An “incredibly rare” unit in Bellevue Hill has sold at auction for $750,000 above reserve, as Sydney’s determined buyers showed no signs of retreat – despite the recent hike in interest rates.
The three-bedroom unit on Bellevue Rd sold for a whopping $3.25m, with 10 registered bidders including downsizers, investors and first home buyers all battling it out.
“It was one of those auctions that every vendor dreams of,” selling agent Nick Scarf from RE/MAX said.
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The property featured a large outdoor entertainment space, proximity to local shops and rare parking, which Mr Scarf said “struck a chord” with a variety of buyers.
“It’s an amazing place with a timeless renovation,” he said.
Mr Scarf said the sellers were surprised at the result, feeling bitter sweet to farewell their home of 30 years.
“It was an extraordinary result considering a unit in the same building sold for $2.15m only a few months ago,” Mr Scarf said.
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Auctioneer Damien Cooley said the auction was a hotly contested with the property being so “rare and unique”.
“It had a huge outdoor entertaining space and was meticulously presented,” Mr Cooley said.
The successful bidders were local downsizers, who were seen smiling and hugging at the final result.
On the Lower North Shore auctions have seen skyrocketing results with a Northbridge home selling for $1.2m above reserve.
The home at 9 Calbina Rd sold $4.7m for the first time in 23 years to a young local couple.
Lead agent Matt Bolin from Ray White Upper North Shore said there were 20 registered bidders, most of them young families looking for their long-term family homes.
“Just two traffic lights from the city, now people are going back into the office suburbs like Northbridge have become really attractive.”
“That 6-7 minute bus ride to the city makes these suburbs really appealing,” he said.
A beachfront unit on the tightly held Esplanade in Mosman has sold under the hammer
for more than $400,000 above reserve.
With panoramic ocean views opposite Balmoral Beach, the apartment is only one of nine in the beachfront building.
Dino Gatti, Property Partner at The Agency Lower North Shore said that it had captured the eye of a variety of buyers.
“Lots of downsizers from across the lower and upper north shore, and investors were also interested,” he said.
“It’s been a very active campaign.”
The unit at 7/69 The Esplanade had four registered bidders and sold for more than $3m to an Eastern suburbs couple seeking an investment property.
“It’s quite rare in a sense that a lot of properties are tightly held in Balmoral, a lot of the homes are passed down generationally,” Mr Gatti said.
“A lot of the other owners in the building have owned their units since the 1960s.”
“The beach was packed and the sun was shining down, it was the perfect day for an auction right on the beach,” Mr Gatti said.
An inner-west home popular with upsizers has sold for 200,000 over reserve.
The home at 8 Albion St sold under the hammer for $1.95m.
Listing agent Jacob Sopina from McGrath Strathfield said there had been strong interest with more than 80 groups viewing the property.
“It’s in a prized location on the high side of the street and close to the train station,” Mr Sopina said.
With 8 registered bidders, the home sold to a young couple from Atarmon about to start a family.
“It’s a beautiful character home perfect for buyers wanting to grow their family.”
A dated western Sydney home has sold $100,000 above its reserve for $1.44m.
The home at 14 Mons St in Granville was a deceased estate and had 16 registered bidders for the sought after home.
Listing agent Soon Tee from LJ Hooker Granville, Guildford and Merrylands said it was a very competitive auction.
“It’s an old house as well as a large parcel of land, with a big frontage and a nice large home.”
Mr Tee said most of the bidders were families looking to up size.
In other results, the hammer dropped at $1.111m at exactly 11:11 am on November 11 on an inner-city apartment.
A curious coincidence, or a twist of fate, listing agent John Lagounaris of Roger Michail Propety said he was in complete shock at the result.
“When we commenced the marketing campaign for the property, we realised that the auction date would be on Remembrance Day at 11am and hoped that this would be a positive sign,” he said.
“We were totally blown away by the fact that the price went above reserve to $1.111 million and even more amazed that the hammer dropped at exactly 11.11am – as shown on the auction recording,.”
The two-bedroom unit at 23/17-37 Lawrence St Alexandria sold $111,000 over reserve.
“Its in one of Alexandria’s premiere locations and we set a reasonable reserve,” Mr Lagounaris said.
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