Lane Cove house smashes reserve and sells for $4.1m amid rate cut confidence

A large crowd attended the auction of 115 Warrimoo Avenue, St Ives, which sold under the hammer for $260,000 more than the reserve.

Ray White Upper North Shore’s David Beveridge listed the home with a guide of $3 million to $3.3 million, and said there were nine registered bidders, four of which made offers.

The buyer was a couple upsizing from Eastwood with a baby on the way. They outbid local downsizers and other young families.

The opening bid was $2.8 million and buyers offered bids which ranged between $100,000 and $5,000. It sold for $3.56 million.

Beveridge said buyers were becoming more active. “I think the rate cut has helped confidence and there’s an air of affordability after the rate cut as well,” he said.

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It was too early to say whether the one rate cut would make enough of a difference to bring all fence-sitting buyers into the market, Beveridge said.

“I haven’t had many buyers saying that it makes any real difference yet, but we’re finding a lot of positivity out there in the market. We’re having some good conversations with buyers, so I think it’s helped with confidence. It definitely takes the pressure off day-to-day living.”