27/114-124 Pitt St Redfern
The post auction sale $60,000 over the last bid!
The property
27/114 Pitt St Redfern is a 3 level townhouse with a good floorplan. 3 bedroom, 2 bathroom and 2 car spaces over 229sqm. The three levels does not always appeal to all buyers, but the captured natural light on every level makes for an easy to live in home.
A small front courtyard faced onto the communal pathway with little privacy, making it basically unusable. However, a good size year courtyard provided for privacy.
The complex is made up of 29 properties built in 2001.
This specific townhouse was purchased off the plan back in 2000 for $370,000.
The previous sales in the block: 114-124 Pitt St Redfern
The highest recorded sale in the block was townhouse 1 at $2,032,000 in May 2022 - the key difference being it faced the street and presented as more of a house than part of a block of townhouses.
Other recent sales included:
Townhouse 5 at $1,530,000 in July 2022
Townhouse 7 at $2,000,000 in November 2021 (peak of the market)
Townhouse 6 at $1,715,000 in July 2021
Townhouse 9 at $1,500,000 in June 2021
Sale prices aside, this was the sixth 3 bed townhouse in the block to come up for sale in a two year period. That indicates the the block is not tightly held, and often buyers will think if they don’t buy this one, it is only a few months until another opportunity presents. It may also be a sign that the strata plan has some challenges although I haven’t read the strata report so that is purely speculative.
What else sold recently in Redfern
Redfern 3 bedrooms on strata title are a mixed bag. You’ve got:
Blocks closer to housing commission that sit at a lower price point to 114-124 Pitt St e.g. 146-152 Pitt St that overlooks the housing commission towers and 3 bed apartments are around $1.2 - $1.35m
Blocks up on Maddison St which is further from the train line but provides a nice proximity to Centennial Park e.g. 13/11-33 Maddison St Redfern recently sold for $1.78m
The most comparable recent sale for size and location would be 23/23-27 George Street, Redfern selling by the same agency for $1,800,000 in May 2023.
The sales campaign
The property was listed in July 2023 with a price guide $1,700,000. A four week campaign with an auction date 19 August 2023. The property was marketed by the Touma Group of Ray White.
The market is currently quite flat with buyers remaining conservative and vendors often unwilling to meet the market on price.
The Auction | ~5 registered bidders | 3 active bidders
The auction had a solid turnout for a sunny and crisp winters morning in Sydney. A mix of registered buyers, other interested parties and a few neighbours.
With a guide of $1.7m the auctioneer called for an opening bid in the “high $1s”. He was met with the usual silence.
There was an attempted opening bid at $1.6m which was swiftly rejected. A vendor bid at $1.7m was eventually placed.
A slow paced auction very reflective of current market conditions and low buyer confidence.
Bidder 1 came in at $1,720,000
Bidder 2, tried to take a $5,000 bid with no luck. Reminded where the guide was set, she stands back
Bidder 3 then enters at $1,740,000
Bidder 1 responds at $1,760,000
Bidder 3 comes back at $1,780,000
Bidder 1 at $1,800,000
Bidder 3 then tries their luck with the $5,000 bid and is swiftly rejected indicating the reserve is no where near met
Bidder 2 is back!! She comes in at $1,820,000. Fascinating given she seemed miffed about her $5,000 bid back $100,000 ago!
Bidder 3 finally gets the auctioneer to crack and accept at $5,000 bid as it is clear the property is a long way from home, they have the bid at $1,825,000
Bidder 2 responds with $1,830,000 pretty quickly.
NO DEAL, the property was passed in at $1,830,000.
At this price, & based on comparable sales I would assume the reserve was at the $1,900,000 mark.
Post auction sale
The property was sold same day post auction for $1,890,000. After all, it is the selling agents job to get a bidder to their highest possible price which is exactly what they have done here taking the buyer from $1,830,000 to increase their own bid to $1,890,000.
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