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It last sold for 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data-testid="category"><a title="News" href="/property/news">News</a></li><li class="_1pMb9" data-testid="tag-name"><a title="Auctions" href="/topic/auctions-1nq1">Auctions</a></li></ul><script type="application/ld+json">{"@context":"http://schema.org","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"item":{"@id":"https://www.watoday.com.au/property","name":"Property"}},{"@type":"ListItem","position":2,"item":{"@id":"https://www.watoday.com.au/property/news","name":"News"}},{"@type":"ListItem","position":3,"item":{"@id":"https://www.watoday.com.au/topic/auctions-1nq1","name":"Auctions"}}]}</script></div><h1 data-testid="headline" itemProp="headline">First home buyer nabs Zetland terrace for $20,000 under its reserve</h1></div></div></header><section class="_3OhA4"><div class="_2h56q _2bGxr"><div class="_3J1te"><h5 class="_3-xPQ"><span class="_3pGt1">By </span><span><span data-testid="byline"><a href="/by/kristy-johnson-p537mc" title="Articles by Kristy Johnson">Kristy Johnson</a></span></span></h5><div class="_3xKNx"><span class="_1IjU5">Updated</span> <span class="_2xetH"><time class="_2_zR-" data-testid="datetime" dateTime="2024-11-09T13:58:40+08:00">November 9, 2024 — 1.58pm</time></span><span class="_2tV7D" hidden="">first published at <time class="_2_zR-" data-testid="datetime" dateTime="2024-11-09T11:27:50+08:00">11.27am</time></span></div></div></div><div class="_2CSKo noPrint"><div class="_1KqZ_"><div class="hLTvJ"><button aria-checked="false" aria-describedby="saveTooltip" aria-label="Save article to read later" class="_31ZN0" role="switch" type="button"><svg aria-hidden="true" class="QMY9O _11R7m" focusable="false" height="1em" width="1em"><use xlink:href="#icon-save"></use></svg><span class="_3-fU6">Save</span></button><div aria-hidden="true" class="_1lwFz uXbxr" id="saveTooltip" role="tooltip"><button>Log in</button>, <a data-testid="login-register" href="https://watoday.myfairfax.com.au/channel/cWvEleexy48f-PI5-jlBnw/members/signups/new?callback_uri=">register</a> or <a href="https://subscribe.watoday.com.au/?promote_channel=HI_HL_GNL">subscribe</a> to save articles for later.</div><div><div aria-hidden="true" class="_1lwFz WUf_a _1pHo1" id="onboardingTooltip" role="tooltip"><h3>Save articles for later</h3><p>Add articles to your saved list and come back to them any time.</p><button class="_2YSi8 _17BTN _3_hLE" data-ffx-event-action="cta click" data-ffx-event-category="save onboarding" data-ffx-event-label="got it - part 1" data-ffx-hittype="event">Got it</button></div></div></div><div class="_2Cn91"><div class="_2KkCz"><button class="_30X7v _2-NUy" data-ffx-event-action="cta click" data-ffx-event-category="component" data-ffx-event-label="font size normal" data-ffx-event-value="0" data-ffx-hittype="event">Normal text size</button><button class="_3Rq_0" data-ffx-event-action="cta click" data-ffx-event-category="component" data-ffx-event-label="font size large" data-ffx-event-value="0" data-ffx-hittype="event">Larger text size</button><button class="_3VkdU" data-ffx-event-action="cta click" data-ffx-event-category="component" data-ffx-event-label="font size extra large" data-ffx-event-value="0" data-ffx-hittype="event">Very large text size</button></div></div></div></div></section><section class="_1Rw6X" data-testid="article-body-top"><aside class="_2GZaf"><section class="RbDEG _2iOEC"><div class="_1_1er"><h3>In numbers</h3><ul><li><span class="_1mkjf">62.7%</span><span class="vrpkt"> - </span>Sydney’s preliminary clearance rate across the week</li><li><span class="_1mkjf">$4.45 million</span><span class="vrpkt"> - </span>The