This charming Sydney home in a quiet cul-de-sac saw two bidders vying for the keys. All the action from Domain's live auction coverage.
A couple years ago a one-bedroom apartment with a million-dollar price tag may have raised a few eyebrows, even in Sydney.
But at the auction of a single-bedroom loft unit in Darlinghurst on Saturday there was only determination on bidders’ faces as they pushed the price to $1,175,000 – $75,000 above reserve.
It was one of 673 homes up for grabs on Saturday and, with auction numbers still tracking about 30 per cent lower than last spring, buyer competition was heated.
Auctioneer Brianan Crawford kicks off the auction of 506/50 Burton Street, Darlinghurst. Photo: Louise Kennerley
By Saturday evening Domain Group had collected 498 results and put the clearance rate at 80 per cent – up on last weekend’s 78.8 per cent.
Domain Group chief economist Dr Andrew Wilson said it was clear sign that the spring boom was rolling on. He expects property prices to continue rising.
“The demand for these types of apartments is just exceptionally strong.”Seaton Jones, Ray White TaylorJones
The crowd of 30 squeezed into the 73-square-metre unit at 506/50 Burton Street were mainly inner-city professionals and investors.
The one-bedroom unit sold for $1,175,000 – $75,000 above reserve.
Auctioneer Briannan Crawford of Cooley Auctions kicked the bidding off at $900,000, which was quickly met with a series of $50,000 bids. Four of the six registered bidders stuck up their hand on the day.
The winner bidder was Kayla Le Cornu who was bidding on behalf of her friends – an inner-city professional couple who were in Venice at the time of the auction.
“They’re really stoked,” said Ms Le Cornu, who gave them the good news over the phone.
Winning bidders Kayla Le Cornu with son Thomas Scott. They were bidding on behalf of friends who are in Venice. Photo: Louise Kennerley
They had been looking for 12 months and were “pretty excited by the fact the block is pet-friendly,” she said.
Seaton Jones of Ray White TaylorJones said when it came to executive one-bedroom units, “$1 million is now the entry-point”.
“The demand for these types of apartments is just exceptionally strong,” he said.
506/50 Burton Street Darlinghurst Photo: Amy Piddington
Mr Jones had good reason to be confident ahead of the auction – more than 100 groups inspected the unit located in Republic 2, a 16-year-old block designed by architecture firm BKH.
Domain Group data shows that over the past year the price of one-bedroom apartments has grown faster in Darlinghurst than any other Sydney suburb.
Prices for one-bedders have surged a whopping 30 per cent in the 12 months to June to a median of $724,500.
44 McCarrs Creek Road Church Point sold for $2,505,000 under the hammer on Saturday.
Bellevue Hill has also proved a hot pocket for small units with the cost of one-bedders surging by 29.7 per cent over the same period to $720,000.
On Saturday competition was also fierce at the auction of a small two-bedroom unit 6/80 Burfitt Street, Leichhardt.
The original-condition home listed with David Mirabella of Century 21 hadn’t changed hands since it was bought off the plan in 1968.
The owner’s house next door at 46 McCarrs Creek Road Church Point passed in on a vendor bid of $3.85 million.
Auctioneer Will Hampson said most of the bidders were first home buyers.
“The fact that 34 people registered to bid is a testament to the shortage of supply at the moment,” he said.
A young woman secured the property as her first home for $728,000 – $178,000 above reserve.
Artist’s impression of Palisade Miranda. Half of the 103 apartments sold at the launch on Saturday. Photo: Supplied
On Sydney’s northern beaches, there was a back-to-back auction of two neighbouring waterfront properties at Church Point.
It was a mixed-bag for the family who owned both properties. The first auction of the two-bedroom home at 44 McCarrs Creek Road sold under the hammer for $2,505,000.
But the neighbouring property – a larger four-bedroom home at 46 McCarrs Creek Road – passed in on a vendor bid of $3.85 million.
Prices at Palisade Miranda ranged from $575,000 to $2 million. Photo: supplied
Jillian McGrath of McGrath Real Estate Mona Vale said she was confident the home would sell soon.
New apartments were also in demand on Saturday with half of the 103 apartments on offer at Stage 2 of Palisade Miranda being snapped up at the launch.
Emptynesters and investors made up majority of the purchasers in the Galileo Group development, with prices ranging from $575,000 for a one-bedroom unit with a study to more than $2 million for the penthouse.
CBRE chairman Justin Brown said Palisade Miranda had been “the most successful development in that location”.
“Developments in good locations, with sound infrastructure and decent transport are doing very well,” he said.