A three-bedroom Victorian terrace in Redfern has sold to first-home buyers for $2.05 million after bidding failed to reach the vendor’s reserve at auction.
The property at 23 William Street, Redfern, had been marketed with a $2 million price guide and carried a reserve of $2.1 million. The vendor later accepted $2.05 million following negotiations, leaving the final result $50,000 below the reserve.
Bidding stalls just above $2 million
Bidding opened at $1.85 million, below the advertised guide, before two registered bidders pushed the price towards $2 million through a series of increments.
Smaller $5,000 bids followed once the auction reached $2 million, but competition slowed and bidding eventually stalled at $2.01 million. The other bidder did not proceed further, leaving the first-home buyers to negotiate with the vendor.
An agreement was reached at $2.05 million, which was $50,000 below the auction reserve but $50,000 above the campaign’s advertised guide.
BresicWhitney East agent Darren Pearce handled the sale. Pearce said properties had a better prospect of selling than several months earlier when vendors responded to current market conditions.
William Street terrace changes hands
The William Street property is a three-bedroom terrace with updated interiors and a modern kitchen. The selling campaign was conducted through BresicWhitney, with the home scheduled for auction on August 22.
Public property records confirm the $2.05 million sale result. Recent Redfern house sales have recorded a range of prices, including $1.49 million for 232 Abercrombie Street and $1.95 million for 150 Lawson Street.
Other recent sales have also exceeded $2 million, including a $2.31 million result at 38 Kepos Street in June. The figures show considerable variation across individual Redfern transactions without establishing a single direction for local house prices.
Sydney auction clearance rate remains subdued
The Redfern sale came during a week in which Sydney’s reported auction clearance rate was about 53 to 54 per cent.
More than 600 auctions were scheduled across the city, with preliminary results recording a substantial number of withdrawals as well as properties that failed to sell under the hammer.
Economist Shane Oliver said the Sydney housing market remained weak, with sales activity falling and some buyers holding back. He also said listings were lower and that he was not seeing signs of widespread distressed selling, which he said would be more likely to coincide with rising listings.
A nearby Surry Hills auction also ended below the vendor’s reserve. A renovated terrace there was passed in after its only registered bidder offered $2.3 million against a $2.65 million reserve.
$50,000 gap was not a first-home buyer concession
The $50,000 difference between the William Street reserve and sale price resulted from the vendor accepting a lower offer. It was not a NSW first-home buyer transfer-duty concession.
Under the NSW First Home Buyers Assistance Scheme, eligible buyers receive a full transfer-duty exemption on homes valued up to $800,000 and a concession on homes valued above $800,000 but below $1 million.
A $2.05 million purchase sits above those thresholds. The reported $50,000 reduction from the reserve was therefore separate from NSW first-home buyer transfer-duty assistance.
Bidding stopped at $2.01 million before the vendor and the remaining buyers negotiated the $2.05 million sale, completing the transaction below the original reserve.
Published 25-Aug-2026
