![\"Robyn](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/05\/1778915530_55_64179db9ef6efe76947feec1575bc58538a8d9b1b51eebd2752ad6a2a1d3bc56.png\")
<\/p>\n<\/p>\n
Updated July 25, 2026 \u2014 4:31pm,first published 1:00pm<\/p>\n
Save<\/p>\n
You have reached your maximum number of saved items.<\/p>\n
Remove items from your saved list<\/a> to add more.<\/p>\n AAA<\/p>\n A couple buying their first home made a single bid to become the new owners of a two-bedroom apartment in Lane Cove, paying $785,000 on Saturday.<\/p>\n Despite early expectations of two or three bidders, only one party showed up on the day to bid for the well-kept mid-century home at 14\/38-40 Centennial Avenue<\/a>, which had a guide of $790,000 and a reserve of $785,000.<\/p>\n There is no legal requirement for a vendor\u2019s reserve to be in line with their property\u2019s price guide.<\/p>\n The property was one of 451 scheduled to go to auction in Sydney on Saturday.<\/p>\n When the Lane Cove auction was scheduled to start, Raine & Horne auctioneer Pete Matthews instead found himself sitting on the lounge in the apartment, gavel in hand, as negotiations with the potential buyers proceeded behind closed doors.<\/p>\n After more than 15 minutes, all parties emerged and Matthews opened the auction. The young couple made a single bid and the property sold under the hammer.<\/p>\n Built in 1965, the well-maintained top floor apartment backs onto a leafy reserve. The couple were attracted to the local amenity as well as its proximity to the city and their families. They had been searching for property for the past two months.<\/p>\n \u201cWe loved the natural light and looking out over the park,\u201d one of the new owners said, without giving their name.<\/p>\n The vendor, who had lived in the apartment for 40 years, has moved into aged care.<\/p>\n Matthews said in 30 years in the industry, he had not seen conditions like this.<\/p>\n \u201cThis is the worst I have seen it, and that\u2019s taking into account the GFC,\u201d he said. \u201cI think we\u2019re at pricing from four years ago.\u201d<\/p>\n Sales agent for Raine & Horne Alex Banning was not quite as pessimistic about the market.<\/p>\n \u201cGood properties are still moving if they are well presented and priced correctly from the onset.\u201d<\/p>\n Related Article However, he said it was important for both sellers and buyers to get up to speed quickly.<\/p>\n \u201cThere has been a period of adjustment \u2013 the market has dropped quickly and people are trying to catch up. You would have to be living under a rock not to know what is going on.<\/p>\n \u201cWe are still seeing some areas where there is strong competition, but they are few and far between.\u201d<\/p>\n In Waverton, a three-bedroom apartment passed in at auction on Saturday when it failed to attract a single bid.<\/p>\n Sales agent for 3\/14 Woolcott Street<\/a>, Sean St Clair, from Holmes St. Clair, had expectations ahead of auction day that three parties wanted to buy the ground-floor apartment \u2013 which had a guide of $2.2 million and a reserve of $2.4 million \u2013 but none registered when the time came.<\/p>\n \u201cThere were about 12 people there \u2013 I think about half of them were neighbours,\u201d St Clair said. \u201cBut there were three groups after the auction that I could not get rid of, which was very strange. They all thought it would sell.\u201d<\/p>\n The property will now be offered for sale for $2.4 million as negotiations with potential buyers continue.<\/p>\n \u201cThere was a downsizing couple who live locally \u2013 they want something single level,\u201d he said. \u201cThere were also two young couples in their 30s who were sorting out finances.\u201d<\/p>\n The vendors are a couple who need more space for their growing family.<\/p>\n St Clair said the result reflects ongoing hesitancy among buyers.<\/p>\n \u201cBecause there are more results that are a bit lower than what people might expect, buyers get a gut feeling that this is not the bottom of the market.<\/p>\n \u201cThere are definitely buyers in the market, but they are super concerned about buying and the market continuing to drop.<\/p>\n Related Article \u201cIt\u2019s just unpredictable.\u201d<\/p>\n In Zetland, two first home buyers vied for the keys to a split-level apartment, which sold for $1,150,000, the same as the reserve.<\/p>\n The two-bedroom, two-bathroom apartment at G55\/9 Letitia Street<\/a> had a guide of $1 million.<\/p>\n Four parties registered to bid, with two active. Bidding opened at $900,000 and bids rose in increments of $50,000, $20,000 and $10,000.<\/p>\n The successful bidder was a single woman, while the underbidders were a young couple. The vendor is hoping to leverage market conditions<\/a> to upsize for a lower price.<\/p>\n Sales agent for Ray White Erskineville, Ercan Ersan, said even the prospect of a further rate rise this year<\/a> was not enough to deter buyers.<\/p>\n \u201cPeople are preparing themselves for the rate rise,\u201d he said. \u201cIf they need to buy, a rate rise won\u2019t stop them. Life still goes on.\u201d<\/p>\n Save<\/p>\n You have reached your maximum number of saved items.<\/p>\n Remove items from your saved list<\/a> to add more.<\/p>\n![\"Blink](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/07\/fb2533292824b5cd1881cc0efa61f648265bcccc.jpeg\")
Blink and you\u2019ll miss it. Auctioneer Pete Matthews made short work of the auction at 14\/38-40 Centennial Avenue, which began and ended with a single bid.Audrey Richardson<\/p>\n![\"The](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/07\/e7c78b4f88a70a2ad84e18ab95a233806551aecc.jpeg\")
The apartment, which includes a covered car space, enjoys a sunny aspect in both directions.Audrey Richardson<\/p>\n![\"Armidale](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/07\/fa061554a4d1ff262cec5253f2c6f2a6054bde52.jpeg\")
<\/a><\/p>\n![\"The](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/07\/cea2b3780024e5e258fbe08fe3e63a9b63db3352.jpeg\")
The three-bedroom apartment in Waverton was beautifully presented but failed to attract a single bid.Domain<\/p>\n![\"The](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/07\/20306b2f431dc886bba71d59b4ffbc584b78a4cc.jpeg\")
<\/a><\/p>\n![\"The](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/07\/96b26e643a09b8235d3a992345d9f5401ef13d70.jpeg\")
The two-bedroom apartment was built just two years ago and has a second private entryway, separate from the common areas.Domain<\/p>\n
![\"Robyn](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/05\/64179db9ef6efe76947feec1575bc58538a8d9b1b51eebd2752ad6a2a1d3bc56.png\")