14/8 Wentworth Street, Point Piper sold for $7.8m in the online auction. The reserve was $6,750,000.
As a Point Piper penthouse sold for $7.8m — $1.05m over reserve — auctioneer Damien Cooley says: ‘The conversation is growing … let’s just get it on the market.’
Home to the late Joan Fitzgerald, wife of the late lobbyist, strategist and AJC board member Arthur Fitzgerald, the three-bedroom apartment at 14/8 Wentworth Street was listed on June 30 with a $5.5m price guide.
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But demand was strong and by Tuesday night’s online auction, BradfieldCleary’s Bob Guth and Michael Rowles had a $6,750,000 reserve for the apartment in the tightly held ‘Liskeard’ block.
There were six registered with four competing and the bids rose in $100,000 and $50,000 increments before Cooley’s colleague Jake Moore slammed down the gavel.
14/8 Wentworth Street, Point Piper, is on the top floor of an older-style block.
The harbour views are extraordinary.
“It was a good auction,” Guth said. “And consider that the apartment next door which was the same size sold for $6.7m last year.
The strong result is far from unique. I watched the Klein family’s five-bedder at 9 Kings Road Vaucluse, go under the hammer, which sold for $8,238,500 — the biggest sale of the night.
Moore had a dozen registered bidders and sources said the result was more than $800,000 over reserve.
Steven Zoellner of Laing & Simmons Double Bay said: “I’ve never seen a market like it.”
Cooley said all nine of those that proceeded to auction sold, with eight of them well over reserve.
“The market is on fire,” he said.
“There’s a lot of confidence in online auctions.”
9 Kings Road, Vaucluse, sold for $8,238,500, $800,000 above reserve.
The house has iconic views.
His team is putting 30 per cent fewer properties to auction this August compared with last year.
“There are more buyers who want to buy and not as many sellers,” Cooley said.
“The conversation is growing … let’s just get it onto the market.”
Raine and Horne Double Bay/Bondi Beach principal Ric Serrao sold a three-bedroom semi at 7 Castlefield Street, Bondi, for $3,455,000 — $455,000 over reserve.
7 Castlefield Street., Bondi, sold for $3,455,000, $455,000 above reserve.
Compact interiors.
It had been bought by an investor along with two neighbouring properties about three years with the intention of creating a single development site that might fetch $10m. “But they’re now worth more individually,” Serrao said. “We’re expecting they’ll fetch well above $12m.”
Another North Bondi semi at 49 O’Donnell Street attracted a whopping 33 registered bidders and sold for $3,775,000 — $575,000 above reserve — via Ray White Woollahra/Paddington agents Ty Demirezen and Andrew Garment.
“It was the quintessential Bondi home with scope for growth and there was a lot of competition,” Demirezen said.
49 O’Donnell Street, North Bondi, attracted 33 registered bidders and sold for $3,775,000, $575,000 above reserve.
The property offers “scope for growth”, the agent said.
“Prior to auction the highest offer was within the guide price of $2.8m to $3m.
“Online auctions are working — buyers are out there and they want to make a move so I’d encourage sellers to not shy away from it and think they’ll put their property to market in spring like everyone else.”
That property went to auction on Saturday with Cooley but other auction houses are having similar success.
1 Cambridge Avenue, Vaucluse, attracted 18 registered bidders.
It sold for $4,665,000.
I watched a five-bedroom home at 1 Cambridge Avenue, Vaucluse, sell for $4,665,000 on auctioneer Jesse Davidson’s Auctionworks website last night.
Up for auction via Richardson and Wrench Double Bay, bidding opened at the guide price of $3.5m. I counted 47 bids before Davidson slammed down the gavel, clearly well above the reserve.
It’s understood there were 18 registered bidders for the home that CoreLogic indicates sold for $1,705,000 in 2012.
The post Sydney virtual auction market ‘on fire’: Point Piper penthouse sells $1.05m over reserve appeared first on realestate.com.au.
As a Point Piper penthouse sold for $7.8m — $1.05m over reserve — auctioneer Damien Cooley says: ‘The conversation is growing … just get it on the market.’
The post Sydney virtual auction market ‘on fire’: Point Piper penthouse sells $1.05m over reserve appeared first on realestate.com.au.