Vendors cut price hopes to sell $2,382,000 Lane Cove North house

A young family upsizing from an apartment paid $2,382,000 for a two-bedroom freestanding house in Lane Cove North at auction on Saturday, as the vendors cut their reserve price to sell.

The single-level house at 18 Ralston Street drew three registrations and came with a pebbled path and an enclosed backyard, plus period touches such as detailed cornices and leadlight windows.

The property was one of 706 scheduled to go to auction in Sydney last week. By Saturday evening, Domain recorded a preliminary auction clearance rate of 53 per cent from 410 reported results throughout the week, while 133 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.

Bidding for the Lane Cove North house began at its $2.2 million guide and climbed in $50,000, $20,000, $5000 and $1000 increments between two families.

The outcome came down to a $1000 bid from the underbidder, then the winner bid an extra $1000.

The reserve of $2.4 million was adjusted to sell, and the property sold under the hammer for $2,382,000.

Belle Property’s Patrick Lang said it was the buyers’ “first time buying a house.”

He said it was a “real entry point for a freestanding house … a great Australian dream, man.” Lang added the property with its fenced yard was perfect for growing families.

The buyers are from Wentworth Point. The vendors live in Melbourne. The home last traded for $269,000 in 1994, records show.

In Rozelle, a three-bedroom terrace with charming Victorian features and scope for buyers to add their own stamp fetched $2.57 million post-auction.

The two-storey home at 14 National Street had views to the Sydney Harbour Bridge, three fireplaces and an outdoor toilet.

Three parties registered and all three participated. One was a builder and two were young families.

Bidding opened at $2.3 million, well below its $2.5 million guide and in small rises of $5000 and $10,000 crept up to $2.54 million over a one-hour period.

An adjustment was made to its $2.7 million reserve and the property passed in on a vendor bid of $2.6 million.