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A 28-year-old investor stretched himself $155,000 above the reserve price of a dated one-bedroom apartment on Sydney's lower north shore on Saturday.
The North Sydney home - measuring just over 46 square metres - was one of about 770 properties scheduled to go under the hammer. By Saturday evening, Domain Group had collected 523 results to put the clearance at 79.3 per cent.
"Sydney's market bounced back today following last weekend's year low rate, with another strong result for sellers from higher listings and following positive new initiatives in the budget," said the group's chief economist Andrew Wilson.
More than 60 people gathered for the auction of 52/106 High Street, a deceased estate held by the one family for more than 30 years.
The auction kicked off with a phone bid of $680,000 - $10,000 above the reserve - and quickly went up in $20,000 bids, then $10,000 increments.
While 17 parties registered to bid, just three had made offers when auctioneer Matthew McBrearty of Belle Property looked set to sell to a local investor couple for $820,000.
But at the last minute a young investor piped up with his sole winning bid of $825,000, well above North Sydney's $760,000 median for a one-bedroom apartment.
"We're very happy we got it," said 28-year-old Mr Li after the auction. "We didn't expect so many people to be here ... I wanted to hold back to the end to see who the serious competition was."
The apartment will be the first investment property for Mr Li and his partner, who already own a home together nearby.
"We like the area, we use to live nearby," added Ms Li. "Although it's North Sydney, it's basically Kirribilli and has those lovely water views."
While the beneficiaries Steve and Sharyn Roddy were sad to see the former property of Sharyn's uncle go, they were pleased with the result.
"It was a bit of a surprise that it went so high, we thought it would go for maybe $700,000," said Mr Roddy. "When it opened at $680,000, we knew it would go for a strong price."
Agent Norman So of Belle Property Strathfield said although about half of the 60 parties that inspected the "time warp" apartment were first-home buyers, the larger deposit required for properties under 50 square metres - due to lending restrictions - had ruled some out.
It was a different story in Surry Hills, where a first-home buyer outbid two investors to snap up 66/551 Elizabeth Street, an even smaller one-bedroom apartment being sold for charity through Con Fotaras of Belle Property Surry Hills.
Offers on the former studio transformed into a one-bedder by Bernadette Janson, the founder and head renovator of The School for Renovating, started at $550,000.
The bidding went up in jumps from $10,000 to $40,000 as the two investors battled it out, until 25-year-old Jameson Chan came in right at the end with the winning bid of $670,000, $70,000 above reserve.
"It's my first property, I'm pretty happy," said Mr Chan, who had his parents in tow. "I've been saving for about three or four years ... and looking for a couple of months. At first it was two-bedders but, because of prices, I started looking a one-bedroom places."
Mr Chan, who did receive financial help from his parents, plans to rent out the property - just 39 square metres - until he can afford to live in it himself.
Auctioneer Damien Cooley of Cooley Auctions said, despite last weekend's lower clearance rate of 73.6 per cent, the market remained strong.
"The clearance rate the past few weeks has been all over the place, I think because we've just finished the Easter period, and there wasn't a huge amount of volumes of people coming through properties.
"The end of May will be the test for the market, but we are expecting a good month in June," he added. "A lot of vendors want to capitalise on the market now, as they're afraid it might change."
Ms Janson was delighted to see her team's renovation efforts pay off for the property, which records show she bought less than a year ago for $475,000. She will be donating the $120,000 profit they made from the flip to Hands Across The Water, a charity that runs orphanages in Thailand.
"I'm absolutely thrilled," she said. "I'd been hoping we'd make $70,000 in profit, so to make $120,000 is just great ... We'll be able to do a lot of good with this."
Elsewhere in Sydney:
18/10 Dalleys Road, Naremburn. Photo: Supplied.
SOLD $1.38 million
Naremburn
18/10 Dalleys Road
2 bedrooms, 2 bathrooms, 1 car space
This apartment in the historic 1920's 'Schoolhouse' building sold for $206,000 above reserve. The auction opened with a $1 million bid, and the offers went up in $25,000 increments as four of nine registered bidders competed for the home. It was a first-home buyer that nabbed the property, sold through Alon Beran of McGrath Northbridge.
31 Abigail Street, Hunters Hill. Photo: Aimee Crouch
SOLD $3.44 million
Hunters Hill
31 Abigail Street
4 bedrooms, 2 bathrooms, 2 car spaces
The hard work of architects Julian and Tracy Ashton paid off on Saturday, when their extensively renovated Californian bungalow sold for more than triple the $1,100,500 records show they bought it for in 2008. Bidding on the modern family home started at $3.05 million and went up in $50,000 jumps, before slowing right down to $10,000 increments. It sold for $140,000 above reserve, through Nicholas McEvoy of BresicWhitney Hunters Hill.
4/2B Holt Street, Double Bay. Photo: Supplied
SOLD $2.05 million
Double Bay
4/2B Holt Street
3 bedrooms, 1 bathroom, 1 car space
More than 100 people gathered for the auction of this townhouse which sold $200,000 above reserve. The bidding for the deceased estate kicked off at $1.65 million, with four of seven active bidders competing for the property before the hammer fell. It was snapped up by a downsizing couple from Paddington. Sean Poche of Phillips Pantzer Donnelley, who showed about 130 groups through the home, said due to its size it had been popular with both downsizers and young couples looking to upsize from units.
3 Malakoff Street, Marrickville. Photo: Supplied
SOLD $1,415,000
Marrickville
3 Malakoff Street
3 bedrooms, 1 bathroom, 1 car space
A first-home buyer couple from north-west Sydney beat investors, builders and established home owners for this double-fronted home. Bidding started at $1.2 million and 16 more bids were made before the hammer fell $115,000 above the $1.3 million reserve. Adrian Tsavalas of McGrath Leichhardt said the delighted pair would move in after giving the home a quick revamp, but hoped to renovate it down the track. It had been held as an investment since it last traded for $510,000 in 2003.
166 Gannons Road, Caringbah South. Photo: REVOLVER MEDIA
SOLD $1,992,500
Caringbah South
166 Gannons Road
4 bedrooms, 3 bathrooms, 2 car spaces
A young, local couple beat two downsizers to secure this modern home, which has had extensive renovations since it last traded in 2010 for $830,000. After an opening offer of $1.82 million, the bidding went up in $20,000 increments before slowing after hitting the $1.9 million mark. It sold for $92,500 above the $1.9 million reserve. The home was sold through Alex Pitsis of Greg Gilbert Real Estate, who showed about 60 groups through the property before auction day.