Brief
Downsizers clinch $2.35 million Abbotsford waterfront home after reserve cut
The property sold to local downsizers after the reserve was reduced from $2.35 million to meet buyer offers.
By Felo News Desk · Published
Downsizers paid $2.35 million for a three‑bedroom waterfront apartment at 21/3 Harbourview Crescent, Abbotsford, when the vendor lowered the reserve price during Saturday’s auction, according to the Sydney Morning Herald.
What happened
The Abbotsford apartment was listed with a price guide of $2.2 million to $2.42 million. Three registered buyers attended the auction. An initial lowball bid of $2.1 million was rejected, followed by a $2.2 million bid. Two subsequent $50,000 bids brought the price to $2.32 million, after which the owners reduced the reserve from $2.35 million to facilitate a sale. A final bidder offered $2.34 million, prompting a $10,000 counter‑offer that secured the $2.35 million sale to local downsizers.
What the report adds
The article notes that 807 properties were scheduled for auction in Sydney that week, with Domain recording a preliminary clearance rate of 46 percent from 472 reported results and 176 withdrawals. This rate was slightly lower than the 47 percent recorded in late June, a period when buyers were reassessing the budget’s changes to the tax treatment of investment properties. The cash rate had been increased for the fourth time that year, a factor the selling agent linked to the vendor’s decision to cut the reserve.
What was said
Horwood Nolan selling agent Ben Horwood said the owners were happy with the outcome, adding, “They got what they were hoping for, which is rare in this market.” He described the market as “the most challenging market I have seen in my whole career, in 30 years” but noted that “there are buyers around. If the property is priced correctly it will sell.”
How it came about
The vendors originally intended to downsize and then lease the unit for a few years, but budget changes prompted a reassessment of that plan. The sale follows other recent Sydney auctions where reserve cuts were used to secure sales, such as the Enmore house auction on 20 September and the Essendon Art Deco home on 11 October, both covered in earlier Felo News articles.
Key facts
- The Abbotsford waterfront apartment sold for $2.35 million after the reserve was reduced. (smh.com.au)
- Domain reported a preliminary Sydney auction clearance rate of 46 percent for the week. (smh.com.au)
- Ben Horwood described the current market as the most challenging in his 30‑year career. (smh.com.au)
Sources
- [1] smh.com.au — originally reported as “Sydney auctions: Abbotsford vendors cut reserve to sell waterfront home”
