Real Estate

Kirribilli unit with epic harbour views sells for $900,000 over reserve

Written by The ReReport
As seen in the Source link, written by on 2019-03-16 22:55:47

Real Estate

25/50 Upper Pitt St, Kirribilli sold for $4.9 million.

A Kirribilli apartment with mouth-watering views of the Sydney Harbour has sold for $900,000 above reserve at auction to net the sellers $4.9 million.

Selling agent Nigel Mukhi of Di Jones-Neutral Bay said it was the first time the two-bedroom, two-bathroom unit had come up for sale in nearly 40 years.

He said the strong result was due to the home’s “great location, great size and excellent parking”.

MORE: Mob swarms into ‘special’ home for auction

Sellers pocket $535k over reserve in ‘soft’ market

More than a dozen keen buyers registered to bid, with the opening offer coming in at $3.9 million.

Two buyers ended up dominating the rest of the auction, dragging up the bidding in increments of $100,000 and $50,000.

Real Estate

The home has panaromic views of the Sydney Harbour.

The eventual buyer was reported to be a local downsizer with plans to move into the property.

Much of the interest in the lead up to the auction was also from downsizers, Mr Mukhi said.

Many of these buyers were not as heavily impacted by recent bank restrictions on financing because they had owned larger properties for decades.

Records from research group CoreLogic showed 514 homes went under the hammer across Sydney yesterday, a marginal increase from last week but almost 100 less than over the same weekend last year.

Last week just 52.3 per cent of auctions were a success, with property experts expecting a similar clearance rate this week.