Sydney auctions: Abbotsford vendor left gobsmacked after family home sells for $4.74 million
An inner-west downsizer was left gobsmacked by the Sydney property market on Saturday when their family home sold for $640,000 above their reserve amid strong competition.
The three-bedroom Abbotsford house sold for $4.74 million in a hot online auction that drew eight registered bidders.
It was one of 493 auctions scheduled in Sydney on Saturday.
The auction for 26 Fitzroy Street opened with a bid of $3.8 million and climbed quickly in $100,000, and $50,000 jumps to $4.25 million, passing the $4.1 million reserve and price guide – revised up over the auction campaign from an initial guide of $3.65 million.
Six of the bidders made offers on the 607-square-metre block before the gavel fell at $4.74 million, with a knockout bid increase of $25,000 securing the keys for an upsizing young local family.
The result was more than eight times the $567,500 that records show the property last traded for in 1995 and well above the expectations of seller Liz White.
“I’m gobsmacked at how much places are going for; it’s really quite extraordinary,” she said.
Selling agent Chris Wilkins of Ray White Drummoyne said it was a tremendous result that reflected the ongoing strength of the market during lockdown.
“It’s going very well … [which makes it] disappointing to see sellers retreat from the market because buyers certainly haven’t,” he said.
In nearby Balmain, a whopping 245 bids were made for a three-bedroom, two-bathroom townhouse that sold for $602,000 above the reserve and drew 10 registered bidders.
The bidding was quick to start for 3/6 Ewenton Street, opening at $1.6 million and hitting the $1.75 million reserve on the sixth bid.
While five bidders took part, it was largely a two-person race from the $2 million mark, with two downsizer couples trading almost another 200 bids before the hammer fell.
Despite multiple calls for bolder bidding from auctioneer Briannan Davis of Cooley Auctions, the two parties were in no rush, going tit-for-tat with $500 and $1000 bid, which saw the auction stretch to almost an hour.
“We’re about to need an interval break here,” Ms Davis joked at one point.
The two-storey home – on the market for the first time since it was developed in the late 1980s – eventually sold for $2,352,000 through Danny Cobden of Cobden & Hayson.
Mr Cobden said it was an unbelievable result and one of several recent sales that went well above price expectations.
Domain data shows house prices in Balmain lifted 13.7 per cent over the past year, to a median of $2.2 million, compared with the previous 12 months.
In Zetland, 17 house hunters registered to bid on a three-bedroom terrace at 914a Elizabeth Street.
But only four buyers actively competed for the home after bidding opened at $2 million – well above the $1,750,000 price guide – pushing many interested parties out of the running from the start.
A buyer’s agent, bidding on behalf of a local young couple looking to upsize, made the winning bid of $2.32 million – $320,000 above reserve.
The result was also well above the $749,000 that the 131-square-metre block last traded for in 2006.
On the lower north shore, a tightly held investment property in Chatswood sold for $101,000 above the reserve.
Auctioneer Jesse Davidson, of AuctionWorks, took an opening bid of $1.1 million for 23/61-63 Hercules Street and a second offer of $1.3 million, with the bidding then climbing in mostly $10,000 increments to $1.42 million.
Three of the nine registered bidders made offers, increasing the bidding in jumps as small as $500, before the apartment sold for $1,451,000.
The 111-square-metre apartment sold through Hugh Macfarlan, of Raine & Horne HM Group, to a local couple. The property will be an investment in the short term, but will eventually be home for their adult son.
The property, an investment for the interstate owner, had a price guide of $1.25-$1.35 million.
In the city’s south, in Brighton Le Sands, an original-condition two-bedroom house on a 697-square-metre block with duplex potential, sold for $2.69 million.
The property at 9 Cashman Road drew 19 registered bidders – mostly builders looking to redevelop the block – and bidding kicked off at $1.9 million. By the second bid of $2.3 million, it had surpassed the $2.1 million reserve.
Four bidders made offers before the hammer fell, pushing the price $590,000 above the reserve. The home was sold to a local owner occupier through Peter Tsekenis of Ray White Brighton-Le-Sands.
Further south, a two-bedroom apartment in Cronulla drew interest from a mix of investors, first-home buyers and downsizers.
The top floor unit at 6/21 Arthur Avenue sold to an investor – one of four active bidders – for $1,181,000. The reserve price was $1.15 million.
The apartment sold through Corey Bell of Cronulla Real Estate and drew eight registered bidders. Records show it previously sold for $485,000 in 2009.
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