From £675 to $1.24 million: Ryde house sells for first time in more than 60 years

It was a bittersweet moment when a small slice of history went under the hammer in Ryde on Saturday. 

More than 30 people braved the miserable morning to get one last glimpse inside the original-condition home, on the market for the first time in more than 60 years. 

“Coming in here is a bit like stepping back in time,” selling agent Damian Kennedy of Morton Green Square said of the two-bedroom house.

The house owned by a World War II veteran has remained unchanged since it was built in the 1950s. The kitchen and dining room were filled with old appliances and crockery, and in one of the bedrooms hung the owner’s RAAF uniform.

“It was a bit like going through a museum,” added a family friend of the owner, who has moved into aged care.

While there was plenty of interest in 10 Maze Avenue, which records show last sold for £675 in 1955, there were only three registered bidders on the day. 

It was a slow auction from the start. Auctioneer Toby Llewellyn of Cooley Auctions had to call the property three times before a local buyer eventually kicked the bidding off at $1.18 million. 

A minute later a Penrith couple offered $1.19 million and the two parties went on to exchange about 30 more bids, never offering more than a few thousand dollars. 

• Related: Sydney house prices drop 2.6 per cent
• Related: Where clearance rates have dropped
• Related: Epping to see 463 new apartments by 2022 

It was Penrith couple Kalyan and Ranjita who nabbed the property, forking out $1,242,000. The result was well below the suburb’s median house price of $1,664,000 but just short of the $1.25 million written reserve. 

“We reached our limit, this was our maximum. We’d already pushed up too much,” said Ranjita. 

The couple will rent out the house short-term but eventually hope to renovate and move in. 

Mr Kennedy wasn’t surprised to get just three registered bidders, despite more than 50 groups inspecting the property. 

“Gone are the days where you had 50 groups through and had 10 active bidders,” he said. 

Mr Llewellyn said despite both active bidders having been to the property multiple times, neither wanted to place a knockout bid to eliminate the competition. 

“It’s a show of what is to come,” he said. “The bidders weren’t willing to budge as they didn’t want to pay more than they needed to.” 

Sydney house prices have taken their biggest hit since 2015, with Domain Group data released last week showing the city’s median dropped 2.6 per cent over the March quarter. 

Mr Llewellyn noted that a lot of people were keen to sell but were holding back for the right time

“My opinion is the time is now, cause we don’t know what is going to happen in six months,” he said. 

The Ryde property was one of 670 Sydney homes scheduled to go to auction in Sydney on Saturday. By evening, Domain Group had recorded a clearance rate of 58.1 per cent from 378 reported results.

In Chatswood, a very different story unfolded when a three-bedroom deceased estate sold for $750,000 above reserve. 

Ten people registered to bid on the 537-square-metre block, with half of those making an offer after bidding started at $1.7 million. 

Moving in $25,000 increments, the bidding for 6 Jenkins Street quickly passed the $1.75 million reserve, with the house going on to sell to an investor for $2.5 million. 

“We were very surprised, we didn’t expect that at all,” said selling agent Hugh O’Neill of Shead Property. 

In the city’s inner west, two local buyers went head to head for another deceased estate, which sold for $150,000 above reserve.

The auction for the dilapidated two-bedroom house at 6 Harriet Street, Marrickville, kicked off with a bid of $980,000, with competitive bidding from two of five registered bidders pushing the price up past the $1.05 million reserve. 

The home was snapped up for $1.2 million, by the next door neighbour’s mother. Selling agent Simone Azzi of Belle Property Annandale said the woman was delighted to have bought the house next door to her son’s place. 

Elsewhere in Sydney

53 Susan Street, Annandale.

SOLD $1.5 million
Annandale
53 Susan Street
3 bedrooms, 1 bathroom, 0 car spaces

With only one of four registered bidders willing to make an offer on this freestanding cottage, the property was passed in on the first and sole bid of $1.41 million. While it failed to sell under the hammer, selling agent James Burke of Callagher Estate Agents had interest from two buyers post auction. By Saturday afternoon the deceased estate on a deep 387-square-metre block had sold at its reserve price of $1.5 million. Mr Burke said the home was on one of the few streets in Annandale not in a conservation zone.

5 Peebles Road, Arcadia.

PASSED IN
Arcadia
5 Peebles Road
5 bedrooms, 4 bathrooms, 3 car spaces

Despite being inspected by about 50 groups, this sprawling equestrian estate failed to secure a single bid when it went up for auction. Two people registered to bid on the property, which had a price guide of $3 million, but both remained silent. While the property last sold for $385,000 in 1997, the house itself is only seven years old. Selling agent Keith Hilliard of McGrath Castle Hill expected it to be snapped up in the coming weeks, as there were additional interested parties who hadn’t been able to sort their finances in time for the auction.

16 Noble Street, Concord.

SOLD $2.41 million
Concord
16 Noble Street
3 bedrooms, 2 bathrooms, 1 car space

Held by the one family for about 50 years, this house drew six registered bidders at auction. Bidding started at $2 million, with four of the bidders making offers before the house sold for $10,000 above the $2.4 million reserve. It was snapped up by a young local family, who hope to build their dream family home on the 613-square-metre block. Selling agent Olivia Touma of Devine Real Estate Concord said the vendors, who are downsizing locally, were delighted with the result given the current state of the market.