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44 William St, Rose Bay, on a large block with a cubby house in the back yard, sold for more than $500k over reserve at auction.
Hot auctions are back in town, with financial adviser Harry Goldberg’s Rose Bay home selling $500k over reserve and a Coogee auction described as a “shooting war”.
The four-bedroom, three-bathroom house with garage at 41 William St, Rose Bay fetched $5.01m via Ray White Double Bay’s Warren Ginsberg, in conjunction with Edward Brown of Belle Property Bondi Junction.
It was a great result for Goldberg and his family, who bought the house for $3m four years ago but they’re now moving overseas.
With auctioneer James Keenan presiding, with nine registered and five active, bidding opened at $3.7m and rose in $110k, $50k and then $10,000 increments.
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Part of the appeal was that 44 William St, Rose Bay is a freestanding house.
But also that it was nicely renovated.
“It was a hot auction, there was a lot of action,” says Ginsberg. “The buyer was a local family.”
Obviously it’s not every auction that’s going nuts. But there’s so little stock on the market, that when you get a quality listing such as this you end up with lots of competition.
“It was a nicely renovated three-bedroom freestanding home on a large block of around 490sqm,” says Ginsberg.
“A lot of people wanted it.”
And despite reports the one and-two-bedroom apartment market is soft, Ginsberg had seven registered for a nicely renovated two-bedder at 8/247 O’Sullivan Rd, Bellevue Hill that sold for $2.11m — the guide had been $1.8m and the lawyer owner had bought it for $1.02m a decade ago.
There’ve already been multiple offers on 37 Wentworth Road, Vaucluse, which is up for June 3 auction with a $25m price guide.
Again, this has been beautifully renovated by its designer owner.
He’s already getting strong interest in this week’s Wentworth Courier House of the Week, a seven-bedroom mansion at 37 Wentworth Rd, Vaucluse owned by former Regal Funds Management portfolio manager Julian Babarczy and his wife, Olivia, founder of interior design group Studio S.O, which has a $25m price guide for June 3 auction.
“We’ve already had 80 groups through and multiple offers,” Ginsberg said.
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8 Arcadia St, Coogee went $750k over reserve.
The appeal was the large block, not far from the beach.
Another hot auction was a house in Coogee owned by the Warren family for 43 years — they’d bought the four-bedroom home on a large 724sqm block at 8 Arcadia St for $160k in 1980 and it sold last Saturday for $5.75m — $750k over the $5m reserve, via Mark McPherson of McGrath Coogee.
“It was like a gun-shooting war at the old saloon,” says McPherson. “Bang bang, bang bang, all $50k bids and over in about two minutes!”
He had four registered, with two fighting for it. All the buyers were young local families, attracted by the large land size.
According the latest PropTrack Home Price Index, national home prices continued to stabilise in April after rising for the fourth consecutive month, rising 0.14 per cent. The cumulative increase in 2023 is now 0.75 per cent. Strong migration, tight rental markets and limited supply are offsetting the impact of rapid interest rate rises.
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