An interstate couple won the keys to a two-bedder that the agent thought might have pushed higher, though he was happy with the result.
An interstate couple won the keys to a two-bedder that the agent thought might have pushed higher, though he was happy with the result.
By Kristy Johnson
March 8, 2025 — 12.53pm
A Canberra couple had a family member bid on their behalf at auction on Saturday, winning the keys to a two-bedroom apartment in Randwick.
The top-floor unit at 7/33-35 Rae Street was guided at $1,625,000 and sold for $1.8 million, right on the reserve.
It was one of 763 scheduled auctions in Sydney on Saturday.
Two of the four registered bidders were active. Parties included an investor and homeowners from Randwick. The Canberra couple are relocating to Sydney and offered bids over the phone.
Bidding started at $1.6 million and rose in increments of $25,000 until it sold under the hammer.
The vendors purchased the property for $1,725,000 in 2021 and are relocating to Queensland.
Ray White Eastern Beaches’ Angus Gorrie sold the property with Cristian De Nigris of Sydney Sotheby’s International Realty, and admitted the sale price was lower than what he expected.
“I thought we might have got a little bit more to be honest,” Gorrie said.
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“We had 60 buyers inspect during the campaign. However, it’s still a two-bedder, so for a two-bedroom unit, the sale price is well above the median price in Randwick. Overall, we are pretty happy with that result.”
Randwick’s unit median rose 8.6 per cent to $1.2 million in the year to December, on Domain data.
In Lewisham, a first home buyer paid $2.37 million for a three-bedroom freestanding character house.
There were eight registered bidders and four active for the property at 3 Summer Hill Street. A first-home buyer from Leichhardt secured the keys and had help from the Bank of Mum and Dad. She outbid other local parties who had inspected the property only 15 minutes earlier.
The opening bid was $1.8 million, just below the guide of $1.85 million to $2 million, and the price rose quickly in $25,000 increments.
BresicWhitney Inner West’s Rhonda Yim said the buyer’s first bid was an increment of $100,000, showing how serious she was in purchasing the home.
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Yim declined to reveal the reserve but said the owners were there to sell on the day. “They were hoping to get a result over $2 million, and they got well above,” she said.
Yim said she was surprised with the auction result as compared with other sales in the area. “It just goes to show that a freestanding house that ticks all the boxes will sell.”
Yim said there had been encouraging numbers at open homes and February’s rate cut had resulted in greater buyer sentiment.
Kristy Johnson – Kristy is a property reporter for The Sydney Morning Herald.
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