Historic Burwood home built in 1907 sells for $6.6m after being passed in at auction

An historic, six-bedroom home in Sydney’s inner west sold for a whopping $6.6 million an hour after it was passed in at auction on Saturday.

Known as “Verona”, the large property at 2a Appian Way, Burwood, passed in on a $6.3 million bid, before a post-auction negotiation saw it sell for $300,000 more.

A family — one of six registered bidders on the property and part of a crowd of at least 200 onlookers — were the successful buyers, Richard Matthews Real Estate’s Matthew Everingham told Domain.

The price was a record for Burwood, beating the suburb’s previous highest sale — $6.5 million for an eight-bedroom home at 4 Woodside Avenue in 2015.

“Verona” was built in 1907 and due to heritage protections cannot be torn down, meaning the new owners will have to renovate it.

“The house hasn’t sold since the 1980s and it does need a lot of work,” he said. “But, it does have one of the largest, single land holdings (3269 square metres) in Burwood.”

The sale was one of the biggest recorded on the Queen’s Birthday long weekend in Sydney, where the preliminary clearance rate sat at 73.5 per cent. That was after 578 auctions were scheduled and 415 results were reported. 

There were 69 properties withdrawn from auction, counted as not being sold as part of the clearance rate.

It was a strong number of auctions for a long weekend in which agents usually look to avoid selling as buyers are often away on holidays. 

But, COVID-19 has changed the rules, and buyers, sellers and agents did not want to lose the momentum of Sydney’s booming market.

While buyers were keen, there were some new tactics being used by buyers, who were a little more hesitant to show their hand during auctions, agents say.

Belle Property Strathfield director Norman So said that “fear of missing out, was replaced by a fear of paying too much” for properties especially at the auction of a five-bedroom home also in Sydney’s inner west. 

Five buyers registered for the auction at 52 Wakeford Road, Strathfield, but there was not much action following the first bid of $2.9 million.

SOLD - $3,405,000

52 Wakeford Road, Strathfield NSW 2135

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“Nothing happened for about four minutes,” Mr So said. “It was the longest four minutes of my life.”

Mr So said with a price guide of $3 million to $3.3 million, and a reserve of $3.3 million, he negotiated with the opening bidder to make an offer for $3.21 million.

When the home was announced on the market at this price, the other buyers then started putting in bids, seeing the home eventually sell for $3.405 million.

The buyer was not the original bidder however, Mr So said, and was instead a family upgrading from Hurstville. 

“I was surprised that they bought it because they came to an inspection on week one and then never returned,” he said. The underbidder, who had been the underbidder at a few other auctions, will continue looking for a home.

Mr So also sold a four-bedroom, Victorian-style home, which had been lovingly restored by the vendor, for $2.86 million.

The home at 3 Carlisle Street, Ashfield, saw a Strathfield buyer, who loved the home’s architecture, make the winning bid ahead of three other bidders.

SOLD - $2,860,000

3 Carlisle Street, Ashfield NSW 2131

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In Sydney’s south, a four-bedroom home at 3 Holts Point Place, Sylvania, sold for an enormous $500,000 above the reserve, after a downsizing couple put in the winning bid of $4.45 million.

Stone Sans Souci selling agent Ray Fadel said they were one of five registered bidders on the property, which had stunning views of Captain Cook Bridge and the Georges River.

Mr Fadel said serious buyers were out and about on the long weekend, with those wanting to simply be onlookers less likely to be in the crowd.

SOLD - $4,450,000

3 Holts Point Place, Sylvania NSW 2224

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“People who are interested will still buy on a long weekend,” Mr Fadel said. 

In Sydney’s outer west, a home and large parcel of land just 1.1 kilometres from the yet-to-be-completed western Sydney airport sold to an investor for $3.66 million — a massive $560,000 above the reserve.

They were one of a few investors in the crowd competing for the four-bedroom home, large shed and 21,230 square metres of land at 6 Francis Street, Bringelly.

LJ Hooker Camden Bringelly selling agent Hunter Maxwell said the property had been owned by the same family since 1963. They were looking to downsize.

“It’s a flat, clear block of land that isn’t flood-affected and people really liked that,” Mr Maxwell said.

SOLD - $3,660,000

6 Francis Street, Bringelly NSW 2556

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On the north shore in North Ryde, a three-bedroom, fully renovated duplex sold under the hammer for $1.81 million — $210,000 above the reserve.

The home, at 2/40 David Avenue, saw eight bidders register and four compete to buy the property under the hammer.

The winning bidders were a young couple from Paddington, planning to live there.

Belle Property Hunters Hill’s George Gialouris said the vendors were ecstatic with the sale.

“In normal market conditions, you wouldn’t auction on a long weekend but with the way the climate is at the moment you can really set the day that suits the vendors best,” Mr Gialouris said.