July 11, 2026 — 4:56pmA five-bedroom home in leafy Wahroonga sold for $2.77 million on Saturday – $120,000 below its auction reserve – after one of the two registered bidders got cold feet.The home at 16 Tanderra Street had a reserve of $2.89 million and was marketed with a guide of $2,675,000.There is no legal requirement for a vendor’s reserve to be in line with their property’s price guide.After an opening bid of $2,675,000, the action stalled, before one of the two registered parties signalled they would not be participating.Auctioneer Michael Walter runs proceedings at Tanderra Street.Audrey RichardsonAuctioneer Michael Walter, who was also the property’s selling agent from First National Avenue, then invited the sole active party – a young family – to raise their bid.Back and forth between the vendors and the active party ensued, with bids rising in ever-smaller increments until, finally, the vendors accepted an offer of $2.77 million. “It was bloody hard, but little by little we negotiated an outcome,” Walter said.Prospective buyers were keen on the property’s block size.Audrey RichardsonThe vendors are a separating couple. The family who won the keys are upsizing from a home nearby.The property was one of 414 scheduled to go to auction in Sydney this week.Walter said the prospective buyers who inspected during the campaign had been drawn in by the home’s generous around 967 sqm block size, its position next door to a nature reserve and its proximity to Wahroonga village.Ultimately, however, current market sentiment thinned the field, Walter said.“In this market, something has to be perceived as great value to sell, which is what ultimately led the vendors to accept the offer they did,” he said.The property is next door to a nature reserve.Audrey RichardsonWalter said properties in upmarket suburbs such as Wahroonga were unlikely to remain bargain-priced for long.“The broader market’s probably come off 10 per cent, but in this area, it’s only a matter of time before it comes back again.”In Belmore, two parties competed for a three-bedroom semi with a large backyard, pushing the price to $1,505,000.The home at 18 Liberty Street had a reserve of $1.5 million and was marketed with a guide of $1.4 million.Four registered parties attended the mid-morning auction but only two participated, and the hammer fell after just six bids.Bidding opened at $1.4 million, rising in ever-smaller increments until, five bids later, it hit $1.5 million and the home was declared on the market. One final $5000 bid sealed the deal.The winning bidders and the underbidders were both local families looking to upsize. Both were represented by buyer’s agents.The vendors, a couple moving elsewhere in Sydney, were “over the moon” with the result, said William Angelis, agent at Richard Matthews Real Estate.“They have been very reasonable to deal with. They know what the current market is like, and they set their expectations accordingly.”The property has a north-facing backyard.