Vaucluse knockdown home sells for $7.4 million

A three-bedroom knockdown home in Vaucluse has sold for $7.4 million after more than a dozen buyers turned out to compete for the clifftop address.

More than 100 people gathered for the auction of3 Marne St, a deceased estate with sweeping ocean views,that went under the hammer on Sunday.

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The original-condition house described as a “once-in-a-lifetime opportunity” received about 3000 enquires over the course of the five-week campaign,and significant international interest from as far away as India,China and France.

Thirteen buyers registered to bid on the 567-square-metre block,many of whom had never set foot inside the house,as they all intended to rebuild on the block.

Bidding opened at $5 million and climbed in $100,000 jumps up to $6.7 million,then stalled,before a vendor bid of $7 million was made. Biding soon resumed,and the result surpassed the $7.1 million reserve price by $300,000. Eight buyers made offers before the fall of the hammer,including three from China.

The Vaucluse home drew 13 buyers.

The Vaucluse home drew 13 buyers.Domain

The successful buyer was from Mosman and had arrived late to the auction,holding up proceedings. She did not enter the contest until $7.1 million,and had only inspected the property for the first time on Thursday for her young family.

The property had not been advertised with a price guide,but selling agent Aaron Del Monte from LJ Hooker Double Bay Group said expectations had been in the late $6 million to early $7 million price range.

“I truly do believe the auction worked a treat. There’s no way we would have gotten to that level without the auction campaign.”

The property had drawn interest from both owner occupiers and developers,he said,and builders quoted at least an additional $5 million to $7 million to knock down the house and rebuild a grander home on the site.

Del Monte said it was a rare opportunity as there are less than 50 clifftop locations between Vaucluse and Rose Bay.

“There’s a whole hype at the moment around cliff fronts. To have those spectacular views and to never be built out.”

Vaucluse’s median house price sits $8,725,000,having almost doubled over the past five years,on Domain data.

It was one of 600 homes scheduled to go under the hammer in Sydney on the weekend. By Saturday evening,Domain Group recorded a preliminary auction clearance rate of 77.2 per cent from 412 reported results,while 61 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.

In Sydney’s northern beaches,14 people registered to bid on a four-bedroom,two-level family home at 21 Greenwood Road,Narraweena.

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Bidding opened at $1.9 million and four parties actively bid,making 40 offers. Bidding climbed in $20,000 increment to $2.3 million,then dropped to smaller increases. Three young families stayed bidding until the last moment.

The two-storey brick home sold for $2,502,000 to ecstatic buyers,a young family from Chatswood who had been looking for 12 months. The reserve was $2,175,000.

Selling agent Mario Esposito from McGrath Collaroy said Narraweena was an “up and coming” suburb.

“In the last four or five years,there’s been lots of stories about it and how it’s being discovered and how good it is,” he said.

He suspected the area could soon see an uptick in homes for sale in the coming months.

“We had a lot of potential vendors that we’ve already appraised come and have a look at today’s auction. I think it’s going to be a busy winter.”

Ray White’s chief economist Nerida Conisbee said Domain’s 77.2 per cent clearance rate was reflective of a strong weekend.

“There was a lot of bidding activity taking place in Sydney. Our pricing data is showing that house prices also continue to increase ... so it does look like the market is well and truly back.”

Conisbee said a shortage of homes for sale,and increasing buyer demand off the back of strong population growth,was supporting price growth and the clearance rate.

“Trying to buy,find a renovated home or a family home is quite difficult at the moment,and they’re the types of[homes] that typically go to auction. Good properties are getting snapped up really quickly at this point.”

Consibee predicts Sydney prices will be back to peak levels by later this year,and advised sellers not to hold out in hope of further price declines.

In Sydney’s southwest,24 people registered to bid on a three-bedroom house at10 Cameron Street,Banksia – a deceased estate on the market for the first time in 45 years.

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The original-condition home with vintage carpet,tiles and pink bedroom walls sold for $1.5 million,$350,000 above buyer feedback and above the $1.4 million reserve.

Bidding for the 486-square-metre property started at $1 million and eight of the buyers competed,with a mix of families,builders and investors trading bids.

A family upsizing from a Rockdale apartment made the winning offer. They will make some adjustments to the house before moving in.

Ray White Rockdale’s Nicholas Economos said it was a big result for a home in need of work.

“It needed a lot of expensive renovations. Some people were looking at it even as a knockdown. I wasn’t expecting to get anywhere near that[price].”

Carmen Forward is a freelance writer covering lifestyle and property

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