A four-bedroom Redfern terrace without parking has sold under the hammer for $2.15 million after the vendor decided to adjust his reserve price just minutes before bidding was scheduled to kick off.
Vendor Adrian Mole had initially set a reserve of $2.2 million but when a property four houses down passed in with a bid of $2.55 million at an earlier auction on the same day he decided to adjust the reserve to $2.15 million to “meet the market”.
Mr Mole told the Sunday Telegraph he was still “very happy” with the result considering the current state of the market.
It was the first time the home at 100 Great Buckingham St changed hands in more than 40 years, with sales records revealing it last sold in 1978 for $17,000.
That price was considered a bargain at the time considering Sydney’s median house price was $43,200, according to ABS figures.
Selling agent Mary Anne Cronin of Phillips Pantzer Donnelley-Woollahra showed more than 100 groups of keen buyers through the home, with eight registering for the auction.
Three of those bidders took an active part in the auction and auctioneer Clarence White received an opening bid of $1.7 million.
Bidding went up in increments of mostly $25,000 and $50,000 before slowing once offers passed the $2 million mark.
The buyers were a local couple living on the same street who had long admired the home painted a distinctive sky blue. They enlisted a friend to bid on their behalf, sending him instructions down an earpiece he wore during bidding.
The couple said they planned to rent the property out and would renovate it down the track. “We liked that it has good bones,” they said.
Ms Cronin said the area was well sought after among families. “A lot of the local families were keen to find out who their new neighbours would be,” she said. “It’s a hugely popular area with young couples and families because it’s close to parks and the city.
“Great Buckingham St is a cul-de-sac. It’s easily one of Redfern’s best streets.”
The earlier auction was for a renovated terrace at 108 Great Buckingham St.
Bidding was slow to get started, with the auction opening with a vendor bid of $2.3 million. It then jumped to $2.35 million before going up in increments of $10,000-$40,000.
The home was passed in at $2.55 million, but listing agent Shaun Burdo of Ray White-Surry Hills said he was optimistic of getting a post auction offer. “We’re nearly there (on the price),” he said.
The sellers bought the home in 2010 for $1.2 million and spent about $200,000 on renovations, sales records showed.
The property was among 687 homes that went under the hammer today in what was a bumper day for auctions largely because many vendors were trying to avoid scheduling an auction over next week’s Easter long weekend.
CoreLogic research analyst Cameron Kusher said this year’s pre-Easter rush was more subdued than in previous years.
“(It) talks to the broader market conditions. The fact credit conditions are so tight, vendors are less confident about selling under those conditions and there are fewer buyers in the market,” Mr Kusher said. “For an auction to be successful, you need a lot of buyers.”
A recently released quarterly auction report showed nearly 2500 fewer Sydney homes went to auction over the first three months of the year compared with over the same period in 2018, a drop of about 32 per cent.
The eastern suburbs and north shore were among the regions with the biggest falls in auction volumes.
There were 832 auctions across the east over the three months — down from 1174 for the quarter in 2018 — while the 839 auctions on the north shore was well below the 1259 scheduled for the period last year.
Auctions have also become a rarer sight in the area around Ryde, where rampant construction activity has given house hunters unprecedented choice and removed much of the high pressure sales environment needed to make auctions successful.
There were 386 auctions in Ryde over the first three months of 2018 but the volume shrank to 275 auctions this year.
Auctions were the most likely to be successful on the north shore, where 62 per cent of the homes that went under the hammer during the three months sold.
The lowest clearance rates were recorded in the outer west and Blue Mountains region, where just 30 per cent of auctions were successful.