Why did this Double Bay pad sell for $242,000 more than its neighbour?

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Key points

• Two apartments in the same Double Bay building went to auction on Saturday.
• One sold for $242,000 more than the other.
• The more expensive apartment was larger, but the smaller apartment had better views.

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A crowd gathered on Saturday morning for a Double Bay auction, and once it was finished, they had a reason to stay.

Two apartments in the same building with the same number of bedrooms sold within an hour, although for quite different prices.

Unit 702 at 349 New South Head Road fetched $1.58 million, while unit 403 sold for $1,822,000, auction results figures published by Domain show.

Both apartments had two bedrooms but the one that fetched the larger price had much more internal living space.

The smaller unit was 79 square metres, but the larger was 135 square metres including parking, or 118 square metres for the apartment itself.

But the smaller home had better views, both selling agents agreed.

Selling agent for 702, PPD Real Estate’s Sean Poche, said a drawcard of the building is its location, set back from New South Head Road and surrounded by rainforest gardens.

His auction was held at 9.45am and drew six registered bidders, four of whom made offers, even after the neighbouring auction was held at 9am.

Bidding began at $1.45 million, above the guide of $1.4m, and it was called on the market at $1.57 million.

It sold for $1.58 million to a family from regional NSW looking for a Sydney base, who beat an investor and young couples who dropped out once the price hit $1.5 million – on the last weekend first home buyers could avoid stamp duty for purchases up to that threshold.

Poche said only one bidder crossed over both homes on the day.

“Some buyers preferred size and space, and some buyers preferred views,” he said.

“Although we shared some inspecting buyers, they were different enough properties that if you prefer a bigger [home] 403 was the one for you. But if you preferred those never-to-be-built-out views, [then 702].”

He said there was not enough stock on the market to satisfy demand, which was illustrated by the two well-attended auctions in the same building.

Selling agent for 403, Ray White Surry Hills’ James Natoli, said many potential buyers inspected both properties.

The auction drew 11 registered bidders and proceedings opened at $1.35 million, with interest from young couples, owner-occupiers and investors.

Natoli declined to comment on the sale price or the identity of the buyer.

“The other apartment was higher up so had a better outlook but mine was bigger,” Natoli said, adding he had been told it was originally three bedrooms but converted into two.

“The market is strong everywhere around the east.

“It was a quality apartment in a very good location so it was going to get quite a bit of interest.”

The median unit price in Double Bay was $1,762,500 in the 12 months to March, Domain figures show.

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