Waterfront Abbotsford property sells for $8.29 million, $1.29 million more than the guide

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Four buyers placed 20 bids in total. Bidding opened at $2 million dollars and buyers used increments of $50,000, $25,000, $10,000 and $5000.

The price soared past the $2.3 million to $2.4 million guided range and $2.35 million reserve.

Galea said the winning buyers had fought developers for the home, and intended to leave it “as is and love it and enjoy it”.

“We’re getting a lot of people coming from the Inner West and even in the east saying, ‘My goodness, if this were over there it would be $3.5 million to $4 million’,” said Galea.

“They’re coming here – same distance to the city, close to the beach, and then bang … saving a million dollars.”

The home last sold for $209,000 in 1987, records show.

A five-bedroom, three-bathroom home in Marsfield that was owned by a nunnery for 30 years sold for $110,000 more than its $2.3 million reserve and guide to an upsizing family, who had recently sold in the same suburb.

The unassuming, single-level brick home with mobility access located at 97 Agincourt Road attracted five buyers; four bid.

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Bidding opened at $2.3 million and featured increments of $25,000, $10,000 and $5000, and sold at $2,410,000. A crowd of 70 watched on in the backyard, including one nun who had lived in the home for six years.

McGrath listing agent David Middleton said the auction was drawn out towards the end after smaller bids slowed the action down.

“And then, just as the hammer was about to fall down, another buyer came in. But they narrowly missed [out]. They placed one bid, then the eventual buyer outbid them and bought the property.”

“It sold to a family, [a] local family. They plan to renovate the property and enjoy it as a family home.”

The house last traded for $317,500 in 1994, records show.

In Kensington, a two-bedroom, two-level penthouse with views of Randwick Racecourse at 616/14-18 Darling Street sold after 10 days on the market for $1,655,000. The unit attracted 10 registered buyers and five bid.

Bidding opened at $1.1 million, then a whopping first bid of $300,000 took the price to $1.4 million. Smaller, more reasonable, bids were placed afterwards until the unit sold for $205,000 more than the reserve and $330,000 more than the guide.

Sydney Sotheby’s International listing agent Nicholas Wise said the level of interest was so strong the auction date was brought forward.

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“The outdoor terrace which looked over the racecourse was a real selling point. And the oversized kitchen and living spaces,” said Wise.

It sold to a single person upsizing from the eastern suburbs.

The penthouse last traded for $785,000 in 2007.

Chief economist of PRD Dr Diaswati Mardiasmo noted the clearance rate had recently spiked.

She said the perception that the Reserve Bank would hold the cash rate at the April meeting meant buyers had more confidence to purchase property.

“There’s not going to be any fluctuations. If they bid, they know what their borrowing capacity is.”