Double Bay apartment owners have good reason to be excited, cashed-up downsizers are circling.
A three-bedder on Guilfoyle Avenue was a standout success at auction on Thursday night, selling under the hammer for $4.61 million, well in excess of original offers and expectations of some $2.8 million.
There were six active bidders vying for the property in the packed Ray White Double Bay auction room.
“The vendors instructed us to not put a guide on it, but we had offers made to us of about $2.8 million and this was a true testament to the auction process where the market determined the true value on the night,” said agent Michael Finger.
It was bought by agent Deborah Terley on behalf of her mother, whose winning bid beat by $10,000 underbidder fashion designer Maria Finlay.
“This is another indication of the acute shortage of apartments for downsizers in the east,” said buyer’s agent Stuart Jones of Rose & Jones. “For those empty nesters selling their five-bedroom house, there are few right-sized apartments to move into that have that extra space for the grandkids, but still has that lock-up-and-leave appeal.”
Terley echoed the comment by Jones. “I’m always telling developers to build for the east’s downsizers. That’s where the money is, but they don’t seem to get the message,” said Terley.
The level-access Guilfoyle Avenue apartment with double parking was teh home of the late Kitty (Kathryn) Graf, widow of property developer Ervin Graf.
Another three-bedroom apartment on Double Bay’s Ocean Avenue sold under the hammer for $2.7 million, after bidding was kicked off by a vendor bid of $2.55 million. The sale set a record for the building, according to Paul Kantor, of Richardson & Wrench Double Bay.
Kantor and his colleague James Dunn also sold another apartment in Double Bay’s popular Montage building on Thursday night. The ground floor pad had a guide of $2.4 million, but sold for $2.6 million.
Two weeks ago a Darling Point waterfront apartment on Sutherland Crescent sold in its first day on the market for more than $8.2 million.
Owned by Sydney FC chairman Scott Barlow and his wife Alina, it exchanged the day before its first open inspection through Julian Hasemer, of 1st City Hasemer+Caldwell.Eyles and LJ Hooker Double Bay’s Bill Malouf.
At the time Malouf had said the sale “shows there’s a real shortage of waterfront apartments of that calibre in the east.
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