The two-storey home at 36 Medusa Street had a price guide of $9.5 million to $10 million, later revised to $9 million to $9.5 million, and a reserve matching the vendor bid of $9.85 million. Only one party registered to buy but did not bid. The vendors are moving to be closer to their adult children.
Principal of Guildea Residential, Jason Guildea, said he was surprised by the nature of interest. “I thought it would be someone with young children because of the space, but the interest has generally been from grandparents looking to move from steeper blocks into something more child-friendly,” he said. Potential buyers were drawn by the child-friendly layout and the potential to install a lift later. He attributed the lack of prestige buyers to high interest rates reducing borrowing capacity. “Twelve months ago people would turn up to [the auction of] a $10 million house with a baby on their hip. But it’s perhaps a reflection of high interest rates and their reduced capacity to borrow [that they are absent].”
The property was one of 561 scheduled for auction in Sydney that week.
Elsewhere, in Huntleys Cove, a downsizer from Leichhardt paid $1.97 million for a ground-floor apartment at G05/12 Karrabee Avenue, $20,000 above the reserve. Three groups registered, two bid, with bidding opening at $1.7 million and rising in increments before selling. Sales agent George Gialouris of CobdenHayson Lane Cove said there was always a market for “A-grade” properties. “With properties like this [buyers] will still pull the trigger [at auction].”