An investor bought a renovated corner apartment in the heritage Goldsbrough building in Pyrmont, Sydney, at auction for $666,000, surpassing another bidder’s offer. This property has city views and is near Darling Harbour, with bidding starting at $600,000 and reaching its reserve price of $635,000 plus an additional $31,000. The auction took place as Sydney's clearance rate for the week was 46 percent based on preliminary data from 472 reported results out of 807 scheduled auctions.
Written locally by qwen2.5:14b on 2026-10-12,
using this article's own text rather than the other coverage of the
same event (that is the story summary below).
Story summary
On Saturday, an investor who already owns units in the iconic Goldsbrough building in Pyrmont paid $666,000 for another unit at auction, outbidding a first-time homebuyer. The apartment is part of a heritage-listed wool shed that has been renovated into luxury living spaces. It boasts a stylish kitchen and city views, located near Darling Harbour and Chinatown.
Among the 807 properties scheduled to go up for auction in Sydney last week, this was one of them. By Saturday evening, Domain had reported a preliminary clearance rate of 46 percent from 472 auctions, with another 176 withdrawn. The withdrawal of these auctions typically results in lower clearance rates.
LJ Hooker’s John Zheng noted that buyers could choose to live in the property, rent it out long-term or short-term, or have the Oaks hotel manage it for them.
Written for “Real Estate Investment Sydney” on 2026-10-12,
grounded in this article and the 0 other(s) covering the same event.
An investor who owned other units in an iconic Pyrmont building paid $666,000 for another at auction on Saturday, beating a first home hopeful for the keys, as Sydney’s auction rate hit its lowest level this year.
asserted
rate → own → level
The renovated corner apartment in the heritage Goldsbrough building, a converted wool shed, at 1101/243-271 Pyrmont Street has a stylish kitchen, city views and is close to Darling Harbour and Chinatown.
The property was one of 807 scheduled to go to auction in Sydney last week.
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property → renovate → Sydney
By Saturday evening, Domain recorded a preliminary auction clearance rate of 46 per cent from 472 reported results throughout the week, while 176 auctions were withdrawn.
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auctions → record → week
Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
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auctions → withdraw → rate
The early reading on the clearance rate on June 20 was 47 per cent, but has since tended to hold above 50 per cent, although figures are revised as more results are reported.
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results → tend → cent
Since then, the cash rate has been increased a fourth time.
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rate → increase → ?
Two parties registered for the one-bedroom Pyrmont home with a guided range of $595,000 to $645,000, and both competed fiercely.
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both → register → 645,000
Bidding opened at $600,000 and climbed in $10,000, $5000, $1000 and $500 rises.
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Bidding → open → 10,000
The home sold for $31,000 above its $635,000 reserve for $666,000 under the hammer to an investor who owned multiple units inside the building.
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who → sell → building
The underbidder was a first home buyer and has been renting for three years at the property.
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underbidder → rent → property
LJ Hooker’s John Zheng said buyers could either live, rent long term, rent short term or leave it to the Oaks hotel to manage.
uncertain
buyers → say → hotel
Everybody knows that.
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Everybody → know → that
People love this building because it has a modern finish but heritage character.”
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it → love → finish
Zheng said he is noticing that the “bottom end of the market is actually very strong…
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end → say → market
Anything under $800,000 we actually sell very fast.”
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we → sell → 800,000
The flat last traded for $462,000 in 2014, records show.
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records → trade → 2014
At Bondi Beach, a two-bedroom apartment at 11/151 Hall Street with double lockup garage and close to the sand sold for $2,035,000.
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apartment → sell → 2,035,000
Five registered and four were active.
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four → register → ?
Most were owner occupiers, one was an investor and two were fathers helping their children financially.
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two → help → children
Bidding opened bang on its $1.8 million guide and jumped in $50,000, $25,000 and $5000 increments until it sold for $35,000 above its $2 million reserve to a single person.
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it → open → person
Selling agent Ron Bauer from PPD said, “the only fear around it was that we just know how hard the market is.
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market → sell → it
And I was waiting for something to go wrong, but it didn’t.”
Bauer said Bondi doesn’t “really get hit as hard as other places.”
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Bondi → wait → places
“We get the sniffles and somewhere out west gets a cold,” he said.
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he → get → cold
“It… always remains a very sought after location.
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It → remain → ?
So… when prices sort of come back a little bit, people see that value in coming to an area like Bondi Beach.
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people → come → Beach
The vendor is an investor who purchased last year and rented it out.
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who → purchase → it
The unit last traded for $1.55 million in February 2025, records show.
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records → trade → February
In Ashfield a three-bedroom house at 12 Clissold Street drew four registered bidders at auction, however most were too cautious to participate.
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most → draw → auction
One person made an opening bid of $1.5 million and increased his offer by a further $50,000.
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person → make → 50,000
Nobody else made a move.
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Nobody → make → move
The vendors rejected the $1.55 million offer and the property was passed in.
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property → reject → offer
That afternoon a fifth buyer who was not at the auction enquired about the property and arranged to view it that evening.
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who → enquire → it
The family home then sold under auction conditions for $1.65 million which was also its guide and reserve price.
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which → sell → million
Belle Property’s Norman So said, “what’s common now is the buyers want to see what happens on auction day, and if they are interested, they will progressively send me an offer that’s a bit under the price guide, and slowly work their way up until my vendors accept it.”
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vendors → say → it
So said many deals are getting completed post auction and can take several weeks.
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deals → say → weeks
The buyer is a family upsizing from an apartment in Earlwood.
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buyer → upsize → Earlwood
Chief economist at PRD Dr Diaswati Mardiasmo said Domain’s clearance rate of 46 per cent for Sydney is “lowest seen in Sydney for 2026.”
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rate → say → 2026
She said, “I think that is definitely a translation of the fourth cash rate hike that we’ve had, which is definitely making quite a lot of people nervous.”
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lot → say → people
Mardiasmo said the cash rate hike, “does lessen the borrowing power, and this is definitely a reflection of that.”
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this → say → that
She added, “at the moment there’s quite a lot of nervous buyers in the market, even more so because they just want to see what’s going on between now and November.”
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what → add → November
The Aporia
