Grandparents and parents are joining forces to buy a $9.7 million Mosman mansion
This was one of 892 homes scheduled to go under the hammer in Sydney on Saturday. By evening, Domain Group recorded an initial auction clearance rate of 69.7 percent of 564 reported results, while 110 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the liquidation rate.
Ray White Drummoyne selling agent Mario Carbone said the waterfront auction attracted a lot of curious long-time residents of the area.
“It had never been dealt with before. Everyone was always wondering what was going on with it,” said Carbone, who declined to identify the preserve. “(The buyer) might just have a piece of land, or be looking to do some work, so we can get Tenant there.”
AMP’s chief economist, Dr Shane Oliver, said the 70 per cent clearance rate was likely to be revised to 66 per cent after listings rose in the past few months.
Oliver said there was a high probability that interest rates would rise again during the week of Tuesday, dampening the real estate market.
Oliver suspected that a group of cashed-up buyers, thanks to support from wealthy parents, were influencing clearance rates that may now have run out – a trend that has surprised experts.
“That pool may have gone down now, and as a result, since May, you’ve started to see an increasing portion of hits passed or clearing rates going down.”
On Sydney’s northern beaches, a period home perched on a large oceanfront plot of land at 41 Grandview Parade has attracted six registered bidders.
Bidding opened at $3.4 million and surpassed its $4 million reserve with four buyers placing bids of $100,000 up to that point. The bids were reduced from $50,000 to $1,000 before reaching the winning price of $4,211,000.
Stephen Crooks of the Northern Beaches Agency said the main interest was the size and location of the block.
“What made these buyers fight so hard for this house was the 1,195 square meters of land. It has a very ordinary house, but it has very beautiful ocean views that are unique here… There are only a few houses like This is on the street.
In Chatswood, a three-bedroom house at 11 Davies Street sold for an unexpected $725,000 above its $2 million reserve.
Twenty hopefuls were registered to bid on the home initially for $1.7 million to $1.8 million. The price guide was increased to $1.9 million a week before the auction after a bid of that amount was placed.
The buyer’s agent opened the bidding at $2 million, knocking most people out of the race. Only two others submitted bids in increments ranging from $50,000 to $10,000. A final bid of $25,000 was made and it sold for $2,725,000 to a local buyer.
The winning buyer plans to demolish and rebuild before moving in. Sellers are downsizing to retirement life.
Richard Bonofri of McGrath Lane Cove said the property’s potential was the main attraction: “The land was relatively flat. The location was good, too.”
In Pymble, a five-bedroom house at 61A Telegraph Road has been sold at auction.
LJ Hooker Gordon’s Ed Mooney said he was in negotiations with interested parties.
With Sarah Webb
