A stunning sandstone home in Chatswood West has just sold for a whopping $1.908 million at auction, leaving everyone in awe! This unique three-bedroom gem, crafted with love and local sandstone, exceeded all expectations, despite needing a bit of TLC.
But here's where it gets controversial... the property's reserve price was set at $1.7 million, a full $208,000 lower than the final bid! With eight eager bidders, the auction became a fierce battle, starting at $1.5 million and quickly escalating. After a $100,000 leap, the bids became more frequent and intense, until two young families emerged as the final contenders.
And this is the part most people miss... the backyard, while charming, wasn't perfectly landscaped, and the home needed some modern updates. Yet, these very factors made it stand out and attracted so much interest. Selling agent Jessica Cao noted, "The backyard isn't landscaped properly, but that's what made it unique."
The vendors, two brothers, were thrilled with the outcome. One brother, who watched the auction on Facetime, couldn't believe his ears when he heard the final price. It was an emotional moment for the family, who had owned the home since its construction in 1952.
In other parts of Sydney, the auction scene was just as lively. In the Southern Highlands, influencer Phoebe Burgess's home sold for $2.09 million, attracting an inner-city family seeking a peaceful tree change. And closer to the coast, a young man in his 20s outbid three others to secure a two-bedroom cottage for $2.457 million. The property, with its open fireplace and balcony, had an initial reserve of $2.5 million, but the owner, who had lived there for 50 years, was willing to accept $2.45 million.
AMP chief economist Dr. Shane Oliver commented on the market, noting that while Sydney remains buoyant, the delayed rate cut is impacting sentiment. Clearance rates, though still solid, have slowed to below 70% in recent weeks, indicating a slight cool-down in the market.
What do you think? Is this a sign of a changing market, or just a temporary slowdown? Share your thoughts in the comments!
