Kingsgrove house sells for $1,268,000 on bumper auction Saturday

Six bidders fought it out for a much-loved family home on the market for the first time in more than 50 years, among hundreds of properties that went under the hammer in a bumper auction day on Saturday.

Sydney had its busiest selling day in almost six months, with 747 homes taken to auction – 38 per cent more than the previous Saturday.

By evening, Domain Group had recorded a 78.1 per cent clearance rate from 561 reported results.

Among them was the original-condition house at 9 Bobadah Street, Kingsgrove in the city’s south that offered a trip down memory lane – particularly for vendors Christine and Stephen Hayes, who had their wedding reception there in 1976.

Many a prospective buyer marvelled at the beautiful wallpaper throughout, which Mr Hayes and his father-in law put up ahead of the couple’s big day.

The 543-square-metre block sold through John Kastellorios, of Laing+Simmons St George, to a young family upsizing from an inner-west apartment.

“We’re shocked. We hoped for a good price, but I wasn’t sure if we’d get one,” Mrs Hayes said.

“You watch the news and you see properties are passing in … I wasn’t sure what to expect,” Mr Hayes added.

The last time more homes went to auction was ahead of the Easter long weekend, when 750 properties were scheduled with a clearance rate of 54.9 per cent.

Fast-forward almost six months and revised clearance rates have been sitting above 70 per cent for seven weeks, Domain data shows, as buyers compete for the limited new properties on the market.

“We’ve been searching for about three months,” said the buyers, who did not wished to be named. “We’ve seen a spike in the market in the last month … we’re finding more people and bidders at auctions.”

Auctioneer Andrew Cooley of Cooley Auctions said the lower volume of homes hitting the market, combined with the easing of lending restrictions and interest rate cuts, was fuelling strong buyer demand,.

“We’re seeing higher amounts of people bidding … averaging five registrations per auction, so today was obviously a standout,” Mr Cooley said.

“We’ve got a potential interest rate cut coming up as well, which is going to fuel more bidding activity.

“You’ll probably find that stock levels this spring won’t be particularly strong, which will mean that results should remain strong … which hopefully starts us off on a really positive note for 2020.”

Mr Kastellorios added there had been a lot more positivity from buyers of late, who were finding it easier to get finance.

In the city’s east on Saturday, where 93 auctions were scheduled, competitive bidding from all five registered parties pushed the price of a four-bedroom Queens Park house $300,000 above reserve.

Bidding for 11 Stanley Street started at $3 million and went up in $100,000 jumps to the $3.7 million mark, before slowing to smaller increments.

“No one is holding back at auctions anymore,” said selling agent Alexander Phillips of Phillips Pantzer Donnelley.

The 431-square-metre block was snapped up for $3.8 million – well above the $2.19 million records show it sold for in 2012 – by a young family upsizing from Waverley.

In nearby Coogee, two of four registered bidders competed for a three-bedroom apartment at 2/6 Wolseley Road, with water views.

Bidding started at $1.9 million, and went up in $50,000 and $25,000 increases for most of the auction, with a family of four outbidding local downsizers to nab the unit for $2,275,000.

The result was $175,000 above reserve and almost $1 million above the $950,000 it last traded for in 2009. The apartment sold through Nick Simitzis of Belle Property Randwick. 

A few suburbs away, it was a two-man race for a one-bedroom apartment in Elizabeth Bay – bought by a St Ives investor in need of a property their teenage son could call home in future years.

It was a short but sweet battle for the 46-square-metre unit at 15/2 Greenknowe Avenue, with the investor going up against another party bidding for their son.

Within three bids the unit sold for $680,000, $10,000 above reserve. It sold through Nuri Shik of Laing+Simmons Potts Point and last traded for $420,000 in 2010.

A few suburbs south, first-home buyers, flippers and families went head-to-head for 166 Baptist Street, Redfern.

The two-bedroom terrace drew 19 registered bidders when it hit the market for the first time in more than four decades.

The offers started at $950,000, with bidding from five parties eventually pushing the price $130,000 above the reserve. The 140-square-metre property sold through Peter Goulding of N G Farah for $1.33 million. The purchasers plan to renovate and sell.

In the inner west, another tightly-held home drew big numbers – with 11 hopeful buyers registering to bid on 55 Bouvardia Street, Russell Lea.

The auction kicked off at $1.3 million, with bidding climbing in $50,000 jumps to the $1.45 million reserve, before slowing to smaller increases.

The three-bedroom house on 373 square metres sold through Angela Saidi of Ray White Drummoyne for $1.63 million.

On the lower north shore, a large three-bedroom apartment at G03/3 Karrabee Avenue, Huntleys Cove, sold shortly after passing in at auction.

The three registered bidders were unwilling to top a $1,525,000 offer on the auction floor, which was well short of the $1.8 million reserve. However in post-auction negotiations, the highest bidders — downsizers form Waitara — upped their offer to $1,777,500 to snap up the 317-square-metre property.

The apartment sold through George Gialouris of Belle Property Hunters Hill. Records show it last exchanged for $1.63 million in 2017.