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Updated August 29, 2026 \u2014 5:05pm,first published 1:19pm<\/p>\n
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Remove items from your saved list<\/a> to add more.<\/p>\n AAA<\/p>\n A two-bedroom 1960s walk-up apartment in Clovelly passed in at auction before selling shortly afterwards for $1.5 million on Saturday to first time home buyers.<\/p>\n A group of more than a dozen people gathered in the living room at 3\/377B Clovelly Road<\/a> as Cooley auctioneer Jake Moore took an opening bid of $1.41 million, $10,000 above the guide of $1.4 million, from a buyer\u2019s agent acting on behalf of local first home buyers.<\/p>\n Another first home buyer couple<\/a>, the only other bidders registered, followed up with a $10,000 bid. Several more bids varying between $3000, $5000 and $8000 followed, but when the buyer\u2019s agent held the leading bid at $1,458,000, the underbidders paused to confer. The buyer\u2019s agent then bid against himself, making a further offer of $1.46 million.<\/p>\n Four more bids followed but when bidding stalled again at a $1,478,000 bid made by the buyer\u2019s agent, the underbidders dropped out, and the property passed in.<\/p>\n After a short negotiation in private, the buyer\u2019s agent made a further offer on behalf of his clients and the property sold for $1.5 million, the same as the reserve.<\/p>\n There is no legal requirement for a vendor\u2019s reserve to be in line with their property\u2019s price guide.<\/p>\n Sales agent for Belle Property Randwick Nick Lennan said it was important to be ready for anything on the auction floor.<\/p>\n \u201cThe buyers who missed out will be regretting not going that bit further,\u201d he said.<\/p>\n Positioned less than five minutes\u2019 walk from Clovelly Beach, the apartment in the red brick 1960s walk-up has a north-east facing balcony and a lock-up garage.<\/p>\n It has a pub next door and a popular cafe across the street. The well-presented apartment also has parquetry floors and double-glazed windows.<\/p>\n Lennan said there was still considerable nervousness and hesitation in the market, especially among first home buyers, though he said it was less evident in Sydney\u2019s eastern beaches suburbs.<\/p>\n \u201cI am fortunate to work in an area where we are protected,\u201d he said. \u201cIt\u2019s a sought-after location and those buying opportunities don\u2019t often come around.\u201d<\/p>\n It was unwise, he said, to wait for further price falls.<\/p>\n Related Article \u201cUnfortunately, people are not participating,\u201d Lennan said. \u201cThey are looking for [further] decline, and they are missing out. [The market] will turn quickly, and they will have missed their chance.\u201d<\/p>\n The property was one of 532 scheduled to go to auction in Sydney this week.<\/p>\n In Petersham, a three-bedroom single-fronted home sold for $2,461,000, more than $260,000 over the reserve on Saturday.<\/p>\n Bidding for the home on 244 square metres at 66 Brighton Street<\/a> opened at $2.1 million. A further bid of $50,000 followed, with bids going up in increments of $25,000, $20,000 and $10,000 before final bids of $5000 and $1000 drew the auctioneer\u2019s hammer.<\/p>\n The home, which has large bifold doors and windows leading to a north-facing courtyard, had an advertised guide of $2 million and a reserve of $2.2 million.<\/p>\n A buyer\u2019s agent acted on behalf of the successful bidders, a family from Balmain, while the underbidders were a family from Birchgrove. Seven parties registered to bid, with three taking part.<\/p>\n BresicWhitney Inner West sales agent Frederico Fraga-Matos said that buyers were attracted by the property\u2019s size and proximity to local amenities such as Petersham Park and Petersham Bowling Club, a popular venue for families.<\/p>\n Related Article \u201cThis particular pocket is pretty tightly held.\u201d <\/p>\n Buyers had become accustomed to the \u201cnew environment\u201d, he said.<\/p>\n \u201cWhat we are finding now, a lot of the outcomes that happened earlier in the year [such as interest rate increases], they have come out,\u201d Fraga-Matos said. \u201cThis is the new environment we are operating in<\/a> and people are feeling more confident buying.\u201d<\/p>\n In Paddington, a one-bedroom apartment with an enclosed, centrally positioned balcony sold for $1.48 million, $180,000 above the reserve.<\/p>\n Five parties registered to bid for 17\/24 Gordon Street<\/a>, with four taking part. Bidding opened at $1.2 million, followed by increments of $10,000 and $20,000. The property had a reserve of $1.3 million and a guide of $1,225,000.<\/p>\n The successful bidder was a Queenslander who wanted to use the apartment as a Sydney bolthole. The underbidder was a downsizer seeking a property to be closer to family.<\/p>\n LJ Hooker Double Bay sales agent Darran Wyatt said buyers were attracted by the contemporary nature of the building and the fact that it was a flat walk to the shops.<\/p>\n Market conditions, he said, felt \u201cnormal\u201d.<\/p>\n \u201cPeople are looking to buy and properties are selling<\/a>.\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![\"Auctioneer](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/08\/e705588d742804b54ab533e720a45cd6d45cd380.jpeg\")
Auctioneer Jake Moore provides an acoustic distraction as potential buyers conferred between bids while Belle Property Randwick sales agent Emilee Tayyara looks on.Audrey Richardson<\/p>\n![\"The](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/08\/9bca5b45334ff9578059d56650381e6e373b6cc4.jpeg\")
The unit has a north-east facing balcony and is 200 metres from Clovelly Beach.Audrey Richardson<\/p>\n![\"Spring](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/08\/a70bc9717b4f4d7fc419c1f660c9abd3e4673bc3.jpeg\")
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The renovated property at 66 Brighton Street has large bifold doors that open to a north-facing courtyard.Domain<\/p>\n![\"Buyers](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/08\/203be72ef00dd6721fb3889d4042b38fb971430e.jpeg\")
Buyers were attracted to the contemporary building in the heritage suburb of Paddington. It\u2019s also a flat walk to the shops.Domain<\/p>\n
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