The Sydney Morning Herald reported on September 30 that a rare property in Sydney's Wollstonecraft precinct was sold for $9.1 million in less than six minutes last Saturday.
(Image source: Domain)
According to the report, the buyer was a young family from Chatswood who made a last-minute bid and managed to acquire one of only two properties for sale in the area at a price nearly $1 million above the reserve price.
Located at 7 Cable St, this property has 5 bedrooms, stunning harbour views overlooking the Anzac Bridge, and a land area of approximately 1000 square meters.
(Image source: Domain)
A total of five contenders were bidding, with a guide price of $7.5 million at the start of the auction and a reserve price of $8.25 million.
Nearly 200 buyers visited the property.
One bidder tried to start bidding at $6 million, but the auction officially started with $7 million.
McGrath's sales agent, Peter Chauncy, said the price quickly reached $8 million as bids increased by $250,000 after the start of the auction, before bidding gradually slowed to $100,000 and $50,000.
In the end, the buyer made a last-minute move and managed to grab the keys to the house.
"While the initial bid is a bit slow, when you're trying to get someone to bid first, a minute or two feels like forever. But then everything went very fast, and the whole bidding process was completed in five or six minutes," he said.
"This type of house is rare in the market. All buyers are looking for prime locations and properties with large plots of land. ”
(Image source: Domain)
According to Chauncy, the seller has lived here for almost 30 years, and since the child has grown up, he decided to change the house and is reluctant to sell the house.
The last major renovations of the house were in 2008 and 2009 and were undergoing minor renovations before this launch.
Chauncy added that the high-end property market remains strong, with properties priced between $5 million and $10 million particularly prominent.
He said low supply was driving house prices higher, but also noted that investors were selling properties priced between $1 million and $2 million as rental income was insufficient to cover mortgage payments.
This is one of 1,167 auctions expected to take place in Sydney last Saturday.
As of the evening, Domain Group recorded a preliminary clearance rate of 64%, a figure based on the results of 688 auctions, of which 158 were withdrawn.
Statistics on the clearance rate, withdrawn auctions are treated as unsold properties.