A Dulwich Hill home will sell for $2.41 million before interest rate rulings

“We bought first and then sold, which can be a little nerve-wracking in a falling market, but it worked out perfectly,” he said. It would be great to hand over our house to another family with children.

Four of the five registered bidders competed for the home, but they needed a little incentive to start the bidding.

Four of the five registered bidders competed for the home, but they needed a little incentive to start the bidding. Credit:Peter Ra

Adrian William’s selling agent William Pereira was expecting seven buyers, but two declined at the last minute, deciding to watch the auction from the sidelines.

Perera said news of rising interest rates and cooling prices had made buyers a little more cautious in their approach, but noted that there was still good buyer interest.

White expects it to be the strongest auction of the day, with only one to two bids expected in the three other auctions he will call on Saturday.

“It’s great to get a strong bid … that’s rare these days,” he said.

With rising interest rates putting upward pressure on prices, and affecting the ability of buyers to borrow, he felt that the fall in consumer confidence was having a major impact.

“Buyers move in herds, so everyone knows the market is going down and the expectation that it’s going to go down is making everyone less confident … it’s driven by fear.”

A six-bedroom house with a tennis court in Wahroonga has sold for $13.03 million, setting a new suburb record for more than $2 million in trades.

Eight buyers registered to bid on 27 Braeside Street, which had a $10 million guide price.

Bidding opened at $9 million and increased in six-figure increments, with three of the parties making offers. A foreign family returning from Hong Kong won.

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According to records, the 2484 square meter block was last sold in 2018. It traded for $4,045,000 in 2017 and was purchased by anesthesiologists David Woods and Alexandra Woods in 2017. The couple is back on the block in 2020.

Tim Fraser of Dee Jones and Adam McKay of Ray White’s Upper North Shore said the results exceeded their expectations.

McKay says many properties in that price range are sold before auction, fearing there won’t be enough competition.

“We knew there was interest there, so we wanted to do the bidding. Eight registered bidders on the property to get a guide of $10 million showings…there’s a lot of depth in the market for buyers at that price point,” McKay said.

Fraser added that high-end homebuyers have not been as affected by rising interest rates as other buyers, and many have built up more equity in their homes during the property boom.

To the south, a four-bedroom home in Taryn Point sold for $1.85 million, up from the $1.35 million the home traded for less than two years ago before undergoing extensive renovations.

Three of the six buyers who signed up to bid on 34 Curtis Avenue made offers, with bidding starting at $1.6 million and initially increasing by a $25,000 jump.

Bidding had stalled at $1.83 million, and the highest bidder raised their offer to the reserve price of $1.85 million following negotiations on the auction floor.

The 645 square meter block is being sold by Trent Tarbey through McGrath Sans Souci to a family out of Toy Point. The vendors were adding to the house across the street.

A two-bedroom home at 14/18-20 Newton Street in Alexandria was sold for $1.14 million by agent Brad Gillespie of Eastern Suburbs.

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First home buyers, renovators, and investors vie for the keys. Bidding opened at $900,000 and quickly surpassed the $950,000 price guide, with four of the seven registered buyers submitting offers. A Northern Beaches investor has outbid local residents to buy the 139sq m plot.

The result was more than $90,000 more than the $640,000 the property last sold for in 2013.

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