This Calypso Ave home in Mosman had 17 registered bidders and sold for $550,000 above reserve.
IF you want a sign that the market is still alive on the lower north shore, look no further than the auction for 24 Calypso Ave in Mosman.
The deceased estate sold for $2.8 million — $550,000 above reserve, thanks in part to huge interest from 17 registered bidders, seven of them active.
In fact the reserve was smashed by so much, the buyer could have purchased a one-bedroom apartment at 123/270 Military Rd in Neutral Bay as well with the $550,000.
MORE: Buddy and Jesinta Franklin buy new home out west
Georgie Gardner beats colleague Karl Stefanovic in property hunt
Olympian’s $20 million Darling listing
Young families, builders looking for a project and even downsizers battled it out in front of around 70 people.
With the deceased estate selling for $550,000 above reserve — buyers could have used that cash to buy this apartment at 123/270 Military Rd, Neutral Bay, as well.
Raine and Horne Neutral Bay agent David Buttel said realistic vendor expectations and the property’s potential helped engineer the conditions for strong interest.
“There are still plenty of buyers out there for good property that is priced well and is in a good location,” he said.
Mr Buttel said no matter what the market is doing, there will always be buyers for quality homes.
MORE: Swans chairman Andrew Pridham smashes Mosman record
Former Foxtel chief’s home sets new lower north shore record
“If a vendor is being guided correctly, there is no reason why they won’t achieve a good result,” he said.
Bidding on the day opened at $1.8 million and went up in $50,000 increments, before shooting past the $2.250 million reserve.
The property had an outdoor terrace.
The home still has many period details.
The buyers are local and Mr Buttel believed they would tidy up the home and rent it out in the short term.
It had been in the family for 44 years and the three siblings who sold the property were overjoyed with the result.
The lower north shore had 18 properties out of 25 properties sell prior to or on the day, with the remainder either being passed in or withdrawn. The area’s auction clearance rate was 72 per cent — well above the Sydney rate of 52.47 per cent.
SIGN UP FOR THE LATEST REAL ESTATE NEWSLETTER