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Coronovirus: Sydney’s last property auctions deliver mixed results as some buyers ‘felt opportunistic’

Courier Mail 2020-03-25 16:19:19

Auctioneer Peter Matthews at Ray White Bondi conducting some of the last Sydney home auctions before they were banned due to the Coronavirus pandemic. Picture: Jonathan Ng

All five apartments that went under the hammer tonight at Bondi failed to sell whereas four properties sold in the west in what were some of Sydney’s last auctions ahead the auction ban.

PM Scott Morrison’s ban on auctions and open homes comes into effect at midnight so agents had scrambled to bring forward auctions forward today in order to try to sell them.

In Bondi, Ray White White Unlimited principal Ron Bauer said all the buyers who turned up had “felt opportunistic” and seen the auction as “an opportunity to snag a bargain”.

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Everyone was standing a safe distance away from each other. Picture: Jonathan Ng

But he said the vendors were coming at it from a different perspective.

“Our clients didn’t come onto the market in uncertain times — they started this process in an excellent market … arguably a booming market.”

“But the world has changed in the last month and this is where we’ve landed.”

However he didn’t feel the exercise was a waste of time — he expects that four out of the five apartments will sell over the next two weeks as they are all great properties that have interest.

Bidders wait to enter the auction room at the agent offices. Picture: Jonathan Ng

With auctioneer Pete Matthews presiding, Bauer said there’d been 10 registered bidders across the five properties with an average of two each, with half online and others spread out a safe distance from each other in the auction room.

However some properties, such as a two-bedroom apartment above a shop at 8/64-66 Campbell Pde, Bondi Beach that had sweeping beach views with a price guide of $1.6 million is understood to have passed in for about $1.35 million (one bidder on the phone and two others in the room).

This two-bedroom apartment at 8/66 Campbell Pde, Bondi Beach passed in for $1.35 million.

Despite it having no parking, Bauer said he expected that one would sell quickly.

The other properties included a two-bedroom, two-bathroom garden apartment one street back from the beach at 5/24 Gardeyne St, Bronte, which had a price guide of $1.3 million (no bids, on registered); a four-bedroom, three-bathroom apartment with three-car garage at 51 Warners Ave, Bondi Beach with a guide of $2.5 million (four registered, three active with the best real bid $2.35 million; there was then a vendor bid of $2.5 million); a one-bedder with garage at 2/34 Beach Rd, Bondi Beach with a guide of $850,000 (there were three online bidders but it passed in on a vendor bid of $825,000); and a two-bedder with no parking at 3/23 Beach Rd, Bondi Beach with an $850,000 guide that passed in on a vendor bid of $850,000.

There were no bids for 5/24 Gardyne St, Bronte.

In the west, Vivek Tailor of Richard Matthews Real Estate said all the sellers left happy to have sold as the coronavirus impact weighed heavily on sellers.

Buyers included first home buyers and investors.

Two registered bidders lined up for 28A Rigby Crescent Chipping Norton and both competed before it sold for $851,000. The reserve had been $849,000. Bidding opened at $810,000 and rose in increments of $10s, fives, and then ones.

28A Rigby Cres, Chipping Norton, sold for $851,000.

The other results were 9/27-29 Cecil St, Ashfield sold for $752,000 to a first homebuyer. The reserve had been $684,000.

96 Campbell Hill Rd, Chester Hill — a duplex site — sold to a developer for $920,000.

And 6 Carlyle St, Enfield sold for $1,180,000.