sale price of a three-bedroom house in Bondi Beach</li><li><span class="_1mkjf">$3.42 million</span><span class="vrpkt"> - </span>The sale price of a two-bedroom house in Willoughby</li></ul></div></section><div class="vnWOX"><header><h2>Property listings</h2></header><div id="dg-recommended-listings"></div></div><div class="_1q-_I _3sCHz"><div class="container"><div class="adWrapper _2UMq- noPrint" data-testid="ad"><small class="_3ToRr">Advertisement</small><div class="" id="adspot-160x600_300x250_300x600-pos2-desktop"></div></div></div></div></aside><div class="_1ysFk" data-testid="article-body"><div><div class="_5JLqO"><div class="_1Ld7U" id="beyondwords-player"></div><div class="_3Fhwk" data-testid="showPlayerOverlay"></div></div><div class="_1665V _2q-Vk" data-testid="body-content"><p>A first home buyer from Waterloo placed the winning bid of $2.33 million at auction on Saturday for a renovated Zetland terrace, some $20,000 less than its reserve.</p><p>The three-bedroom, two-bathroom home at <a href="https://www.domain.com.au/751-elizabeth-street-zetland-nsw-2017-2019570350">751 Elizabeth Street</a>, with a guide of $2.1 million, had one other registered bidder: a couple from the ACT.</p><p>The couple opened the auction with a $2 million bid, which rose in increments of $100,000 before a brief pause at $2.32 million.</p><p>The vendor, who plans to upsize nearby, had instructed to sell the property to the highest bidder, even below the $2.35 million reserve. The first home buyer offered an extra $10,000 where the hammer fell. The home last sold for $1.94 million in 2018, records show.</p></div><div class="_1lC_G"></div><div class="_1665V _2q-Vk" data-testid="body-content"><p>It was one of 1010 scheduled auctions in Sydney on Saturday. By evening, Domain Group recorded a preliminary auction clearance rate of 62.7 per cent from 898 reported results across the week, while 183 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.</p><p>The Agency’s Brad Gillespie said some vendors were having to adjust their price expectations amid a softening market.</p><figure class="_3ujPS _3x3-4 RMwbY _2XZQH" data-testid="image"><div aria-label="enlarge image" class="_1lwW_" role="button" tabindex="0"><picture class=""><source media="(min-width: 1024px)" srcSet="https://static.ffx.io/images/$zoom_0.152%2C$multiply_0.9788%2C$ratio_1.5%2C$width_756%2C$x_0%2C$y_0/t_crop_custom/q_86%2Cf_auto/e155cb4871ea9d61906099584b667a6db56678fe, https://static.ffx.io/images/$zoom_0.152%2C$multiply_1.9577%2C$ratio_1.5%2C$width_756%2C$x_0%2C$y_0/t_crop_custom/q_62%2Cf_auto/e155cb4871ea9d61906099584b667a6db56678fe 2x" height="494" width="740"/><source media="(min-width: 768px)" srcSet="https://static.ffx.io/images/$zoom_0.152%2C$multiply_1.0159%2C$ratio_1.5%2C$width_756%2C$x_0%2C$y_0/t_crop_custom/q_86%2Cf_auto/e155cb4871ea9d61906099584b667a6db56678fe, https://static.ffx.io/images/$zoom_0.152%2C$multiply_2.0317%2C$ratio_1.5%2C$width_756%2C$x_0%2C$y_0/t_crop_custom/q_62%2Cf_auto/e155cb4871ea9d61906099584b667a6db56678fe 2x" height="512" width="768"/><img alt="A first home buyer from Waterloo placed the winning bid of $2.33 million for a Zetland terrace, $20,000 less than its reserve." src="https://static.ffx.io/images/$zoom_0.152%2C$multiply_0.7725%2C$ratio_1.5%2C$width_756%2C$x_0%2C$y_0/t_crop_custom/q_86%2Cf_auto/e155cb4871ea9d61906099584b667a6db56678fe" height="390" width="584" srcSet="https://static.ffx.io/images/$zoom_0.152%2C$multiply_0.7725%2C$ratio_1.5%2C$width_756%2C$x_0%2C$y_0/t_crop_custom/q_86%2Cf_auto/e155cb4871ea9d61906099584b667a6db56678fe, https://static.ffx.io/images/$zoom_0.152%2C$multiply_1.545%2C$ratio_1.5%2C$width_756%2C$x_0%2C$y_0/t_crop_custom/q_62%2Cf_auto/e155cb4871ea9d61906099584b667a6db56678fe 2x"/></picture></div><figcaption class="_3CZmy"><p><span class="_2Li3P">A first home buyer from Waterloo placed the winning bid of $2.33 million for a Zetland terrace, $20,000 less than its reserve.