A father spent $2.23 million on a four-bedroom terrace in Zetland for his university-aged son to live in at auction on Saturday, after the vendors adjusted the reserve to reach a deal.
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vendors → spend → deal
The immaculate two-storey home with a double garage at 59 Hansard Street had a guide of $2.1 million.
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home → have → million
The property was one of 1029 scheduled to go to auction in Sydney last week.
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property → schedule → Sydney
By Saturday evening, Domain recorded a preliminary auction clearance rate of 51 per cent from 653 reported results throughout the week, while 232 auctions were withdrawn.
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auctions → record → week
Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
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auctions → withdraw → rate
Three parties registered, and all three bid.
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three → register → ?
Two were young couples looking to upsize and one was an investor.
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one → look → ?
Bidding opened at $2 million and rose in $25,000 and $10,000 increments.
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Bidding → open → increments
When the price reached $2.19 million the buyer bid against himself, raising his offer to $2.20 million and finally $2.23 million.
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buyer → reach → million
The reserve of $2,275,000 was adjusted down by $45,000 to meet the market where it sold under the hammer.
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it → adjust → hammer
There is no legal requirement for a vendor’s reserve to be in line with their property’s price guide.
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reserve → be → guide
BresicWhitney’s David Smith-Cameron said the vendors “bought the property in 2021, [at the] peak of the market for $2,030,000, so it was an exact $200,000 difference.”
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it → say → 2,030,000
He added they “had higher initial expectations, but they were prepared to meet the market to get the property sold.”
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property → add → market
Smith-Cameron said the buyer’s son was a university student who will live there.
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who → say → ?
“I think it’s an investment that the son will live in,” he said.
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he → think → that
As for the two underbidders, Smith-Cameron said a big part of the current market is upsizers.
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part → say → market
“They’re the only buyers at the moment who are happy to take the hit and sell … to basically be able to upsize and capitalise on the lower sale prices on the things they’re buying at higher price points.
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they → ’re → points
The vendors of the stylish property had relocated to London five years ago and not returned to Australia since.
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vendors → relocate → Australia
In Hunters Hill, five builders registered on a weatherboard knockdown at 11 Princes Street listed for the first time in over 100 years.
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builders → register → years
Its guide of $3 million was updated to $3.21 million after a $3.2 million offer was declined nine days before it went to auction.
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it → update → auction
An attempt to open bidding at $2.5 million was rejected, then a $2.8 million offer kick-started the auction.
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offer → open → auction
A mix of large and small bids were placed ranging in $50,000 to $1000 increments.
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mix → place → increments
Buyers were cautious once it reached $3 million with only $1000 bids met out until $3.3 million.
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bids → reach → million
At $3.4 million a fourth buyer registered and became the direct underbidder, competing until $3,652,000 before missing out by $1000.
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buyer → register → 1000
The site, sold for land value, went for $3,653,000 under the hammer, which was $203,000 above its $3.45 million reserve.
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which → sell → reserve
Selling agent George Gialouris from Cobden Hayson Lane Cove said when the guide increased above $3 million the property lost the interest of families.
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property → sell → families
For builders, he said the level block and north to rear aspect was ideal.
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block → say → rear
He said luxury homes in Hunters Hill, “typically they can sell anywhere from sort of six to nine million.”
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they → say → million
Auctioneer Edward Riley said, “What we saw today is that smart money is still ready to compete when there’s true scarcity and scope to add value.”
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money → say → value
The Aporia
