Sydney auctions: Grand Victorian Surry Hills terrace sells for $3.06 million after it was re-listed
A tightly-held grand Victorian terrace in the heart of Surry Hills sold for $3.06 million on Saturday as crowds showed no signs of fearing the ongoing coronavirus pandemic.
More than two dozen people huddled into the small courtyard at 398 Crown Street to watch the five-bedroom property go under the hammer for the first time in 40 years.
It was one of 358 auctions scheduled in Sydney on Saturday, as volumes start to pick up after the recent shutdown.
By evening, Domain Group had recorded a preliminary clearance rate of 61.9 per cent from 219 reported results.
The auctioneer was met with silence as only three registered bidders stood in the crowd, a mixture of passers-by and neighbours.
A vendor bid of $2.8 million kicked off the auction with two parties throwing their hats in the ring soon after, raising the price in varying increments from $25,000 down to $5000.
The property sold for $3.06 million – surpassing the reserve by $160,000 – to a buyer who plans to run a business out of the property under its mixed-use zoning.
Owner Anne Culhane said she was relieved with the result despite the trying times during a pandemic.
“I’m relieved and a little bit nervous because we have lived here for so long. My children were born here so we have a lot of memories but it’s time to move on,” Ms Culhane said.
The house and the suburb were completely different when they first moved in, according to Ms Culhane.
“It was a derelict house. A lot of blood, sweat and tears have gone into it … but it was worth it,” she said. “[Surry Hills] was totally different. Crown St was a three-lane highway and Bourke Street was a three-lane highway the other way.”
The property was first listed before COVID-19 hit and then pulled from the market once a ban was placed on public auctions.
But It was re-listed after restrictions were eased and Ms Culhane was confident it would sell despite reducing initial expectations to meet the market.
“We’ve come down a fair bit but when we’ve looked at where we might move to that’s also a lot cheaper than when we first started looking, so you buy and look in the same market.”
The sale price at Saturday’s auction was 51 times its purchase price of $60,000 in 1980 when it last traded.
The neighbouring Chinese Presbyterian Church, which owns properties nearby, had also shown interest.
But Belle Property Surry Hills selling agent Mark Foy said the property failed to sell for its asking price of $3.5 million when it was listed during the height of COVID-19 in Sydney.
“The church was there … they had three months to make a decision on it. In the end it was too expensive [for them],” Mr Foy said.
In Drummoyne, a crowd of between 80 and 100 people showed up to watch 33 Cometrowe Street go under the hammer, according to Ray White Drummoyne selling agent Chris Wilkins.
Among the crowd were eight registered buyers who tried to start the auction with opening bids of $2.8 million and $2.9 million, which were both rejected by the auctioneer.
The sell-off got underway with a $3 million bid, which rose in $50,000 increments for most of the auction.
A young family, originally from the suburb, walked away with the keys to the property for $3.5 million.
Mr Wilkins said he believed the market was unchanged.
“Today’s market is no different to three or six months ago. COVID is having no effect,” he said.
The property last sold for $1,158,000 in 2003, more than tripling in value in almost 17 years.
In North Epping, 10 parties registered to bid on a five-bedroom house at 20 Douglas Avenue.
An opening bid of $1.6 million began the auction with big increments raising the price quickly.
The 739-square-metre property sold for $1.86 million – $60,000 above reserve – to a local family who participated online, outbidding nine other registered parties on site.
The Agency North selling agent Catherine Murphy said the result was testament to an improved marketplace.
“It is a much more positive place than people realise,” Ms Murphy said. “It’s nowhere near as bad as expected.”
“[Online bidding] is a new world and this is going to be the new normal. People have the choice now so whatever makes you feel comfortable, we need to accommodate it.”
The property last traded for $905,000 in 2013, more than doubling in price in seven years.
In Randwick, five parties registered to bid on a six-bedroom house at 4 Frederick Street.
Three groups threw their hats in the ring, raising the price until it sold for $3,265,000 – selling for $180,000 above reserve to a young family upsizing from their Bondi Junction home.
McGrath Coogee selling agent Nicholas Wise said the market felt like it had returned to pre-COVID-19 days.
“There’s a lot of activity and enthusiasm around blue-chip suburbs,” Mr Wise said. “This house was only competing with one or two other homes. The buyer pool wouldn’t be thinned out like they would find in the spring.”
The 483-square-metre property last sold for $1.2 million in 2001, records show.
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