{"id":42509,"date":"2023-03-08T11:55:06","date_gmt":"2023-03-07T22:55:06","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=42509"},"modified":"2023-03-08T11:55:06","modified_gmt":"2023-03-07T22:55:06","slug":"the-house-that-attracted-17-bidders","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/the-house-that-attracted-17-bidders\/","title":{"rendered":"The house that attracted 17 bidders"},"content":{"rendered":"

PHOTO: 20 Rosslyn St, Bellevue Hill attracted 17 bidders and sold $1m over price expectations<\/strong><\/p>\n

An old home has attracted 17 bidders at auction and sold more than $1m over price hopes. Can you believe the price it\u2019s sold for?<\/p>\n

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Real estate in Sydney\u2019s eastern suburbs appears to be setting its own pace, bucking the widely reported downward trend.<\/p>\n<\/div>\n

Gavin Rubinstein<\/a>, founder of TRG, says the proof is in the numbers with his agency ticking over more than $120m worth of property before February\u2019s end.<\/p>\n

Despite PropTrack reporting Sydneywide values have been falling at their fastest rate in a decade \u2013 down 7.27\u2009\u200aper cent in the year to January 31 \u2013 Rubinstein says low supply and competitive bidding are keeping prices buoyant in the east.<\/p>\n

At a recent in-room \u00adauction evening, Rubinstein and colleague Evan Cheung sold an original five-bedroom bungalow at\u00a020 Rosslyn St, Bellevue Hill\u00a0<\/a>\u2014 owned by the Magney and Go family since 1985 when it cost $350,000 \u2014 for $7.4m, more than $1m over price expectations.<\/p>\n

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\"The<\/div>\n

The home has dated interiors.<\/strong><\/em><\/div>\n

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\"But<\/div>\n

But this view, potentially, from a second storey.<\/strong><\/em><\/div>\n

\u201cWe had an incredible 17 registered bidders,\u201d Rubinstein said.<\/p>\n

\u201cThe highest offer we had during the course of the campaign was $6.2m, which is what we were guiding, but it sold for $7.4m.<\/p>\n

\u201cEssentially, it was land value.\u201d<\/p>\n

Among the $123m in sales for the shortest month on the calendar, Rubinstein says the TRG team made a number of hefty sales, including 71 Wentworth Rd in Vaucluse for \u201cmore than $10m\u201d, 52 Cranbrook Rd in Bellevue Hill \u201cin the mid-$7m range\u201d and 4 Courtenay Rd, Rose Bay for \u201cabout $6m\u201d.<\/p>\n

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\"There\u2019s<\/div>\n

There\u2019s a pool for the kids in the back yard.<\/strong><\/em><\/div>\n

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\"And<\/div>\n

And already there\u2019s a view of the Bridge… if you crane your neck!<\/strong><\/em><\/div>\n

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Buyers agent Simon Cohen<\/a> from Amazon’s Luxe Listings Sydney<\/a> reveals the poshest pockets of the Eastern Suburbs.<\/div>\n<\/div>\n<\/div>\n<\/div>\n

Other sales were a six-bedroom home at\u00a066 Chalayer St, Rose Bay, which sold for $7.5m \u2014 a street record \u2014 at an auction on the last day of the month.<\/p>\n

TRG\u2019s Zac Rabin had been guiding $6m.<\/p>\n

The shallow pool of A-grade stock is the driving force behind the east\u2019s momentum, according to Rubinstein.<\/p>\n

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\"66<\/div>\n

66 Chaleyer St, Rose Bay, sold for $7.5m \u2014 a street record \u2014 at auction on the last day of the month.<\/strong><\/em><\/div>\n

\u201cIt comes down to the lack of choice for buyers who are after quality properties in extremely desirable locations,\u201d he says.<\/p>\n

\u201cAnd realistically I don\u2019t see \u2013 at least not at this point \u2013 a correlation between reports that the market is cooling and what\u2019s actually happening at the coalface.<\/p>\n

\u201cI\u2019ve got to acknowledge Oliver Lavers and Cae Thomas, who made an incredible $30m and $20m in transactions respectively.\u201d<\/p>\n

READ MORE VIA NEWS.COM.AU<\/a><\/p>\n

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