'Sydney still performing strong': Surry Hills apartment sells for $1.27 million

A small turnout didn't stop an inner-city apartment selling under the hammer for $1.27 million on Saturday.

Despite failing to lure much of a crowd, the Surry Hills apartment at 509/188 Chalmers Street was snapped up for well above the suburb's $855,000 median apartment price.

The two-bedroom, two-bathroom apartment was one of 663 Sydney properties scheduled for auction on Saturday. By evening, Domain Group had recorded a clearance rate of 70 per cent from 368 reported results.

Bidding on the 99-square-metre home, which comes with strata levies of about $3000 a quarter, opened on the $1.1 million price guide.

For most of the auction it was a two-man race between a buyer from the Southern Highlands and a local Surry Hills woman, who went back and forth for almost 30 bids.

One of two remaining registered bidders - a man bidding on behalf of a young couple - briefly joined the bidding war, but was no match for the competitive duo.

It was the Southern Highlands buyer who nabbed the top-floor apartment, which had a spacious balcony with city views, for $70,000 above reserve. The result was also more than double the $525,000 records show it last sold for in 2006.

Selling agent Andrew Toohey of The Agency North said while buyer interest had been below expectations, the now London-based sellers were very happy with the result.

"I thought we might have a few more registered bidders, I was a bit worried there at the start, but we still had good bidding," he said.

Mr Toohey said he believed the top-floor apartment - added to the building when it was converted from a warehouse - would have fetched more if it had the same warehouse design features as other properties in the block.

He added the 'steep' strata levies had been a deterrent for some of the 10 interested buyers he issued contracts to.

Sydney is returning to a more normal market where prices are fairer for both sellers and buyers, auctioneer Thomas McGlynn of The Agency said.

"We're in a bit of a confidence slump though," he said. "It's a bit of a reality check, but Sydney is still performing strong."

Of his six auctions scheduled for Saturday, only the Surry Hills auction went ahead, with the rest of the properties selling prior.

"The number of sold priors has gone up, which is a sign the market has softened slightly," he said.

However Mr McGlynn expects to see renewed confidence in November, due to strong sales in recent weeks and a higher volume of properties scheduled for auction.

One such sale on Saturday was the auction of a two-bedroom, one-bathroom apartment in Wollstonecraft, which sold for $177,500 above reserve.

A local first-home buyer couple outbid downsizers to nab the second-floor apartment at 10/13-15 Morton Street.

Despite six registered bidders, it was another two-man race for the 106-square-metre apartment. Bidding went up in $10,000 bids for much of the auction, quickly passing the $1,125,000 reserve.

The apartment sold through Tom Scarpignato of Belle Property Neutral Bay for $1,302,500. Records show the vendors, who are upsizing in Cremorne, paid $730,000 for the property in 2011.

In nearby Crows Nest bidding on a three-bedroom, two-bathroom home opened bang on the $1.7 million reserve.

Three of six registered bidders made offers on 2/95 West Street, with the bidding going up in $50,000 and $25,000 increments.

The home, which records show last traded for $1,310,500, sold to a young family from Cremorne for $1.95 million - $250,000 above reserve.

Sellings agent Hamish Kyle of Raine & Horne Neutral Bay said while buyers' perceptions of the market had changed, he was still seeing good results.

"Yes, we has six registered bidders on this, when we might have had 10 or 12 registered bidders on the property six months ago, but we've still got the three committed bidders and that's the main thing. I think we're returning to a more normal market, but the pace is still good."

Elsewhere in Sydney

3 Arthur Street, Fairlight

3 Arthur Street, Fairlight.Photo: Supplied.

SOLD $2.31 million
Fairlight
3 Arthur Street
3 bedrooms, 2 bathrooms, 1 car space

This updated sandstone cottage sold for more than double the $970,000 records show it last sold for in 2009. It took about 10 minutes before the opening bid of $1.9 million was placed but then it jumped quickly in $50,000 and $20,000 increments. A young family from Northbridge outbid two other bidders to nab the home for $210,000 above the $2.1 million reserve. Selling agent Andrew Lutze of Cunninghams, who showed 120 groups through the home, said the owners ??? who have relocated to Scotland ??? were delighted with the result.

39 Second Street, Ashbury

39 Second Street, Ashbury.Photo: Supplied

SOLD $1,435,000

Ashbury
???39 Second Street
2 bedrooms, 1 bathroom, 2 car spaces

A neighbour looking to upgrade to a larger family home outbid a young couple to buy this deceased estate. While there were seven registered bidders, it came down to a bidding race between the two parties. The auction kicked off with an offer of $1.2 million and went up at a steady pace, before a vendor bid of $1,425,000 had to be made after bidding stalled. It was topped by a rise of $10,000, at which point the vendors decided to sell despite failing to reach their initial $1.45 million reserve. The home, sold through Gerry Bernhardt of Raine & Horne Bardwell Park, last traded for $606,000 in 2002.

7B Edward Ave, Miranda NSW

7B Edward Ave, Miranda NSWPhoto: Supplied

SOLD $1.46 million
Miranda
7B Edward Ave
5 bedrooms, 3 bathrooms, 1 car space

The decision to buy this block for $1.18 million back in 2015 paid off for the vendors at auction after they subdivided and built a new duplex. Bidding on the home started at $1.3 million and four families made offers on it before it sold for $10,000 above the $1.45 million reserve. The vendors, who have kept the other half of the duplex for themselves, were delighted with the result. The home sold through Lucas Harwood and Chris Fellas of Harwood Property Agents, who showed about 50 groups through the property. Mr Fellas said it was a price record for a duplex in the suburb.

Unit 2, 55 Ocean Avenue, Double Bay

Unit 2, 55 Ocean Avenue, Double Bay.Photo: Supplied.

SOLD $1,725,000
Double Bay
2/55 Ocean Avenue
2 bedrooms, 1 bathroom, 2 car spaces

Competitive bidding on this ground floor apartment saw it sell for $225,000 above reserve. The auction kicked off with a $1.3 million opening bid and went up quickly in $100,000 and $50,000 jumps as five of eight registered bidders vied for the keys. The 107-square-metre property, which last sold for $1,034,000 in 2013, was snapped up by a Coogee investor. The apartment sold through Dean Emerson of Purplebricks.

1a/44 William Street, Botany.

1a/44 William Street, Botany.Photo: Supplied.

SOLD $1.34 million
Botany
1a/44 William Street
3 bedrooms, 2 bathrooms, 2 car spaces

Despite failing to sell under the hammer this townhouse exchanged shortly after it was passed in at auction. Proceedings kicked off with a $1.3 million vendor bid, which was topped by a $10,000 raise from the sole registered bidders - a young family from Maroubra. After the property passed in at $1.31 million, the family entered into negotiations with agent Chris Skarlatos of Ray White Green Square I Botany and the property sold for $1.34 million.

This story 'Sydney still performing strong': Surry Hills apartment sells for $1.27 million first appeared on The Sydney Morning Herald.