Sydney auctions: Castlecrag deceased estate sells for $3.24 million
A Castlecrag house on the market for the first time in 45 years has sold for $3.24 million at auction, beating its reserve by $390,000.
Six parties, including first-home buyers, investors and upsizers, registered to bid on the four-bedroom property at 55 The Bulwark.
It was one of 755 auctions scheduled in Sydney on Saturday.
By evening, Domain Group recorded a preliminary clearance rate of 77.4 per cent from 539 reported results, while 67 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
The auction opened at $2.6 million, rising in large increments of $100,000 and $50,000 thanks to four active buyers, before tapering down to smaller bids.
The hammer fell at $3.24 million, selling for $390,000 above reserve to a couple who have been renting in Lane Cove while searching for their home for more than a year.
They outbid an investor who had hoped to flip the property.
Ray White Lower North Shore listing agent Chris Keane said the same Christmas rush as normal was playing out but with fewer homes to choose from.
“There’s more competition on each listing because of the lack of stock but certainly similar patterns of buying before they miss the boat,” Mr Keane said.
He said not a single interested buyer mentioned concerns about the pandemic during the campaign.
“There is confidence returning but I don’t think the lower north shore has dropped. It’s remained steady.”
The median house price on the lower north shore rose 5.2 per cent – or $130,000 – to $2.63 million in the three months ending September, new Domain data shows.
In Forest Lodge, 14 parties vied for the keys to a two-bedroom semi-detached house with one car space at 23 Lodge Street.
It was a two-horse race between a Canberra couple and a young family of local renters for most of the auction, which opened at $1.4 million.
But a third party, downsizers from Balmain, pipped everyone at the post at the end of the sell-off.
The 161-square-metre block sold for $1.59 million, $140,000 above reserve.
BresicWhitney Balmain listing agent John Yannakis said with just a few weeks left before Christmas there was not much for buyers to choose from.
“That’s probably the best two-bedroom result since before COVID,” he said.
“It always comes down to stock levels. There are not enough good quality properties on the market but I wouldn’t say there is a rush.”
The median house price in the inner west rose 2.5 per cent, or $40,000, to $1.64 million in the three months ending September, new Domain data revealed.
The property last traded for $880,000 in 2012, records show.
Another two-bedroom semi-detached house was hotly contested by six registered parties, mostly first-home buyers, at 111A Victoria Road, Gladesville.
The auction for the 264-square-metre block kicked off at $965,000 with four prospective buyers raising the price.
It sold for $1,115,000 – $135,000 above reserve – to first-home buyers from North Sydney.
McGrath Ryde listing agent Chris Pennisi said there was strong competition for the property, even though it had no parking, as there were so few homes on the market in the area.
“There is a bit more energy at the moment with people certainly being more decisive, and I think the low supply has a lot to do with it,” he said.
Median house prices in Gladesville, which is also on the lower north shore, recorded a 17.2 per cent increase to $1.9 million over the past year, Domain data shows.
The property last sold for $500,000 in 2011, records show, the price more than doubling in eight years.
In Alexandria, a two-bedroom house at 84 Mitchell Road sold for $1.4 million to a Surry Hills couple bidding over the phone.
They outbid five other registered parties, including first-home buyers, after the auction opened at $1.28 million.
The property sold $50,000 above reserve and The Agency Eastern Suburbs listing agent Brad Gillespie said the market was almost unaffected by the pandemic now.
“The market is as good as the last six to eight weeks,” he said. “I don’t think it’s affecting the industry. We all know it exists but everyone seems to be getting on with things.
“I haven’t heard a comment [on the virus] in many months.”
The property last sold for $705,000 in 2010, records show.
The median house price in Alexandria grew a whopping 27.7 per cent to $1,851,000 in the year ending September, new Domain data show. It was the fourth-largest increase in Sydney.
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