Potts Point

Sydney auctions: Investor nabs Potts Point unit with rare car space for $1.14m

PHOTO: Auctioneer Jake Moore from Cooley Auctions and Belle Property Agent Nick Simitzis during the successful Coogee auction. Photo: Peter Rae

A Potts Point apartment sold for $1.14 million to an investor who bid against themselves at auction to secure a deal on Saturday.

The two-bedroom deceased estate at 13/20-22 St Neot Avenue was on the market for the first time in four decades, attracting a crowd of more than 50 and four registered bidders – all investors.

The 90-square-metre apartment was one of 483 auctions scheduled in Sydney on Saturday.

By evening, Domain Group recorded a preliminary clearance rate of 68.0 per cent from 274 reported results, while 64 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.

The socially distanced auction crowd gathered in a small nearby reserve where an opening bid of $1.1 million started the sell-off.

But with just one active bidder, selling agent Nuri Shik of Laing+Simmons Potts Point said he negotiated with the buyer to bid against themselves.

“We got them to increase their bid, and it was on the market and sold under auction conditions,” Mr Shik said.

The property sold for $1.14 million to a Dover Heights investor.

The other three buyers were interested in flipping the property or renovating it as a rental, with one seeing it for the first time on Saturday.