</span><cite class="ojLwA"><span class="_30ROC">Credit: </span>Rhett Wyman</cite></p></figcaption></figure><p>“It’s a case-by-case scenario, but ultimately, every motivated seller will meet the market,” Gillespie said. “We usually find if the bids are close or near enough, the deal will get done.”</p><p>Gillespie said he’s noticed the market has softened particularly in the past two weeks.</p></div></div></div></section><div class="_1FVfK"><div class="container"><div class="adWrapper _2UMq- noPrint" data-testid="ad"><small class="_3ToRr">Advertisement</small><div class="" id="adspot-728x90_970x250-pos99-desktop"></div></div></div></div><section class="vPaWe" data-testid="article-body-bottom"><div class="_1ysFk"><div><div class="_1665V _2q-Vk" data-testid="body-content"><p>“It’s a softer landing going into Christmas, but we will most likely see buyers come back mid-January in a big wave. The slowing down is a bit premature for us, a month early, but things will pick up again.”</p><p>In North Willoughby, a two-bedroom house at <a href="https://www.domain.com.au/26-chaleyer-street-willoughby-nsw-2068-2019573549">26 Chaleyer Street</a> sold for $3.42 million. It had a $2.95 million guide and a $3 million reserve.</p><p>Four of the seven registered bidders, a mix of builders and developers from Ryde and the Hills, were active. Bidding was fast-paced, starting at $2.7 million and rising in $100,000 increments until it was sold to a builder from the Hills district who plans to knock it down.</p><p>“All bidders were ready from the get-go, determined to secure the property,” Richardson and Wrench North Sydney’s Victoria Liu said. “The vendors did not expect that quick momentum and had tears in their eyes at the result.”</p></div><div class="_1lC_G"></div><div class="_1665V _2q-Vk" data-testid="body-content"><p>The vendors purchased the property for $970,000 in 2007, turning it into a rental for $890 a week.</p><p>North Willoughby’s median house price is $3,665,000 on Domain data.</p><p>A Dulwich Hill investor outbid first home buyers for the “perfect inner west starter home”, paying $1,215,000 at auction.</p><p>The two-bedroom, one-bathroom home at <a href="https://www.domain.com.au/26-arthur-street-marrickville-nsw-2204-2019567507">26 Arthur Street</a> had a price guide of $1.1 million and a reserve of $1.2 million. It last sold for $60,000 in 1987.</p></div><div class="_1lC_G"></div><div class="_1665V _2q-Vk" data-testid="body-content"><p>All four registered bidders were active, including three first home buyers from Sans Souci, Dulwich Hill and Enmore who all had their families in attendance.</p><p>Bidding opened bang on the guide and rose in steady increments of $10,000 and $20,000 before dropping to bids of $5000.</p><div class="ymInT _3uJpn _3by58 noPrint"><span class="_2wzgv D5idv _3lVFK"><span class="_29Qt8"></span><span class="_3qqDc">Loading</span></span></div><p>BresicWhitney Inner West agent Nick Playfair said the guide was a good price point for a house, as apartments and townhouses in the suburb were often listed at that amount.</p><p>“We marketed the home during the campaign as the perfect inner west starter home as you’re getting great value for that price guide, compared to the prices of other houses for sale in the suburb,” Playfair said. “Buyers want value, and if properties are reasonably priced and suitable, they will inspect and compete at auction.”