By Kristy Johnson
A two-bedroom house in Rose Bay sold for $10,215,000 at auction on Saturday to a local couple who plan to live in it but had also eyed it for its redevelopment potential.
The property at 1 Fernleigh Gardens was the home of Qantas’ former top frequent flyer, the late Mel Gottlieb, who died last year aged 84. Gottlieb bought the home for $430,000 in 1984.
Gottlieb had flown around the world more than 100 times by the end of last century, and had clocked up some 7 million points by 2008, earlier earning his Frequent Flyer No.1 card.
The property with harbour views was guided at $8 million. McGrath Double Bay agent Craig Pontey declined to reveal the reserve but said it sold for “well above” it.
Of eight registered bidders, only five were active. The winning buyers outbid other owner-occupiers and developers from Rose Bay, Bellevue Hill and Vaucluse. The auction began at $7 million and bids rose in increments from $100,000 down to $15,000.
It was one of 838 auctions scheduled in Sydney on Saturday. By evening, Domain Group recorded a preliminary auction clearance rate of 54.8 per cent from 739 reported results across the week, while 215 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
Pontey said properties such as Fernleigh Gardens were in great demand, as they offered development opportunities and superb views.
“We are seeing great activity, with plenty of buyers,” he said.
In Dulwich Hill, a one-bedroom unit sold under the hammer for $710,000 to a first-home buyer in her 20s from Sutherland Shire.
The property at 12/13-17 Myra Road was guided at $600,000 and had a reserve of $635,000.
The first-home buyer attended with her parents and only inspected the property for the first time on Saturday morning. She was one of six registered bidders, five of them active and all first-home buyers – from Dulwich Hill and Marrickville – bar one investor.
The auction began with an opening bid of $580,000 before rising in increments from $10,000 to $3000.
Adrian William’s Namir Mikha said that despite an oversupply of properties on the market, A-grade homes in the inner west were still transacting at a high level.
“One- or two-bedroom properties that are suitable for first-home buyers are moving quickly,” he said.
A first-home buyer from Sutherland Shire placed the winning bid of $710,000 at auction on Saturday for a one-bedroom unit in Dulwich Hill.Credit: Steven Siewert
Mikha said most buyers were awaiting an interest rate cut: “Every second person is telling me they want to wait until a potential cut next year.”
In East Lindfield, an architecturally designed house sold under the hammer to a young family for $3,796,000, smashing its reserve by almost $600,000.
The five-bedroom, four-bathroom Michael Dysart-designed property at 21 Karoo Avenue had a guide and reserve of $3.2 million.
After the auction opened at $2.5 million, three out of five registered bidders raised the price in increments from $100,000 to $1000. The parties included a young family, a developer and an out-of-area homeowner.
“The developer dropped out of the race at $3.2 million, and it was then down to the family and out-of-area homeowner, who both loved the property’s architecture,” said Jessica Cao of Ray White Upper North Shore. “The buyers will restore the home, which has made the vendor happy.” The vendor moved into a nursing home.
Michael Dysart was appointed a Member of the Order of Australia in 2013 for significant service to architecture. His 1970s residential designs are known for their split-level layout, exposed beams and timber decks.
Cao said it was rare to find an architecturally designed property in East Lindfield that had a pool and harbour views.
“There are probably only 20 houses in the suburb that have water views. Karoo Avenue is also very tightly held.”
She said most properties in East Lindfield sold in the lead-up to Christmas.
“There are fewer homes on the market, so it’s going to become very imbalanced soon. More stock will come onto the market in January and February, but it’s usually a quiet period.”
In Wolli Creek, a one-bedroom, one-bathroom unit sold under the hammer for $825,000 to an owner-occupier moving back to Sydney from Melbourne.
The property at 703/4 Brodie Spark Drive was guided from $700,000 to $770,000. Richardson & Wrench Wolli Creek and Rockdale’s Nick Atanasovski declined to give the reserve.
The four registered bidders all raised their paddles. They included a local investor and two first-home buyers from Redfern and Oatley.
The opening bid was $710,000. From there, bids rose in increments of $10,000 and $15,000. The property was called onto the market at $800,000, with vendor instructions to sell. The home last sold for $668,000 in 2018, records show.