Real Estate

buyers unable to get finance impacts on potts point auction

Written by The ReReport

105/81 Macleay St, Potts Point, sold for $957,000

Several of the bidders expected at the auction of an apartment in the best block in Potts Point were unable to get finance, so the buyer picked it up for the below-reserve price of $957,000 at auction today.
There’d been six bidders expected to line up for the 66sqm one-bedroom unit in the hugely popular ‘Ikon’ development at 105/81 Macleay St.
McGrath agents Richard Bonouvrie and Matthew Allerton had only half of them show up with just two of them competing.
After a vendor bid of $880,000, a range of $10,000 and single-digit bids followed before bidding stalled at $955,000.

The front courtyard at 105/81 Macleay St, Potts Point

With the reserve price adjusted lower, the agents managed to glean an extra $2000 from the buyer before the gavel fell.
The buyer plans to use the stunning unit with 4.3m ceilings as a Sydney base. Although the unit has no off-street parking, he could always rent a car spot.
The underbidder had been an investor who could have expected to collect $750 a week in rent.

The loft-style apartment at 105/81 Macleay St, Potts Point

Despite having to lower his expectations, the vendor should be reasonably happy since the result is well over double the $450,000 purchase price when it was bought off the plan in 2002.
Meanwhile in Edgecliff, a two-bedroom apartment with a single bathroom but double parking in the Eastpoint tower above the Edgecliff Centre sold for $2.4 million through The Agency’s Mary Howell.

The apartment at 1203/180 Ocean St, Edgecliff, had amazing views

Three bidders registered and all three competed for the slightly dated but spacious deceased estate at 1203/180 Ocean St, Edgecliff.
The apartments had great views of CBD and Harbour Bridge.
Two of the bidders had relatives living in the building, but it ended up selling to a company who will rent it out for between $950 and $1000 a week.

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