Auction round-up: Design gem saved as restorers outbid a developer in heated auction

A five-bedroom, four-bathroom home by renowned late-twentieth century architect Michael Dysart has sold under the hammer for $3.796 million, well above its $3.2 million reserve.

The sprawling home in East Lindfield on Sydney’s upper north shore was one of just 2,597 homes that went to auction in capital cities across the country last week, as auction volumes wind down ahead of Christmas.

According to CoreLogic, the volume of auctions was down on the 2,881 auctions held the previous week and well below the spring peak of 3,135 auctions held over the week ending October 27.

Meanwhile, the preliminary combined capitals auction clearance rate was just 62.4 per cent, the lowest preliminary result so far this year.

It is the first time the home at 21 Karoo Avenue, which features Dysart’s classic architectural hallmarks, an outdoor swimming pool and views over Middle Harbour and surrounds, has been sold in 40 years.

Listing agent Jessica Cao from Ray White Upper North Shore said while the auction started hesitantly, three interested buyers soon made clear their desires to call the home their own.

“The bidding started at $2.5 million and was slow to start, but once it got underway, the bids started coming and it flew past the reserve,” Ms Cao said.

While five buyers registered to bid at the hotly contested auction, just three raised their hands.

“There were three active bidders, one was a developer, but once bidding hit the $3.5 million mark, they dropped out and it was just the two bidders left going up in $1,000 bids,” she said.

“I had a mix of different buyers express interest in the home, some were owner occupiers who loved the architecture and the design, there were also investors, and developers who were drawn to the view,” she said.

“The winning bidders were owner occupiers, a young couple with children who loved the design of the house and wanted to totally restore it, which made the seller very happy,” Ms Cao said.

The significant architectural home was one of 923 properties that went to auction in Sydney last week, compared to 1,031 the previous week. This time last year 1,072 homes went to auction in Sydney, according to CoreLogic.

Sydney’s preliminary clearance rate was 58.2 per cent, the lowest of the year so far and down nearly 8 percentage points from 65.1 per cent the week prior, which revised down to 58.2 per cent once finalised. This time last year the auction clearance rate in Sydney was 57 per cent.

Aberfeldie Bungalow Fetches $2.2m

A five-bedroom, three-bathroom Californian Bungalow with an outdoor lap pool in Melbourne’s inner northwest has sold for the second time this year.

The home at 36 Aberdeen Street in Aberfeldie attracted two bidders on Saturday, and despite being passed in for $2.110 million, it sold immediately after to the highest bidder for $2.2 million.

Records show the home last sold in February this year for $2.1 million. The vendors have since added the lap pool with decking.

Listing agent Nick Eres from Matthews Essendon said both bidders were owner occupiers, hoping to move into the home close to the Maribyrnong River.

“The successful bidder was returning to the area after living interstate,” Mr Eres said.

The stunning home was one of 1.207 properties that went to auction in Melbourne last week, well down on the 1.390 auctions held the previous week, according to CoreLogic. This time last year 1,415 homes went to auction in Melbourne.

Melbourne’s preliminary clearance rate was 67 per cent, up slightly from last week’s preliminary clearance rate of 64.1 per cent, which revised down to 61.7 per cent once finalised.

This time last year the auction clearance rate in Melbourne was 56.2 per cent.

Queenslanders seeking cooler climate snare Victorian cottage

In central Ballarat, a renovated three-bedroom Victorian sold under the hammer for $615,000.

Listing agent Mark Williams from Ray White Ballarat said the charming home at 403 South Street attracted seven registered bidders, proving popular with owner occupiers.

“It was a beautifully presented low maintenance property. The owners freshly painted it so there was nothing left to do to it. And we’re finding that buyers at the moment are looking for something to move into that they don’t have to touch,” he said, adding that its central location and “good price point” also appealed to buyers.

‘”There were no investors, everyone who showed interest was looking to move in,” he said.

Bidding for the home, which features soaring ceilings, open fireplaces and intricate leadlight windows, opened at $400,000 before soaring past its listing price.

“We had it listed for $485,000 to $530,000 and it was on the market at $530,000,” Mr Williams said.

“From that point we had two people fighting for it and it finally sold for $615,000,” he said.

Mr Williams said the successful bidders were an older couple, moving from interstate to be closer to family. While the underbidder was a local, currently renting nearby.

“The successful bidders are moving down from the Gold Coast as they have kids in Melbourne. They were also looking for a cooler climate as they were finding it a bit warm up in Queensland,” he said.

“I did tell them that 99 per cent of people do the reverse and leave Ballarat for the warmer weather on the Gold Coast,” he joked.

CoreLogic research director Tim Lawless said the combined capital auction clearance rate of just 62.4 per cent, a full percentage point lower than the week prior and the lowest this year reflected an increase in properties on the market.

“The weak outcome for auction markets reflects weaker selling conditions as advertised stock levels rise without a commensurate lift in purchasing activity,” he said.

Mr Lawless said he expected auction volumes to fall further next week as Christmas fast approaches.

“Next week is set to show a further reduction, with around 2,200 homes currently scheduled for auction, reducing to around 800 the week after,” he said.