A $110,000 renovation has delivered a $400,000 uplift for a Cremorne apartment seller, with the property changing hands for $1.25 million at auction — well above an $850,000 offer received late last year before the upgrade.

The one-bedroom apartment at 501/221 Ben Boyd Road, featuring panoramic Middle Harbour views and a car space, attracted six registered bidders, four of whom competed actively. Bidding began at $1 million, jumped to $1.15 million, then continued in smaller increments past the $1.155 million reserve before closing at $1.25 million.

Selling agent Nicholas Boot of Raine & Horne Lower North Shore said the renovation was critical to the result.
“It really does pay for itself. This was a textbook case of how a quality renovation can transform the sale outcome,” he said, adding that the owners had spent about $110,000 on the upgrade.

The successful buyers were a downsizing couple relocating from Cairns, while the vendors had held the property for 45 years.

Strong Results Across Sydney

The Cremorne sale was one of 1153 scheduled auctions across Sydney last week. By Saturday evening, Domain Group reported a preliminary clearance rate of 73.8 per cent from 721 results, with 142 auctions withdrawn.

In Hurstville, a four-bedroom house at 122 Millett Street drew 18 registrations and sold for $2.865 million — $465,000 above its reserve. Bidding began at $1.8 million, below the $2.2–$2.4 million guide, before surging past the $2.4 million reserve in a mix of $100,000, $50,000, $10,000 and $5000 increments.

Auctioneer James Hurley of Under the Hammer described it as a standout sale.
“It was a huge result for the area, and the level of intensity really surprised us,” he said.

Ray White agent Allen Yan said the property appealed to downsizers, owner-occupiers and developers thanks to its wide frontage and potential for duplex redevelopment. Both buyer and seller were Hurstville locals. Records show the house last changed hands in 2020 for $1.8 million.

Meanwhile, in Alexandria, a freestanding three-bedroom house at 47 Buckland Street sold for $2.96 million, significantly above its $2.5 million reserve. Guided at $2.2 million, the property was on offer for the first time in a century.

The sale drew 10 registered bidders, with five actively competing. Bidding opened at $2 million and escalated through $100,000, $50,000, $25,000 and $10,000 jumps.

Selling agent Brad Gillespie of The Agency said the property’s rare 9.5-metre frontage helped fuel demand.
“It was a unique proposition. We had three auctions in Alexandria on the same day, and all sold strongly — there’s real momentum in the spring market,” he said.

The vendor was a deceased estate, and the buyer came from Hornsby.

Market Outlook

Economists say the clearance rate highlights resilience in Sydney’s housing market, despite high borrowing costs. AMP chief economist Dr Shane Oliver said conditions had improved compared to last year.

“A year ago, high interest rates were weighing heavily on sentiment. Rates are still high, but they’ve begun to fall, and that’s helped boost confidence,” he said.

Oliver pointed to strong demand colliding with tight housing supply.
“When demand outpaces supply, prices rise — and at the moment there’s little on the horizon to shift that dynamic. I expect clearance rates to remain firm as we head deeper into the spring selling season.”