‘Thought we might have got a bit more’: Randwick unit fetches $1.8m

“We had 60 buyers inspect during the campaign. However, it’s still a two-bedder, so for a two-bedroom unit, the sale price is well above the median price in Randwick. Overall, we are pretty happy with that result.”

Randwick’s unit median rose 8.6 per cent to $1.2 million in the year to December, on Domain data.

In Lewisham, a first home buyer paid $2.37 million for a three-bedroom freestanding character house under the hammer.

There were eight registered bidders and four active for the property at 3 Summer Hill Street. A first-home buyer from Leichhardt secured the keys and had help from the Bank of Mum and Dad. She outbid other local parties who had inspected the property only 15 minutes earlier.

The opening bid was $1.8 million, just below the guide of $1.85 million to $2 million, and the price rose quickly in $25,000 increments.

BresicWhitney Inner West’s Rhonda Yim said the buyer’s first bid was an increment of $100,000, showing how serious she was in purchasing the home.

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Yim declined to reveal the reserve but said the owners were there to sell on the day. “They were hoping to get a result over $2 million, and they got well above,” she said.

Yim said she was surprised with the auction result as compared with other sales in the area. “It just goes to show that a freestanding house that ticks all the boxes will sell.”

Yim said there had been encouraging numbers at open homes and February’s rate cut had resulted in greater buyer sentiment.