Auction wrap from around the grounds

MORE than 10,600 people attended Ray White auctions last week across Australasia, with some standout sales across the network.

Across Australasia our preliminary clearances came in at - NSW (50%), Victoria (39%), QLD (39%). New Zealand (55%), SA (20%) and WA (22%) in the week ending December 2, 2018.

The top residential auction sale of the week was 13 St Neot Ave, Potts Point which sold for $7.651M by Ray White Double Bay agents Benjamin Goodwin and Evan Williams. The entire building had been held by the same family since 1969. This block of nine apartments was sought after by investors and developers. It was a very personal sale for Mr Goodwin. “I live on the top floor and I’ve been there for five years,” Mr Goodwin said. When he first discovered the street, he says: “I fell in love — this is the street for me; it’s so communal; you’ve got a canopy of trees; you’ve got views of the city and you can run to Opera House in 15 minutes.”

The agents had four groups register, all private investors planning to either simply hold the site or to renovate but only two competed. Mr Serrao reports that bidding started at $5M and quickly rose in $100,000 increments before slowing down to $50,000 and $25,000 increments.

The three-level building has 8 x 2-bedroom apartments, 1 studio apartment and 9 car spaces was set on a 470sqm with rear access to McDonald Street, and the potential to develop or renovate to increase the annual gross income and scope to create a roof terrace with panoramic views to the Harbour Bridge and Opera House STCA. In a sought after lifestyle precinct at the northern end of Potts Point, the property is footsteps to buses and a short stroll to cafes, restaurants, shops and weekend farmers' market in Fitzroy Gardens.

Then on Saturday, another older-style apartment block - this time at 21 Baden St, Coogee was auctioned by Ray White – Randwick and Bondi Junction for $5.54M. The property drew 10 registered bidders and sold for $5.54M, an extremely healthy $890,000 above the reserve. The purchaser plans to initially hold on to the block, which currently generates $209,300 a year in rent. But the building will eventually be demolished by its new owner to make way for two high-end duplexes. Properties above $3 million appear to be travelling well at the moment, in large part because buyers at this level are less reliant on loan finance than others.

Meanwhile in Paddington, a four bedroom terrace with a separate studio at 207 Sutherland St, sold for $4.225M in a dramatic auction through Ray White Woollahra principal Randall Kemp and agent Clay Brodie.

The vendors - who had done a recent renovation of more than $1 million after purchasing the home for $1,925,000 in 2014 - said they were happy with the result.

“We’re upsizing — we’ve got two young boys and they need a cricket pitch,” the vendor said.

Post-war homes were the flavour of the week in Brisbane, with older properties seeing the market for the first time in decades, much to the delight of developers and investors.

In Wooloowin, a character home on 612 square metres at 53 View Street attracted 11 registered bidders, four of whom were active during the auction. The property, which attracted more than 50 groups during the campaign as well as builder interest, sold for $875,000 to a developer.

Agent Jon Finney of Ray White Albion said the home had an emotional draw to it, having been owned by one family since 1949. “It was just a joy for me to walk through it every day,” he said.

Everyone was walking through saying, this reminds me of my grandparents’ place, it reminds me of my aunt’s place — there was just a lovely sense of history that was around it.”

He said the elderly vendor and her son would have preferred to sell to a buyer who would keep the home’s heritage elements. “Both the son and the mum knew it had to be sold and because of where it was it was likely to go to a developer,” he said. “Resignation was the emotion.”

Despite its obvious development potential, the property was fought over by developers, investors and owner-occupiers, who drove the price up quickly and eventually bid in increments of just $1000. “There was a very low opening bid of $600,000 and I thought, we’ve got a long way to go here, it’s going to be a long, hot morning,” Mr Finney said.

“But it quickly progressed from there and it didn’t take any prompting, really, for a Mexican wave of bidding to start.

“It exceeded expectations, that’s for sure.”

The highest number of registered bidders was a staggering 21 in South Australia.

Ray White Henley Beach Principal Anthony Fahey sold 25 Riverway, Fulham Gardens for $780,000.