Six minutes was all it took for an eastern suburbs downsizer to pay $3.32 million to secure the keys to a Coogee apartment with panoramic ocean views.
The three-bedroom property in a boutique block of eight at 6/204 Beach Street was an investment pad sold by Steve Deacon, rugby league veteran and former Roosters centre, who was at the auction with his family.
Deacon is also the former manager of Latrell Mitchell during his time at the Roosters.
An intimate crowd watched as two locals battled it out for the beachside opportunity guided between $3.1 million to $3.3 million.
Bidding opened at $2.9 million with $50,000 bids driving the auction to $3.3 million.
Two final bids at $10,000 pushed the sale $20,000 above its reserve, where the apartment sold for $3.32 million under the hammer.
Coogee Real Estate’s James Giltinan said the north-east position ensured “virtually every room had a water view”.
“Big water views over Coogee, that was the standout aspect, [a] really massive liquid view over Coogee… it had exceptional views throughout the whole property.”
The unit last changed hands for $345,000 in 1992, records show.
It was one of 595 scheduled auctions in Sydney on Saturday. Domain Group recorded a preliminary auction clearance rate of 50.7 per cent from 696 reported results over the week, while 197 auctions were withdrawn. Withdrawn auctions are counted as unsold when calculating the clearance rate.
In Gordon, an auction for a three-bedroom red brick house at 12 Lennox Street drew a crowd of 100 and yielded $3,504,000.
Guided at $2.7 million, the 800-square-metre lot was snapped up by a developer who paid a whopping $604,000 above its $2.9 million reserve.
Five of the nine registered bidders actively sought the home. The interest was mainly from families and developers.
Bidding opened at $2 million, going up in increments of $100,000, then $50,000 and ultimately $1000 bids. The fiercely contest between two parties ended when the hammer fellto a company from Greenacre.
Pello agent Alex Mintorn said “neither [bidder] wanted to let it go.” The area was a “pretty hot pocket”, he said, due to nearby private schools and no risk of rezoning.
The vendor, having occupied the property for nearly 40 years, was “gobsmacked by the result”. The home last traded for $380,000 in 1995, records show.
In North Sydney, a derelict and unlivable property guided at $1.5 million drew the interest of two people who worked in the suburb.
The two-level home at 9 Little Alfred Street was originally bought as a fixer-upper, but the project had sat idle for decades, the only improvement being a brightly painted facade.
Two bidders registered, but only one showed enthusiasm for the property, within walking distance of North Sydney, Neutral Bay and Kirribilli. The first bid was $1.5 million, an additional $50,000 was negotiated on the floor and the hammer fell at $1.55 million.
BresicWhitney’s Louise Barton said the vendor was “excited to see what becomes of the property.” Barton said not much is known about the property’s history – the home can be developed, but the facade is heritage.
The vendor phoned into the auction from regional NSW. The buyer is from Milsons Point.
In Burwood, a two-bedroom unit across the road from a children’s playground and moments from Westfield sold for $930,000.
The flat at 9/14-16 Park Avenue was snapped up by a relieved first home buyer who recently had missed out on another unit in the building.
Eleven bidders registered, and five were active. Some were investors but most were first home buyers with parental backing.
The guide, originally $850,000, was raised to $870,000 to match the sale price of number 5 in the building.
Bidding opened at $860,000 with successive bids of $10,000, $5000 and $1000. It sold for $30,000 above its $900,000 reserve.
Selling agent Antonios Kanis from McGrath Hunters Hill said he had fielded many inquiries for similar stock. “Some that missed out today wished they bid on it,” he said.
AMP’s chief economist Dr Shane Oliver described Sydney’s clearance rate of 50.7 per cent as depressed, showing “we’ve fallen into a hole”.
His advice to struggling homeowners was to take all measures to hang on to their properties, even switching to interest-only repayments.
“If you can do that for, say, six months, it may be enough to tide you over until interest rates start coming down again.”
Oliver said economists seem to be split on whether rate cuts will occur in February or May.