“But given the calibre of the property and its view, it did get a strong result,” he said. “To be able to look out your balcony window and see the water, it trumped everything.”
Double Bay’s median unit price jumped 18.2 per cent to $1,956,000 in the year to June on Domain data.
In Paddington, local parents snapped up a two-bedroom home with a car space at 38 Dudley Street for $3.4 million for their adult children.
The rare 1920s semi-detached house had a guide of $2.45 million throughout the campaign and attracted 18 registered bidders; a mix of first timers, downsizers, upsizers and investors.
Bidding for the deceased estate opened at $2.5 million and went up between $70,000 and $50,000 bids for most of the auction as six parties took part.
Loading
At $3 million, it whittled down to a two-buyer race between a young family looking to upsize and the parents, who were buying for their working-age children, until it sold to the latter.
McGrath Paddington’s Fraser Turvey said the 186-square-metre-block ticked a lot of boxes for a market that was unperturbed by high interest rates.
“There’s no shortage of money in Sydney, especially a suburb like Paddington that is in very high demand. They’re not building any houses in the area,” Turvey said.
“It’s still a very popular area. We don’t see a drop in demand in any given year. What really affects the market is supply. Even though interest rates have been going up in the past two years, it hasn’t really put a dampener on demand at all.”
The home last sold for $155,000 in 1986, records show.
Paddington’s median house price rose 3.2 per cent to $3.2 million in the year to June.
In Stanmore, 10 buyers, who were a mix of first timers and upsizers, registered to bid on 4/2 Douglas Street.
The three-bedroom townhouse had an initial guide of $1.5 million that was increased to $1.6 million due to buyer feedback.
Loading
Despite some hesitation at first, an opening bid of $1.5 million started the auction and rose in varying increments as six buyers were active during the auction.
At $1.82 million a northern beaches buyer placed a single knock out bid of $30,000 to walk away with the keys at $1.85 million. The reserve was $1.75 million.
Adrian William’s Adrian Tsavalas said the property yielded a good result because it was well presented and the vendor’s had reasonable price expectations.
“At the moment it’s critical that vendors don’t rush without putting their best foot forward in how it’s presented,” he said. “Those with loftier price expectations might have to readjust.”
The owners, who had upsized in Petersham, bought the home for $1.45 million, records show.
Stanmore’s median house price rose 8.2 per cent to $2.22 million in the year to June.
Source Agencies
