A western Sydney couple is making a big change buying a Taren Point townhouse for $3.48 million
A COUPLE will trade western suburbs for water views after spending $3.48 million on a new four-bedroom townhouse.
The luxury complex is divided into three luxury homes, each with four levels, views and elevator access.
Four people registered to bid on 1/6 Holt Road and three bids were made. The empty nest has been downsized to the elevator entrance.
The property was guided at $3 million until midway through the campaign when it was raised to $3.2 million. Bids have been opened at the previous guide amount. A series of offers of $50,000 were made until the price reached $3.4 million, and it was eventually sold to a young professional couple from Western Sydney.
This was one of 764 homes scheduled to go under the hammer in Sydney on Saturday. By the evening, Domain Group recorded an initial auction clearance rate of 68 percent from 495 reported results, while 108 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the liquidation rate.
The auction was held in front of a crowd of 100 people. Many neighbors watched to see how well the development they saw was selling.
Selling agent Trent Tarbey of McGrath Sans Souci declined to share the reserve.
“(It has) a really beautiful attention to detail. High end finishes on one of the best streets in Taren Point (…) Uninterrupted views of the bay, providing access to all levels.
“They (the developers) are very happy with it. They’ve done a very good job.”
The 6 Holt Avenue address last traded for $3.85 million in 2021, records show.
In Kuje, a young couple outbid a construction worker and his wife at an auction.
Three were registered to bid and two submitted offers for a two-bedroom, single-storey semi-renovated property located at 52 Bowling Street.
Bidding opened at $2.2 million and bids ranged from $100,000 to $10,000. About five minutes later it reached the reserve price of $2.5 million, and was sold under the hammer to a young couple at that price. It was recently sold at Bronte.
Selling agent Nicholas Wise of Ray White Eastern Beaches said the main draw card was the potential to add value, along with the location and size of the land.
“For buyers, getting into the market can be seen as an entry level that they can add a lot of value[to]and see growth.”
Wise said he has seen good numbers in inspections over the past two weeks. The seller was looking to upsize and stay local.
The property last traded for $2,025,000 million in 2021, records show.
PRD chief economist Dr Diaswati Mardiasmo said the 68 per cent liquidation rate was evidence of market confidence.
Mardiasmo said that during this time of year before the coronavirus, she was expecting a clearance rate of 72 percent to 73 percent.
“This market is recovering. So, given that the market is recovering 68 percent, I would say we’re tracking pretty well.”
If buyers want to be in a new home by the end of the year, they have about four to five weeks to organize, she said.
“With the whole settlement period and any other due diligence you need to do with the financing… I would say that’s a big boost for people who want to be in a new home by Christmas or by the new year.”
In Liverpool, a four-bedroom house at 20 Woodlands Road attracted interest from three bidders at a public auction. It is listed for $1.25 million to $1.3 million.
Bids opened at $1.1 million and twelve bids were submitted – most in $50,000 increments. It sold for $70,000 more than the “ambitious” reserve of $1.4 million.
The winning buyers paid $1.47 million for the home they will live in. The sellers have lived there for two decades and were downsizing to Monterey to be closer to their adult children.
LJ Hooker Edensor Park selling agent Darko Horvat said the proximity to Liverpool’s CBD and the presentation of the property were the main attractions.
Records show the unit last traded for $670,000 in 2004.
In Putney, a three-bedroom home sold for $4,366,000. The property at 69 Waterview Street sold for more than its reserve price of $4.25 million. Cherry Zhimin Zeng of Richard Matthews Real Estate sold the home.