</p></div><div class="_1lC_G"></div><div class="_1665V _2q-Vk" data-testid="body-content"><p>Marrickville’s median house price rose 6.2 per cent to $1,975,000 in the year to September, on Domain data.</p><p>In Bondi Beach, a deceased estate sold under the hammer for $4.45 million, bang on its reserve, to upsizers from the area.</p><p>The three-bedroom, three-bathroom home at <a href="https://www.domain.com.au/160-hall-street-bondi-beach-nsw-2026-2019570916">160 Hall Street</a> had been in the same family for more than half a century and had a price guide of $3.9 million.</p><p>There were five registered bidders, all locals hoping to upsize within the suburb and intending to make the property their forever home.</p></div><div class="_1lC_G"></div><div class="_1665V _2q-Vk" data-testid="body-content"><p>Bidding started at $3.4 million and rose in varying increments, from $100,000 down to $5000, as four bidders threw their hat in the ring.</p><p>McGrath Double Bay agent Ben Fraser said that with high listing volumes in the area, buyers have greater choice and may be hesitant to purchase a home.</p><p>“Some campaigns run extremely well and sell quickly while others take a couple of extra weeks to get across the line,” Fraser said. “Agents are having to work harder now with more supply.”</p><p>Bondi Beach’s median house price is $4,102,500 on Domain data.</p></div></div><div class="noPrint"><div></div><div></div></div><div class="CBSIP"><div class="_1GjZU" id="dg-membership"></div></div><div id="embedded-feedback"></div><div class="_22FRK _2spQv"><section class="aKWhn noPrint" id="endOfArticle"><div class="dLGbc"><div class="hLTvJ"><button aria-checked="false" aria-describedby="saveTooltip" aria-label="Save article to read later" class="_31ZN0" role="switch" type="button"><svg aria-hidden="true" class="QMY9O _11R7m" focusable="false" height="1em" width="1em"><use 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selling agent said Sydney\\u2019s property market faces a \\u201Cpremature\\u201D softer landing a month out from Christmas, but motivated sellers would meet the market.\",\"allowComments\":false,\"body\":\"<p>A first home buyer from Waterloo placed the winning bid of $2.33 million at auction on Saturday for a renovated Zetland terrace, some $20,000 less than its reserve.</p><p>The three-bedroom, two-bathroom home at <x-placeholder id=\\\"9d8e8acfec5f27290647a0eaccb26da0f0f69812\\\"></x-placeholder>, with a guide of $2.1 million, had one other registered bidder: a couple from the ACT.</p><x-placeholder id=\\\"ae436c98a758ddc85cd96254593cb80558fd6da8\\\"></x-placeholder><p>The couple opened the auction with a $2 million bid, which rose in increments of $100,000 before a brief pause at $2.32 million.</p><p>The vendor, who plans to upsize nearby, had instructed to sell the property to the highest bidder, even below the $2.35 million reserve. The first home buyer offered an extra $10,000 where the hammer fell. The home last sold for $1.94 million in 2018, records show.</p><p>It was one of 1010 scheduled auctions in Sydney on Saturday. By evening, Domain Group recorded a preliminary auction clearance rate of 62.7 per cent from 898 reported results across the week, while 183 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.</p><p>The Agency\\u2019s Brad Gillespie said some vendors were having to adjust their price expectations amid a softening market.</p><x-placeholder id=\\\"ed714a02181966d5692f8914de5beab55381cc81\\\"></x-placeholder><p>\\u201CIt\\u2019s a case-by-case scenario, but ultimately, every motivated seller will meet the market,\\u201D Gillespie said. \\u201CWe usually find if the bids are close or near enough, the deal will get done.\\u201D</p><p>Gillespie said he\\u2019s noticed the market has softened particularly in the past two weeks.