‘Immaculate’ 3.2m wide inner-city home sells for $315k above reserve

A two-bedroom “A-grade” house just 3.2 metres wide sold for $2,515,000 in Surry Hills on Saturday, $315,000 above the reserve.

More than 60 people gathered in the quiet, tree-lined cul-de-sac to witness the auction of 112 Arthur Street, with some neighbours watching from their balconies.

Seven parties registered to vie for the keys, with five active. Auctioneer Damien Cooley made swift work of the process, quickly making final calls several times to keep bidding moving.

Bids began in increments of $100,000 and $50,000 until it reached $2.3 million after which bids decreased to tranches of $25,000. After bidding reached $2,475,000, offers decreased to $10,000 and $5000 and the property sold.

It had a guide of $2 million and a reserve of $2.2 million.

There is no legal requirement for a vendor’s reserve to be in line with their property’s price guide.

The new owners were from the eastern suburbs and bought the house for their parents to live in. Their parents wanted a property in Surry Hills or Redfern in a quiet street that was walkable to shops and cafes, and they liked the open-plan format on the ground floor of the two-storey home.

The home features a six-metre-long single wall stainless-steel kitchen opposite a built-in cupboard laundry and storage. It also includes a fully tiled north-facing courtyard with a storage shed and a small balcony with glass balustrades off the main bedroom upstairs.

The vendor said she was hoping to downsize to an apartment in the area but was still considering her options.

The open plan living area in the immaculately presented home was at its best on a sunny Saturday morning as buyers lined up to try to win the keys.James BrickwoodOne of the bright bedrooms in the immaculate property.James BrickwoodSales agent for Ray White Touma Taylor, Charles Touma, said the fully renovated, north-facing “immaculate” terrace less than 350 metres from the popular Bourke Street Bakery was as good as it gets for that style of property.

“It’s an A-grade property at the top of the food chain for its category in terms of location, accommodation and condition,” he said.

Cooley said even in an uneven market, premium properties will always attract buyers.

“Buyers are flocking to the quality homes,” he said “The bulk of sales happening now are owners meeting the market rather than prices stabilising or improving.

“There are a lot of quality buyers who are keen to buy but haven’t found a decent home.”

Auctioneer Damien Cooley wasted no time calling for final bids in front of a large crowd.James BrickwoodThe property was one of 1029 scheduled to go to auction in Sydney this week. By evening, Domain recorded a preliminary auction clearance rate of 51 per cent from 653 reported results throughout the week, while 232 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.

In Balmain, a family of six returning to Australia from Singapore paid $7 million for a five-bedroom home at auction on Saturday.

All three registered bidders vied for the keys to 14B Grafton Street with bidding opening at $6.4 million. Bids went up in increments of $50,000 until it reached $6.9 million when they slowed to smaller bids of $10,000 and $1000 and the property sold.

It had a guide of $6.8 million and a reserve of $7 million.

The successful bidders were seeking a property that could accommodate the whole family, including their four teenage and young adult children. The underbidders were a couple from the inner west who had been looking to buy for two years.

The fully renovated home has all the bells and whistles including outdoor areas and a double lock-up garage.DomainSales agent for Belle Property Balmain, Monique Dower, said the vendors plan to downsize. She said while the market remained “inconsistent”, the auction environment was still the best method to get a property sold.

“Shorter days on market is always the best way forward to create competition and get a result,” she said. “We had realistic vendors with realistic expectations.”

In Coogee, in Sydney’s east, a three-bedroom unrenovated house less than 15 minutes’ walk from Coogee Beach sold for $3,315,000.

Nine parties registered to bid for the Federation-era house on a 342 square metre site, with six bidders raising their paddles. Bidding for 29 Melody Street started at $2.7 million, going up in increments of $50,000 until it reached $3 million, when it dropped back to smaller bids of $10,000 and $25,000 and the property sold.

It had a guide of $3 million and a reserve of $3.2 million. The vendor is moving into aged care.

Ray White Eastern Beaches sales agent Angus Gorrie said the new owner was “excited about the possibilities” for the home which he described as “unlivable”.

The house will most likely be demolished.DomainAdvertisementHe said the highest offer made for the property during the campaign was $2.8 million.

Prior to auction day, he was not expecting such a strong showing from potential buyers, who were almost exclusively builders and owner builders.

“Buyers get confidence buying off someone else in the room,” he said. “Eight other paddles were in the arena. If someone else likes it, [often] it makes them like it more.”

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