outbid other local parties who had inspected the property only 15 minutes beforehand.

The opening bid was $1.8 million, just below the guide of $1.85 million to $2 million, and the price rose quickly in $25,000 increments.

BresicWhitney Inner West’s Rhonda Yim said the buyer’s first bid was an increment of $100,000, showing how serious she was in purchasing the home.

Loading

Yim declined to reveal the reserve but said the owners were there to sell on the day. “They were hoping to get a result over $2 million, and they got well above,” she said.

Yim said she was surprised with the auction result as compared with other sales in the area. “It just goes to show that a freestanding house that ticks all the boxes will sell.”

Yim said there had been encouraging numbers at open homes and February’s rate cut had resulted in greater buyer sentiment.