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A mid-century modern Hunters Hill home designed by renowned architect Nino Sydney sold for $12 million in a fast auction on Saturday.
An owner-occupier won the keys to the five-bedroom, northeast-facing waterfront residence at 15 Lloyd Avenue, with floor-to-ceiling windows, wraparound balconies, a striking outdoor staircase and swimming pool.
The property was one of 715 scheduled to go to auction in Sydney last week. By Saturday evening, Domain Group recorded a preliminary auction clearance rate of 51 per cent from 424 reported results throughout the week, while 163 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
The result is marginally higher than last week’s preliminary read of 49 per cent, but is likely to be revised lower as more results are collected. Results below 60 per cent indicate prices are falling. Separate figures from Cotality last Wednesday showed Sydney home values fell 1.2 per cent in June.
The Hunters Hill home had a price guide of $11 million and attracted three registered bidders, two of whom made offers.
Bidding began with an offer of $10 million and rose in increments of $250,000 until $11 million.
Then the stride shortened to offers of $100,000 and $200,000, until the home sold for $12 million to an out-of-area owner-occupier buyer. The sellers are hoping to downsize.
The auction was over within five minutes, sailing past the reserve, which was believed to be in line with the price guide.
Late architect Nino Sydney was known for making housing style and design affordable to everyday people in the 1950s and ’60s. He designed homes that were simple and practical for any budget at the time, and was the long-time chief architect of developer Lendlease.
BresicWhitney Hunters Hill selling agents Nicholas McEvoy and Alessandro Bandiera had the listing but declined to comment on the sale.
Cooley auctioneer Jake Moore thought the Hunters Hill result was an outlier, compared to the two other auctions he ran on the same day.
“It was probably the best auction I have had in about two months,” he said. “There is still a little bit of a gap between owners and where the buyers are at but that gap is closing fast.”
He added that most vendors listing their homes now were not talking about the prices being achieved six months ago, as the market cools.
“That might have sold for $15 million in January or the same time last year,” he said.
The home last traded for $2.03 million in 1997, records show.
Elsewhere, a family home in Castle Hill sold under the hammer for $1,921,000 in a Sunday morning auction, pulled forward six days due to strong buyer interest.
The three-bedroom house at 14 Dresden Avenue was listed with an initial price guide of $1.7 million, later increased to $1.75 million and then $1,775,000 due to the demand for the home.
Five parties registered and four of them made offers in an auction that kicked off at $1.7 million and lasted for 70 bids.
The local buyers plan to rebuild the home, set on a block of about 727 square metres, and may either live there first or rent it out.
The reserve was $1.8 million, and the home sold for $121,000 more. The owner of more than five decades is moving into retirement living.
There is no legal requirement for a vendor’s reserve to be in line with their property’s price guide.
“It is a lovely location, great street, and it is a reasonable walk to the Showground Metro,” said selling agent Jane Booty of Stone Real Estate Beecroft/Castle Hill/Epping.
The auction was brought forward almost a week due to buyer interest, which Booty attributed to its price point, considered entry-level for a sizeable block in the area.
Booty said her last three auctions had sold well. “If our vendors are reasonable and the property is within the right price range we are finding success with the sales,” she said.
In Ashfield, another home with scope to update sold to a young family who hopes to renovate for $1,792,000.
The four-bedroom brick house at 119 Bland Street was a deceased estate and had a price guide of $1.6 million, which was cut from an earlier guide of $1.85 million when it became apparent a stormwater pipeline could limit its appeal to developers.
Six parties registered and three made offers, beginning at $1.6 million and rising in small increments of $10,000 and $50000.
It sold above its reserve of $1.7 million.
Interest came largely from local young families alongside one investor, Hudson McHugh selling agent Jackie Wang said.
“This was pretty solid interest ... I think it is quite rare to find something like this,” she said, adding that it was relatively affordable and had lots of potential.
Wang described the broader market as slow amid interest rate rises and widespread uncertainty.
But she said owners could achieve a result if they were not waiting for yesterday’s prices.
“If they go along with the market and know this is what the market will pay, they will still have a sale.”
