“Quality doesn’t necessarily have to mean highly renovated. Quality properties in blue-chip locations that are priced reasonably are selling really well,” she said.
The buyer intends to renovate the unit with the potential of moving in themselves.
In Hurstville, a mother and father helped their son buy a two-storey house for $1.82 million at auction.
The three-bedroom, two-bathroom property at 7 Rosebank Crescent had a guide of $1.3 million and the reserve was $1.43 million.
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Half of the dozen registered bidders were active with three of them first home buyers from the suburb and surrounds.
The other active bidders were looking to renovate and sell, or upsize from an apartment to a house in the suburb.
The opening bid was $1.2 million and rose in varying increments $50,000 down to $10,000.
The vendor has bought a retirement villa as the Hurstville home was too difficult for her to maintain.
McGrath Cronulla agent Joseph Halavazis said buyers looking in suburbs closer to the city are now considering the St George area as they’re getting priced out of the inner west and eastern suburbs.
“They can get the equivalent style of home, and it’s got great public transport to get into the city,” he said.
A downsizer from Cabarita paid $3.47 million for a four-bedroom Darlington terrace at auction, almost $1 million above the guide.
The successful downsizer from Cabarita outbid upsizers from the neighbouring suburbs of Surry Hills, Darlinghurst and Paddington. Five of the eight registered bidders fought to secure the property at 17 Thomas Street, which had a price guide of $2.5 million and a 2,925,000 reserve.
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It last sold for $2.2 million in 2016, records show.
BresicWhitney Inner West agent Chris Nunn said bidding was sluggish and started with an offer of $2.5 million made after several minutes of the opening call. Bids rose in $50,000 increments until $2.9 million and picked up at $2.95 million.
About 100 groups inspected the property throughout the campaign.
Nunn said the auction result highlighted the shortage of premium homes across the inner city and inner west.
“Good properties are still attracting multiple parties, but there is price sensitivity for properties that are more generic,” he said.
In Hunters Hill, a local family paid $8.66 million for a home at auction, outbidding a local family from a bordering suburb and an out-of-Sydney buyer.
The four-bedroom, four-bathroom property at 44 Woolwich Road was guided at $7.5 million and the reserve was $8 million.
An opening bid of $7 million was made after a slow start and rose in increments of $100,000 as three out of the five buyers were active. Bids dropped to increments of $50,000 but became tighter at the end with bids between $10,000 and $50,000.
The vendor is downsizing but is yet to decide on a home in the eastern suburbs or inner west.
BresicWhitney Hunters Hill agent Nicholas McEvoy said he hoped to see more properties come onto the market.
“Stock levels are still low in terms of where they should be, but there are still buyers willing to pay top dollar for the right house, such as this Hunters Hill property.”
The suburb’s median house price fell 3.6 per cent to $4.05 million in the year to June on Domain data.
