Downsizers paid $2.35 million for an oversized apartment in Abbotsford at auction on Saturday as Sydney’s clearance rate fell to its lowest level this year.
asserted
rate → pay → level
One of the bidders for 21/3 Harbourview Crescent tried to make a lowball bid for the three-bedroom waterfront home, which came with a sunny entertaining balcony, a clever built-in cabinet, well-presented kitchen and a double garage.
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which → try → balcony
The property was one of 807 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auction clearance rate of 46 per cent from 472 reported results throughout the week, while 176 auctions were withdrawn.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Withdrawn auctions are counted as unsold properties when calculating the clearance rate.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
This early read is a lower result than the 47 per cent recorded in the second-last week of June, when buyers were pausing their plans to consider the budget’s changes to the tax treatment of investment properties.
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buyers → record → properties
Since then, the cash rate has been increased for the fourth time this year.
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rate → increase → time
The preliminary clearance rate is likely to fall as more results are reported.
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results → fall → ?
The Abbotsford home was listed with a price guide of $2.2 million to $2.42 million and attracted three registered buyers, all of whom participated at auction.
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all → list → auction
An attempt to make a lowball first bid of $2.1 million was not accepted, but a bid of $2.2 million was.
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bid → make → million
There were two bids of $50,000 each, then when the price reached $2.32 million and stalled the owners decided to put the property on the market.
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owners → be → market
Their reserve had been $2.35 million but they reduced it to meet the buyers.
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they → reduce → buyers
The third bidder jumped in with a last-minute bid of $2.34 million.
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bidder → jump → million
The winners countered with a $10,000 rise and the home sold to local downsizers.
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home → counter → downsizers
Horwood Nolan selling agent Ben Horwood said the owners were happy.
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owners → say → ?
“They got what they were hoping for, which is rare in this market,” he said.
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he → get → market
The vendors bought the home intending to downsize there, then leased it out for a few years.
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vendors → buy → years
He said the budget changes made them reconsider their plan.
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them → say → plan
He thought the home was appealing because it was larger than most apartments.
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it → think → apartments
“It has got a nice view and it is, I think, a testament to that area around Abbotsford,” he said.
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he → get → Abbotsford
He described the market broadly as “challenging”.
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He → describe → market
“It is the most challenging market I have seen in my whole career, in 30 years.
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I → see → years
If the property is priced correctly it will sell,” he said.
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he → price → ?
In Erskineville, a first home buyer paid $1.58 million for a renovated 1890s terrace home after the vendor cut their price.
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vendor → pay → price
The three-bedroom home at 1 Bray Street had high ceilings, a sleek kitchen and a backyard deck, and a price guide of $1.62 million.
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home → have → million
One buyer participated in the auction, a woman renting in the area who made an opening bid of $1.5 million.
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who → participate → million
The price was negotiated higher with her on the auction floor to $1.58 million and it sold.
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it → negotiate → million
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
“She was ecstatic,” Ray White Erskineville selling agent Shaun Stoker said, adding the buyer may rent out the other two bedrooms.
uncertain
buyer → sell → bedrooms
Stoker said many auctions are one-bidder auctions in this market.
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auctions → say → market
“Gone are the days when an agent quotes the price and it goes above,” he said.
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he → go → price
“Buyers are coming to auction even though they are under the quote price.”
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they → come → price
In Castle Hill, a family home with a granny flat and swimming pool sold in another one-bidder auction for $2,525,000, or $350,000 less than its last sale price.
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home → sell → price
The five-bedroom property at 4 Turton Place last sold in March 2025 for $2,875,000.
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property → sell → 2,875,000
Before that, it sold in April 2024 for $3,161,000, records show.
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records → sell → 3,161,000
It was listed for sale this spring with a price guide of $2.6 million.
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It → list → million
One bidder registered for auction and some negotiations were conducted before the auction began.
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auction → register → auction
On the auction floor, the buyer, an upsizing family, bid $2,525,000 and the home sold.
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home → upsize → 2,525,000
The reserve price had been at the $2.6 million mark but was adjusted to sell.
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price → adjust → mark
The vendors will make a lifestyle change.
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vendors → make → change
…and 3 more, not listed.
The Aporia
