Lane Cove home sells $660k over reserve, but auctioneer has sobering words on state of market

Young couple Evelyn and Ian are happy to have won the keys to 47 Coolaroo Rd, Lane Cove, today. Picture by Max Mason-Hubers.

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A family home up for sale for the first time in more than 60 years sold for $660,000 over the reserve, leaving the vendor “speechless”.

With three of the four parties who registered bidding, the four-bedroom residence with pool at 47 Coolaroo Rd, Lane Cove fetched $3.46m against a reserve of $2.8m.

Despite his shock, Lewis Cooper, who grew up in the home alongside brothers Stephen and Warren, said the house that his late father, Geoff, built on the 797sq m block did deserve to sell well.

“It is a beautiful family home and it’s time for the next generation now, who can hopefully appreciate it like we have done.”

Lewis’s late mother, Helen, had passed away 14 years ago though his dad had lived at the house until the age of 95 before his death a year ago at 96.

Vendors Lewis Cooper and his wife, Lyndall, were thrilled with the result. Picture by Max Mason-Hubers

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The crowd shelters from the rain during today’s auction. Picture by Max Mason-Hubers

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“He always said going up and down the stairs (from the street) was the secret to his long life,” Lewis said.

The winning bidders, a young couple who gave their names only as Ian and Evelyn, had a quick kiss after LJ Hooker Lane Cove principal and auctioneer Stewart Kirkby slammed the gavel down in their favour.

They looked pleased as punch. Was it a fair price? “It’s hard to know, but what you have to pay in this market,” Ian said.

It was the couple’s first home in Australia, though they’d bought something in the US previously, and the Bank of Mum and Dad was standing close by.

The couple, who were already getting well-wishes from the neighbours, said they’d move in and think about renovations later.

Auctioneer Stewart Kirkby slams down the gavel. Picture by Max Mason-Hubers

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And Evelyn and Ian celebrate with a hug. Picture by Max Mason-Hubers

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Another young man had opened the bidding at $2.4m, but Ian was next, offering $2.45m. With the $50k bids flying, it was a strong contest between the pair before a phone bidder entered the race at $3m.

Then it was on between Ian and the bidder on the phone, exchanging mostly $25k bids, before the lady acting for the underbidders, a local couple on holiday in Hawaii, said her friends were “out”. They were apparently devastated to have missed it.

Kirkby, who shared the listing of the north-facing property with agent Kerrie Robertson, said not all homes in his patch were selling as well.

“The FOMO is coming out of the buyers a little bit,” he said.

“The good properties like this one are bulletproof, no matter the market, but the south-facing properties are definitely harder to push.

“And you see that when the market’s softening, with the difficult properties becoming very difficult to sell.”

95 Alma Rd, Maroubra, sold for $4.48m, $80,000 above reserve.

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The agent, Ray White Eastern Beaches director Nader Hotait, attributed the strong result to it being “turn-key” — not requiring much work.

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Kirkby said while he had a good success rate under the hammer, some homes were selling prior with just one party interested and vendors “taking what they can get”.

In the east, Ray White Eastern Beaches director Nader Hotait issued a similar caution, despite selling a five-bedroom family home with city views at 95 Alma Rd, Maroubra for $4.48m, $80,000 above reserve.

He had four registered and three active, with bidding starting at $3.9m and going up in $50,000 increments initially, but then slowing down to $10,000s.

Buyers were really thinking about their bids, “Am I overpaying?”, seeming cautious and nervous.

Hotait says the market has softened since the first quarter. “This house was turn-key and structurally sound, with not much to spend,” he said.

“But anything that requires work is very hard, with just one or two buyers.”

16 Brokenwood Place, Baulkham Hills sold for $2,405,000, $455,000 over reserve.

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That’s despite the pink walls!

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But it did have an amazing view.

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Yet in the Hills District, that certainly wasn’t the case with a five-bedroom home at 16 Brokenwood Place, Baulkham Hills.

Despite the pink walls, it attracted 11 registered bidders and sold for $2,405,000 — $455,000 over reserve.

Cooleys auctioneer Michael Garofolo, who had six active bidders, said: “It was all about the location and the view, because the house needs a reno.”

The home had previously been used as a medical practice and records show it last traded for $59,000 in 1965.

The sales agents were Soha Soheili and Sherry Soheili of The Avenue Real Estate, Castle Hill.

15 Crocodile Drive, Green Valley, attracted 22 registered bidders.

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The home last traded for $840,000 just four years ago.

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Garafolo also had a strong result at his next auction at 15 Crocodile Drive, Green Valley, which attracted an incredible 22 registered bidders, with half of them competing.

The four-bedroom home on a 577sqm block fetched $1,445,000, $195,000 over reserve via Blaze agents Jamal Khalid and Blaz Dejanovic.

Bidding had opened at $800,000 and risen in $100,000 increments before slowing down. “Paddles were flying up in every direction,” Garafolo said.

The home had traded for $840,000 just four years ago.