Auctions are a stressful business, even if you are a seasoned buyer or seller.
It takes guts to hold that paddle up, and plenty of fortitude if you are the vendor sitting inside the home waiting for the auctioneer to tap on the door.
The auction market has been up and down this year thanks to the COVID lockdown, low stock levels and some vendors favouring private treaty or expressions of interest campaigns.
But recent weeks have seen auction volumes start to creep up again, and clearance rates on the upper north shore have been strong, and consistently above Sydney’s general clearance rate.
Last weekend saw the upper north shore’s clearance rate hit a healthy 80 per cent.
The top reported result not only gets full marks for the $3.79 million sale price, but earns the vendor and the agent a gold medal for putting faith in the process.
Rowan Lazar, of Ray White Upper North Shore, said about 80 people turned out for the auction of 45 Telegraph Rd, Pymble. He said there had been offers on the property in the lead up to the auction.
“We knew we had some buyers there but not one bidder registered,” he said.
“The vendor trusted the auction process and we called their (the buyers’) bluff and ran the auction.”
The property was passed in and within minutes another buyer emerged, who had seen the property for the first time that day.
“Fortune favours the brave,” Mr Lazar said “We passed it in on no bids and two hours later it was sold.”
The Tuscan-style, north facing home has six bedroom and is within walking distance of the bus, rail, Pymble Public School and Pymble Ladies College.
Features include a grand marble entry, billiard room with customised bar, mosaic-tiled pool and double garage with storage.
Mr Lazar said there was a lot of interest in the property, but the buyers clearly wanted to see what happened at the auction before making a move.
He said the buyer was over the moon with her purchase.
“The house reminded her of the house she grew up in and the kids loved it too,” he said.
TOP RESULT ON POINT
The biggest overall reported sales result on the upper north shore came from one of the area’s smallest suburbs.
According to CoreLogic, only four properties have traded in Linley Point this year, including 18 Brooks St, which sold on Friday for $6 million.
The big result came a week after the five-bedroom home was passed in at auction for $5.9 million.
The luxury home has private access to the waterfront and DA approval for a slipway.
Other features of the three-level home include multiple balconies, and billiards/rumpus room with bespoke wet bar that opens to the pool and deck.
The property was marketed by Tracey Dixon and Brent Courtney, of McGrath Hunters Hill.
Mr Courtney said he had six buyers chasing the property in the week before it was sold.
“There’s not a lot for sale in the area at that level,” he said.
“Buyers loved the access to the water, the totally renovated home and the view. You could just move in and unpack your bags.
One of Killara’s most tightly held streets looks set to notch up its second sale for 2020, with the listing of a stunningly renovated c1908 Federation home.
No. 19 Karranga Ave has been listed with Ben Cohen and Mark Goldman, of Sydney Sotheby’s International Realty, who are taking expressions of interest until October 1.
They are yet to release a price guide for the seven-bedroom mansion, that sits on a 1593sqm of sprawling, manicured grounds.
According to CoreLogic, No. 2 Karranga Ave, a five-bedroom Federation home on 1856sqm sold in June this year for $6.67 million. It was the first sale in the street since 2016. It settled at the end of August.
Mr Cohen said it was hard to offer a guide price on the property given its uniqueness and the fact it was early in the public sales campaign.
“It’s a substantial, extraordinary estate and it underwent enormous renovation and extension about five years ago,” he said.
Features include 792sqm of internal space, with multiple living and dining areas inside and out, home office, wine cellar, steam room and resort-style swimming pool.
A similar property at 45 Arnold St, Killara traded in September last year for $8 million.