Woolloomooloo Apartment Soars: In a lively post-auction contest, a Woolloomooloo apartment featuring stunning city skyline views secured a sale for $3.91 million. Seven bidders gathered to compete for the three-bedroom, three-bathroom apartment located at 708/63 Crown Street. However, the property didn’t initially meet its reserve price during the auction, as buyers cautiously started bidding at $3.5 million, below the $3.8 million price guide.
After some negotiations on the auction floor, the bidding gradually increased in $50,000 and $25,000 increments, with three parties actively participating. The bidding eventually paused at $3.8 million, and the property was passed in. Subsequently, an “auction after the auction” took place, with the three parties exchanging offers throughout the day, resulting in the final sale price of $3.91 million, just below the revised reserve of $4 million.
Michael Lyons, the selling agent from Ray White Woolloomooloo and Paddington, stated that despite a slow start, the result was quite satisfactory, emphasizing that buyers were cautious and looking for transparency in the auction process.
The property attracted interest from a couple in Berry, who were looking to downsize to Sydney. The sale price exceeded the suburb’s median unit price of $1.05 million and far exceeded the $1.6 million that records indicate the apartment last traded for in 2002.
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This sale was part of a larger auction event with 857 Sydney homes scheduled for auction on that Saturday. According to Domain Group’s preliminary data, the auction clearance rate reached 64.6% from 509 reported results, with 137 auctions withdrawn. The highest clearance rates were observed in Sydney’s inner south-west, eastern suburbs, and inner west.
In another notable auction, a three-bedroom townhouse in Mortlake sold for $1.825 million, well above the $1.7 million reserve price. The home attracted strong interest from both young couples and families looking to upsize as well as downsizers. The auctioneer Damien Cooley reported that buyers were becoming more price-sensitive, especially in the more affordable segment of the market.
In North Ryde, a seven-bedroom house with a two-bedroom granny flat sold for $3.47 million, with an overseas-based investor outbidding local families. This property garnered significant interest and sold for well above its $3 million price guide.
In Lilyfield, a three-bedroom federation house that had not been on the market for over 70 years fetched $2.34 million, surpassing the $2.25 million reserve price. The buyers were looking to renovate the mostly original home, which sits on a 250-square-metre corner block.
Our Reader’s Queries
Is Woolloomooloo a good suburb?
Woolloomooloo, a suburb that has undergone gentrification, still retains its working-class charm on its narrow streets. Despite its humble beginnings, the area boasts a below-average rate of violent and property crimes in comparison to the rest of Sydney.
What does Woolloomooloo mean in Aboriginal?
According to Anthropologist J.D. McCarthy’s ‘NSW Aboriginal Places Names’ from 1946, Woolloomooloo may have originated from two possible Aboriginal terms. The first is Wallamullah, which translates to “place of plenty,” while the second is Wallabahmullah, meaning “a young black kangaroo.”
What is the relative location of Woolloomooloo?
Woolloomooloo, pronounced wuul-?-m?-LOO, is a charming suburb located in the eastern part of Sydney, New South Wales, Australia. It is situated just 1.5 kilometres away from the central business district and is known for its picturesque harbourside location. The suburb is nestled in a low-lying area that was once a bustling docklands region at the head of Woolloomooloo Bay, which is a part of the iconic Sydney Harbour. The City of Sydney is responsible for the local government of this area.