Sydney Homes Sell For Up To $3.95 Million

Amid Weaker Market

You'd think the Sydney real estate market would be struggling. It has been cooling down since interest rates rose, making home loans more expensive. Still, some top-end homes can attract big bidders. We've seen two recent examples in Waverton and Roseville.

In Waverton, a four-bedroom house with skyline views sold for $3.95 million last Saturday. The auction started with a guide price of $3.5 million, but bidding quickly rose to meet the reserve price of $3.8 million. The final price was $95,000 higher than that, after a last-gasp offer from one party was outbid by the other. The vendor, a young professional, had his parents bid on his behalf.

The successful buyer, also a young professional, was looking to upgrade from a smaller home in North Sydney. The Waverton property, with its backyard hot tub and heated pergola, was a big draw for the three other registered bidders as well. They all wanted to live in a property with easy access to the city, where many of them work, and good schools for their children.

### Market Conditions A week earlier, a freestanding four-bedroom house in Roseville on Sydney's upper north shore sold for $2.5 million. This was after the reserve price was lowered to meet the single bid from the successful buyers, a young couple from the Hills District. They were looking to upsize to a property with easier access to the city, where they both work.

The auction was attended by four registered parties, but after the young couple's opening bid, the other three decided not to bid further. The successful buyers received a good deal, said Ray White agent Jessica Cao, who handled the sale. If the property had been sold last year, it would have fetched a higher price, she added.

### Market Demand Remains Strong In Camperdown, a two-bedroom warehouse-conversion apartment sold for $846,000 after rapid-fire bidding. The auction started with a guide price of $750,000, and bidding rose swiftly until the reserve price of $800,000 was met. The final price was $46,000 higher than that, after two bidders battled it out with increments of $1,000 and $500.

The successful buyers, a young couple with a school-aged daughter, are first-home buyers. The other registered parties were all owner-occupiers, seeking a property close to the action. The apartment's unique warehouse character and its location 200 meters from the railway station made it a sought-after property.

### Market Trends Overall, the Sydney real estate market is experiencing a gentle downturn. The number of registered bidders has decreased, and some properties are taking longer to sell. However, top-end homes like the ones in Waverton and Roseville continue to attract strong interest and sell for high prices.

The strong inquiry from young families for the Roseville property, with its backyard pool and proximity to Chatswood, is a testament to the continued appeal of good schools and family-friendly amenities. In Waverton, the property's backyard with hot tub and heated pergola was another big draw for the registered bidders.

### Agents' Views Ray White agent Edward Riley, who handled the Waverton sale, said the property's location and the building's reputation helped generate interest during the campaign. The apartment's warehouse character and its amenities, including a pool and gym, also attracted buyers.

In Roseville, the buyers 'got a great deal,' said Ray White agent Jessica Cao, but noted that if the property had been sold last year, it would have fetched a higher price. Cao added that the current market conditions are making home prices 'just out of reach' for many prospective buyers.

### Key Facts

  • The four-bedroom house in Waverton sold for $3.95 million.
  • The two-bedroom warehouse-conversion apartment in Camperdown sold for $846,000.
  • The freestanding four-bedroom house in Roseville sold for $2.5 million.
  • The number of registered bidders has decreased in recent months.
  • The strong inquiry from young families for the Roseville property indicates that the appeal of good schools and family-friendly amenities remains strong.