Reserves Smashed As Bidding Heats Up
Sun Herald
Sunday December 2, 2001
BIDDERS came out in huge numbers and bidding was fierce as the top end of Sydney's auction market reignited yesterday.
But the clearance rate once again dropped below 65 per cent, indicating buyers were keen to pay top dollar for some properties but not others.
Two semis in Marine Parade, Watsons Bay, that were expected to sell to one buyer sold separately for well over the reserve price. Ophthalmologist Dr John Elder, who sold his surgery in Grosvenor Street, Bondi Junction, to cosmetic surgeon William Pouw for $1.31 million last week, paid $1.425million for one of the semis.
Dr Elder attended the auction, but used agent John Rowles from Laing & Simmons Double Bay to bid for him.
While auctioneer Scott Kennedy-Green from McGrath Residential called the second auction, the result astounded a bidder who had hoped to secure both properties. ``This is ridiculous," developer Craig Black said. ``I thought I would pick both up for $2million, considering the downturn in the market. I don't think anyone can read the market at the moment."
The adjoining semi was sold for $1.226 million.
On the other side of the bridge, a two-bedroom unit with panoramic views in Mosman fetched $790,500 blitzing the reserve by nearly $100,000.
In Concord, a Park Avenue house sold for a record price for a non-waterfront $1.102 million.
``I think this is just the beginning for this area," selling agent Tom Xenakis from LJ Hooker said.
``It is rising in popularity by the week and it is still relatively affordable."
The auction of a deceased estate in Rangers Road, Mosman, attracted some stiff competition, with bids jumping from $500 to $5,000 and back again.
``I think it is representative of the market when bidding starts really cautiously," selling agent Tim Foote from Belle Property Mosman said. ``It is only when buyers see interest from other people that bidding becomes competitive."
© 2001 Sun Herald
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