Auction results return to pre-COVID-19 levels in Sydney over long weekend
A family who had been looking to buy a home for almost a year, bidding at 10 auctions in Sydney’s inner west, was finally successful on Saturday.
They bought a five-bedroom home at 25 North Street, Marrickville, for $2,285,000 beating eight other registered bidders for the keys. The sale price was $85,000 above the reserve.
“The buyers decided just to pin their ears back and go for it,” Ray White Balmain’s Chris Williams said.
He said the family was ecstatic with their buy, despite being very relaxed at the auction.
“They had so much experience bidding that the husband was playing soccer [during the auction],” Mr Williams said. “There was no anxiety about bidding.”
The home sold for the first time in more than 50 years, with the vendors thrilled another family would make it their own, he said.
The auction was one of 348 scheduled in Sydney over the Labour Day long weekend, with the preliminary auction clearance rate jumping to 72.1 per cent after 262 reported results. Some 42 properties were withdrawn from auction.
The results are seeing clearance rates return to pre-COVID-19 restriction levels, with the highest result for the year —73.8 per cent — recorded on March 7.
There were 201 auctions held on this weekend last year, with a Sydney’s clearance rate sitting at 72.4 per cent.
Agents say despite the impact of the coronavirus pandemic on the economy, low stock levels are still seeing more buyers compete for fewer properties for sale — with some huge results.
This included a five-bedroom home, also in Sydney’s inner west, which sold for $850,000 above the reserve for $4.15 million.
The modern home at 23 Cross Street, Strathfield, had a reserve of $3.3 million, but bids kept coming bringing it well above the reserve, Belle Property Strathfield principal Norman So said.
“It took everyone by surprise,” Mr So said.
The vendor, a builder, had recently built the home for his family making it a desirable home for couples with children.
“Inside it even has a butler’s pantry and with the luxury bathrooms and bedrooms it really has everything,” Mr So said.
Some 11 registered bidders fought it out for the keys, with a family from Cabramatta snapping them up. They were wanting to move to Strathfield to be closer to their friends, Mr So said.
Another home on Strathfield’s “golden mile” also sold under the hammer for $4.05 million.
The five-bedroom, full-brick home, which includes a pool and poolside cabana at 3 Kingsland Road, met price expectations on the day.
LJ Hooker Strathfield principal David Pisano said nine registered bidders competed with a local family the winning bidders. The vendors were downsizing and looking to stay in the area, he said.
“Houses in good locations are selling well. Some are getting prices better than pre-COVID,” Mr Pisano said.
While owner-occupiers were out looking for their first, or next, home investors and developers were also in the auction crowds.
A local investor bought a four-bedroom home at 94 Liverpool Road, Ashfield, for $1.43 million after it passed in at auction on Saturday morning.
The buyer negotiated the sale price after the auction, Richard Matthews Real Estate director and auctioneer Matthew Everingham said.
The property, in a mixed-use zone, also had interest from developers, Mr Everingham said.
The vendor bought the property in 2017 at the peak of the market, for $1.28 million, and was now looking for her next property, he said.
Closer to the city in Bondi Junction, a three-bedroom apartment, part of a deceased estate, sold for $1,645,000 at auction, $195,000 above reserve.
Five registered bidders, three of them active, battled it out for the property at 27/37 Paul Street, which has views of Waverley Park and Botany Bay.
Though a first-home buyer tried his best to buy, a downsizer was the winning bidder, Ray White Randwick and Bondi Junction’s Ray Nicholas said.
“It was unrenovated but good enough to live in for a few years until the work could be done,” Mr Nicholas said.
The property was owned by the same vendor since it was built in 1978, with family members inheriting it after she died, he said.
Sales were also strong in the Hills district with a four-bedroom home at 32 Wildrose Street, Kellyville, selling for $1,305,000 — $55,000 above the reserve.
Benson Auctions Stuart Benson, who sold the home on behalf of Manor Real Estate, said seven registered bidders competed for the keys, with a family the winning bidders.
“With a week to go before giving birth to their first child, and a six-week settlement on offer, our young buyers couldn’t be happier to know where they’ll be spending their first family Christmas,” Mr Benson said.
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