Hunters Hill house fetches $4.47 million at auction, requires $2 million reno

The 740-square-meter property is a rare opportunity to secure a flat block with city views in the enclave of the peninsula, Bagala said. Records show the house last traded for £4650 in 1956.

Although the market was not as vibrant as before, blue chip properties were still selling at the same level as last year, Bagala added.

Auction Troy Malcolm prepares to sell the house.Credit:Rhett Wyman

Suburban home prices jumped more than a third in the year to March, Domain data showed, hitting an average of $4,115,000.

In Rushcutters Bay, a first homebuying couple bought another fixer top—a one-bedroom apartment with study—for $641,000.

There were eight registered bidders for the deceased inheritance at 3/70 Bayswater Road and five made bids after bidding opened at $500,000, pushing the price $91,000 above reserves.

First-time homebuyers beat builders, investors, and other homebuyers for locks. That’s good news for a couple who are vacationing in Byron Bay and have families bidding on their behalf.

The 55-square-meter apartment with no parking was sold through Nuri Shik of Belle Property Potts Point, who said it last traded for $42,000 in 1980.

“I was sure it would sell, but it turned out to be more than I thought,” said Shik.

The suburbs recorded an average unit price of $935,000 throughout the year through March.

At Pymble, a local investor paid $3.79 million for a modern four-bedroom home at 28 Reynolds Street, beating down the offer of a downsizer and two young families after vendors reduced their reserves.

Auctioneer Clarence White, of Menck White Auctioneers, received an opening bid of $3.3 million. Bidding soared with a $100,000 increase to a $3.5 million price guide, then slowed to gains of $25,000, $10,000, and $5000.

The result is $10,000 lower than the $3.8 million reserve, but well above the $1.8 million that records show the 930-square-meter block last traded in 2015. A new home has been built on the block since then.

Property sold through William Chan of Marshall. Chan. Yes. He said the traders, who wanted to move closer to the city, were happy with the results.

In Cabarita, a three-bedroom house in pristine condition sold for $3.2 million.

Bidding at 17 Moore Street, a deceased estate, started at $3 million and auctioneer Michael Garofolo of Cooley Auctions received bids from two buyers before bidding stalled at $3.1 million.

After several minutes of discussion between the seller and the agent, the house was finally called on the market at that price point, below the initial written reserve and guide price of $3.45 million.

The registered third party then made a bid, and the bid went up another $100,000. The buyer is a local family who will be rebuilding in a corner block of 518 square meters.

Load

“It’s slow, it’s a struggle … but plantation operators are happy to fill the market,” said realtor Ross Musso of Raine & Horne Concord and Strathfield.

He had expected five bidders, but two dropped at the last minute, as they felt there would be better buying opportunities later this year.

“Buyers are literally sitting there, just weighing everything. Many fear further rate hikes and inflation,” he said.

In Alexandria, a young couple competed for a two-bedroom house at 24 Jennings Street that was selling for $1.51 million.

Bidding opened at $1.4 million and three of the six registered bidders made bids, and the house was sold to a larger local couple.

The 145 square meter block was sold through Nick Moraitis of LJ Hooker Newtown for $210,000 over reserve price.

In Manly, it’s a two-person contest for a three-bedroom home at 95 Darley Road, which retails for $4.252,000.

Bidding opened at $3.9 million, and the downsizing offer beat the pair who raised prices for the home, increasing its own bid to push the price past the $4.25 million reserve.

Property sold through Michael Clarke of Clarke & Humel. The 354 square meter block last sold for $2,742,000 in 2016.

MorningThe ing Edition Bulletin is our guide to today’s most important and compelling stories, analysis and insights. Register here.

#Hunters #Hill #house #fetches #million #auction #requires #million #reno