‘Feast for first home buyers’: Four Gladesville apartments sell in flurry of bids

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Key points

  • A Marrickville home sold under the hammer for $2,525,000 – $225,000 above the reserve. 
  • Meanwhile, in North Kellyville, a four-bedroom brick house sold for $1,816,500
  • A three-bedroom home in West Pennant Hills was snapped up by a local couple for $1,455,000.

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Three first home buyers and an investor snapped up four apartments that went up for auction, one after the other, in the same building in Gladesville. All sold under the hammer within 35 minutes after multiple buyers competed.

The building, at 15A Cambridge Street, has eight apartments altogether, and four of them were sold as part of an investor’s deceased estate.

The first auction – a one-bedroom at Unit 7/15A Cambridge Street – had 18 bidders register and eight actively compete for the keys. A first-home buyer snapped up the property for $775,000.

The buyer, who attended with his mum, made an offer $95,000 over the reserve to seal the deal. Bidding opened at $600,000 with a flurry of $50,000, $20,000 and $1000 offers soon following.

The next auction, of Unit 8/15A Cambridge Street, saw the two-bedroom apartment sell for $900,000, which was above the $875,000 guide, to a first home buying couple, after multiple bidders competed.

Unit 1 then sold for $910,000, above the $900,000 reserve to an investor, while Unit 3 sold to another first home buyer for $810,000 above the $800,000 reserve.

Multiple bidders competed during the auction of the four apartments.Credit: Rhett Wyman

The Gladesville auctions were four of 318 scheduled auctions on the King’s Birthday long weekend.

McGrath Ryde’s George Agostino, said it was rare for four affordable apartments in the one building to be sold one after the other. But the uniqueness of the sale of the 27-year-old apartments sparked bidding wars among young Sydneysiders keen to get a foot on the property ladder.

“It was a feast for first home buyers,” Agostino said. “Bidding was strong on each of them. But the one-bedroom unit [Unit 7] – which had a reserve of $680,000 – was unusually large and as a result, we had 18 registered bidders.

While rising interest rates remain heavy on the minds of buyers and sellers, after the twelfth interest rate rise in 13 months hit the market on Tuesday, Agostino said the market was buoyant thanks to a lack of stock continuing to drive demand.

In Marrickville, a three-bedroom house at 12 Fletcher Street sold under the hammer for $2,525,000 – $225,000 above the reserve.

Four bidders competed for the keys, with offers starting at $2 million, with $100,000, $50,000 and $25,000 offers taking it to its sale price.

Adrian Tsavalas, of Adrian Williams, said an investor using a buyer’s agent was the winning bidder, muscling out a first home buyer.

“The vendor was happy to sell the house as long as it had a $2 million at the front of the sale price,” Tsavalas said. “We had 130 buyers inspect it over two weeks … and then we received an offer of $2.3 million, which is what we then set the reserve.”

“Shortage of stock is what made this home so popular … but it was also the location,” he said.

In Normanhurst, a three-bedroom semi-detached brick home at 13 Kooranga Place sold under the hammer to a first home buyer for $1.78 million – $330,000 above the advertised guide.

Saliba Estate Agents’ Josh Saliba said the home was extremely popular, with numerous buyers – 200 groups – inspecting it before the auction, and 35 buyers registering on the day.

“This auction well and truly exceeded our expectations,” he said. “The home had a great cul-de-sac location, but I also think supply and demand played a key role in this result.

“To get a property like this in this area is slim to none … and interest was so big because it was a home that suited the whole marketplace.”

The house last sold for $1.05 million in November 2015, records show.

“The market is crazy right now and there’s simply a lack of stock. Despite interest rate rises buyers aren’t deterred,” Mr Saliba said.

Meanwhile, in North Kellyville, a four-bedroom brick house at 14 Rosenfeld Avenue, on a 485 square metre block fetched $1,816,500 – $116,000 over reserve.

Cooley auctioneer Michael Garofolo, said 11 registered bidders battled it out before a family claimed the keys with a final $1000 bid. The property was listed by Marvin Dayupay from The Studio Estate Agents.

“This is a great result for the area, especially for a single-storey home on a block less than 500 square metres,” Garofolo said. “Everyone is concerned about interest rate hikes but is it slowing them down? No.”

At West Pennant Hills, a three-bedroom house on a 244 square metre block at 2/41 Dean Street sold for $1,455,000 after eight active bidders fought it out.

“The opening bid was $1 million … and a local couple upgrading from a unit got the winning bid,” said selling agent Nathan Leuzzi of Ray White West Pennant Hills.

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