Being in lockdown hasn't deterred out of area buyers from looking to snap up Kiama properties under the hammer, some of them sight unseen.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
Although CoreLogic this week reported that many auction markets nationally were seeing reduced activity due to lockdowns, there were some strong results for property auctions throughout the Illawarra and South Coast region.
According to CoreLogic's preliminary results, there was an auction clearance rate of 81.8 per cent in the Illawarra for the week ending August 8.
Of the 11 results collected so far, nine had sold.
The prior week's preliminary results showed that of the 20 results collected to that time, 17 had sold.
The Ray White Kiama office hosted an auction night last week, with three properties selling under the hammer, and the other by post-auction negotiation.
Bidders in areas not locked down could attend the auctions at the Sebel Harbourside Kiama in person, while those in Greater Sydney could bid online or via phone.
The home at 8 Seaview Street, Kiama had 12 registered bidders and five active bidders, and sold above reserve for $2,475,000.
The five-bedroom, two-bathroom home is set on a near level 885 square metre block of land.
Ray White Kiama's Melinda Budd said the bidding process ultimately came down to two parties, with a Sydney buyer outbidding another out of area party.
"A 885 square metre block that's level with a five-bedroom home, that's right in the middle of town is rare to find," she said.
"So it was appealing to your downsizers as well as your families.
"It was down to two very strong bidders at the end. The buyer had been impressed enough by a FaceTime inspection to organise a private one-on-one viewing."
Meanwhile, set on 263 square metres, the three-bedroom, two-bathroom townhouse at 30 Noorinan Street, Kiama sold for $1,085,000.
The home, a popular holiday rental on Airbnb, was sold under the hammer to a buyer from Victoria, who bought the property after viewing it via a FaceTime inspection.
"They haven't been to visit it yet," Ms Budd said.
"They'll be utilising the property as their weekender and Airbnb-ing it as well.
"Like online bidding, FaceTime inspections are making it easier to do our jobs in the current climate."
The three-bedroom, one-bathroom home at 135 Shoalhaven Street, Kiama sold under the hammer for $1,303,000.
Selling agent Michele Lay said there were three registered bidders, with it selling to a local buyer who beat out an under-bidder from Victoria, who had only viewed the property via FaceTime.
She said the numbers of Greater Sydney residents doing private inspections was down due to the lockdown, although some were still confident enough to bid on a property sight unseen.
The cottage at 43 Barney Street, Kiama, was offered for sale for the first time in 80 years.
It was initially passed in, but an undisclosed sale price has since been negotiated.
Meanwhile, the LJ Hooker Wollongong office had four properties scheduled to go under the virtual hammer on Saturday.
All four properties sold to Illawarra buyers on the day.
They were 21A Keira Mine Road, Keiraville; 23 Thornbury Avenue, Unanderra; 105 Heaslip Street, Mangerton; and 3 Trifecta Place, Kembla Grange.
Principal Chris Stylis said this was their office's first series of online auctions, which they conduced via the AuctionNow platform.
Two of the properties, 21A Keira Mine Road, Keiraville ($700,000) and 23 Thornbury Avenue, Unanderra ($586,000) sold under the hammer.
Mr Stylis said the Keiraville home sold to a local first home buyer who planned to undertake some work on the property.
"The highest bid was $660,000, then the buyer came with his first bid of $690,000, and then increased his own bid by $10,000... His tactics were to blow everyone else out of the water, which is what he did," he said.
"Thornbury Avenue had nine registered bidders, and it was steady with four people going for it, until $550,000, and then two bidders went back and forth until it sold to a local first home buyer."
Meanwhile, 105 Heaslip Street, Mangerton was initially passed in at $951,000, but was later sold by negotiation and under auction conditions for $960,000.
Also, 3 Trifecta Place, Kembla Grange was initially passed in at $1,155,000, before being sold by negotiation for $1.2 million.
"The one at Mangerton was a local couple looking at their first family home," Mr Stylis said.
"Trifecta Place sold to a local family seeking more space."