Clovelly home sells for $3.63 million to last minute buyers
This additional supply was enough to put investors out of the competition. Late bidder registration is permitted in NSW.
Clovelly couple Karen Burt and Ralph David, also bidding hoping for an upgrade, thought the successful buyer had bought well.
“Actually, it went below its worth … if we had had a little bit more, we probably would have continued. For this [house] go for [that price]it’s a pretty soft market,” Burt said.
“Your potential is huge. If you do the work it would be $7 [million] to $8 million with the right development,” said David.
Nicholas Wise of Ray White Eastern Suburbs said the buyer picked up the property for less than it would have cost during the boom.
“Without a doubt, the market has come back since 2021… if it had sold two years ago, it would have sold at a higher price,” Wise said.
He said increased construction costs are another factor affecting buyers’ budgets when bidding on homes that need work.
The property was sold for a fraction of the price of a nearby oceanfront home, which was sold to famed radio host Jackie O for $13.25 million last weekend.
According to domain data, Clovelly’s median home price fell 17.6 percent in 2022 to $3,675,000.
Meanwhile in Balmain, an elderly couple who lived in a nearby apartment bought 33 Stephen Street for $2.82 million.
They were among four registered bidders — competing against an investor and two downsizers — for the 1872 brownstone, which was appraised at $2.5 million. The reserve was $2.8 million.
BresicWhitney Balmain sales agent Brandon Nguyen said the result was above what the neighboring property was sold for last year.
“I sold 31 Stephen in October for $2.3 million…that was smaller internally but same lot size. [The market] definitely feels better than October,” Nguyen said, noting that prices were being supported by a lack of homes for sale.
Balmain’s median home price rose 2 percent in 2022 to $2,449,000.
In Bondi, a semi-detached house at 32 Watson Street was sold for $2.63 million to a local family looking to modernize.
The six-bedroom home had an initial guide price of $2.75 million, which was later reduced to $2.5 million.
Four of the five registered bidders competed after an opening bid of $2.25 million.
The initial $2.6 million reserve was reduced to $2.42 million, but the home ended up being sold through both.
McGrath Double Bay’s James Ledgerwood said the price was “spot on” for the market, noting that buyers were still looking for “fair value”.
In Stanmore, a three-bedroom Federation home at 49 Percival Road was sold for $2.01 million to a young couple rising from Summer Hill.
They were among five registered buyers – a mix of first-time buyers and downsizers. The home was listed at $1.7 million and the reserve was $1.9 million.
Adrian Williams’ Jason Ballo said it was an “outstanding result” as the price was higher than what was achieved in November for a house of a similar size.
“Buyers are looking far and wide for a home [due to lower stock levels], and they’re expanding,” Ballo said. “Buyers are quite cocky, even though buyers say ‘we don’t want to spend that much,’ that goes out the window and they bid aggressively.”
The average home price in Stanmore fell 3.5 percent in 2022 to $2,027,500.
https://www.smh.com.au/property/news/clovelly-house-sells-for-3-63-million-to-last-minute-buyer-20230317-p5ct0p.html?ref=rss&utm_medium=rss&utm_source=rss_property Clovelly home sells for $3.63 million to last minute buyers