</p><p>\\u201CIt\\u2019s a softer landing going into Christmas, but we will most likely see buyers come back mid-January in a big wave. The slowing down is a bit premature for us, a month early, but things will pick up again.\\u201D</p><p>In North Willoughby, a two-bedroom house at <x-placeholder id=\\\"4cd4bfff544b7657d59fdaef50685502b01e65f6\\\"></x-placeholder> sold for $3.42 million. It had a $2.95 million guide and a $3 million reserve.</p><x-placeholder id=\\\"8fa4471b030e13aaabe3cc0c961a10936d8fd4a5\\\"></x-placeholder><p>Four of the seven registered bidders, a mix of builders and developers from Ryde and the Hills, were active. Bidding was fast-paced, starting at $2.7 million and rising in $100,000 increments until it was sold to a builder from the Hills district who plans to knock it down.</p><p>\\u201CAll bidders were ready from the get-go, determined to secure the property,\\u201D Richardson and Wrench North Sydney\\u2019s Victoria Liu said. \\u201CThe vendors did not expect that quick momentum and had tears in their eyes at the result.\\u201D</p><p>The vendors purchased the property for $970,000 in 2007, turning it into a rental for $890 a week.</p><p>North Willoughby\\u2019s median house price is $3,665,000 on Domain data.</p><x-placeholder id=\\\"6bf66c5aff5a72317d9b1c6903e8ddc88cf65e18\\\"></x-placeholder><p>A Dulwich Hill investor outbid first home buyers for the \\u201Cperfect inner west starter home\\u201D, paying $1,215,000 at auction.</p><p>The two-bedroom, one-bathroom home at <x-placeholder id=\\\"f6a4d58c7ee0a044996fee64f736d24eb6b3fb9c\\\"></x-placeholder> had a price guide of $1.1 million and a reserve of $1.2 million. It last sold for $60,000 in 1987.</p><p>All four registered bidders were active, including three first home buyers from Sans Souci, Dulwich Hill and Enmore who all had their families in attendance.</p><p>Bidding opened bang on the guide and rose in steady increments of $10,000 and $20,000 before dropping to bids of $5000.</p><x-placeholder id=\\\"ca56eb2bf1bf7518a16aff8294b05e3db92749dd\\\"></x-placeholder><p>BresicWhitney Inner West agent Nick Playfair said the guide was a good price point for a house, as apartments and townhouses in the suburb were often listed at that amount.</p><p>\\u201CWe marketed the home during the campaign as the perfect inner west starter home as you\\u2019re getting great value for that price guide, compared to the prices of other houses for sale in the suburb,\\u201D Playfair said. \\u201CBuyers want value, and if properties are reasonably priced and suitable, they will inspect and compete at auction.\\u201D</p><p>Marrickville\\u2019s median house price rose 6.2 per cent to $1,975,000 in the year to September, on Domain data.</p><p>In Bondi Beach, a deceased estate sold under the hammer for $4.45 million, bang on its reserve, to upsizers from the area.</p><x-placeholder id=\\\"b16ec238b1975b1390188651192f5773cdf16f15\\\"></x-placeholder><p>The three-bedroom, three-bathroom home at <x-placeholder id=\\\"e96f59b51f482a26b9a063c32ccb6d6bf740842b\\\"></x-placeholder> had been in the same family for more than half a century and had a price guide of $3.9 million.</p><p>There were five registered bidders, all locals hoping to upsize within the suburb and intending to make the property their forever home.</p><p>Bidding started at $3.4 million and rose in varying increments, from $100,000 down to $5000, as four bidders threw their hat in the ring.</p><p>McGrath Double Bay agent Ben Fraser said that with high listing volumes in the area, buyers have greater choice and may be hesitant to purchase a home.</p><p>\\u201CSome campaigns run extremely 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