Manly Apartment & Concord House Fetch Above Reserve at Auction
A Manly art deco apartment and a Concord house held by the same family for over 50 years both sold for above thier reserve prices at auction this weekend, signaling continued strength in sydney’s property market despite economic headwinds. The sales demonstrate ongoing demand for well-located properties, notably those offering renovation or redevelopment potential.
The Manly apartment,sold to a local couple,fetched $2,020,000,while the Concord property-snapped up by a developer-reached $3,636,000. These results highlight the competitive landscape for buyers seeking prime real estate in desirable Sydney suburbs.
In Manly, the art deco apartment attracted strong interest from local buyers, ultimately selling to a couple already residing on the street. According to agent Jake Cullen, the top two bidders were locals, with the winning bidders in their 30s planning potential modifications to the property.
Further west, a three-bedroom house at 8 Ellis Street, Concord, exceeded expectations, selling for $3,636,000. The deceased estate, guided at $3 million with a $3.3 million reserve, saw spirited bidding from five of the 11 registered parties. The buyer, a developer, intends to demolish the existing structure and build a new home.
Selling agent Steven Devine of The Agency Inner West described the auction as “quite spirited,” noting that underbidders included both those intending to renovate and those planning demolition.The property was sold by four sisters, co-executors of their late mother’s estate.The Concord property’s location-close to Majors Bay road shopping, transport, and schools-contributed to its appeal.
