Bay Run sandstone home passes in after failing to meet $3.9m reserve
A Drummoyne waterfront home passed in at $3.71 million, below its $3.9 million reserve.
The freestanding Drummoyne property at 121 Henley Marine Drive had been reimagined from a one-bedroom original, with interiors featuring the original sandstone walls and a new kitchen. Two parties registered to bid on the water-view home.
Bidding opened at $3.5 million, with one bidder reaching $3.71 million before the property was passed in. The agent said negotiations were underway for an increased offer and the price guide had been raised to $3.75 million to $3.9 million.
The property last sold for $2.28 million in 2021. The address is known as one of the smallest homes on the Bay Run.
- $3.71 million
- Passed-in price
- $3.9 million
- Reserve not met
- $2.28 million in 2021
- Previous sale price
- 48 per cent
- Sydney clearance rate Saturday
Why it mattersThe pass-in signals buyer caution even on premium waterfront property in tight Sydney auctions.
AustraliaSydney's property market clearance rate fell to 48 per cent last week, down from 69 per cent a year ago, as higher interest rates curb buyer demand.
✓ Claims checked against the source. checked 2 h ago
