Sydney auctions: Dilapidated Hunters Hill house sells for $2.33 million
A dilapidated house without a kitchen in Hunters Hill fetched $2.33 million – about $330,000 above its price guide – on the first weekend of on-site auctions in Sydney since restrictions were eased.
Sixteen groups, including self-managed super funds, companies, young couples and families, registered to bid on the three-bedroom house at 109 Ryde Road, Hunters Hill.
It was one of 621 auctions scheduled in Sydney on Saturday.
By evening, Domain Group recorded a preliminary clearance rate of 82.0 per cent from 490 reported results, while 55 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
Bidding opened on the price guide of $2 million with most parties interested in the land rather than the home, which did not even have a kitchen.
Five active bidders pushed the price up until it sold for $2.33 million to Hunters Hill locals who plan to build their dream family home.
Ray White Gladesville’s Barrie Brown said the market was poised to grow through to Christmas as desperate buyers drove up prices on the few homes on the market.
“The ones that have been to three auctions and have missed out, they’re the desperate buyers, and there are quite a few of those,” Mr Brown said.
In Stanmore, accidental flippers made a paper profit of $890,000 on a three-bedroom house at 60 Westbourne Street.
Records reveal the vendors purchased the home in September last year for $1.7 million. They sold it at auction on Saturday for $2.59 million.
Nine parties registered to bid on the newly renovated home, with six competing for the keys.
In the end, it sold to a young family from the inner city for $290,000 above the reserve.
“They’ve literally missed out at least three of our properties. They probably had to stretch [themselves] but are very happy,” said Rhonda Yim, selling agent at BresicWhitney Glebe.
“Buyers are prepared to pay what they need to in order to secure it. Like these buyers, they’ll pay more next week if they don’t buy something this week, so we’re setting high benchmarks.
“That’s driving demand and competition.”
In Granville, a 12-bedroom property at 24 Seventh Street sold for $1.3 million – bang on reserve.
Ten parties registered, but only four – all investors – bid for the home, which consists of a nine-bedroom house with a three-bedroom granny flat at the back of the 487-square-metre block.
The successful buyer was an investor who had been looking to purchase an investment property for the past six months, according to Laing+Simmons Oatlands and Carlingford’s Daniel Mourad.
He said the active bidders were all interested in the property’s earning potential of $1500 a week in rent.
“People are reaching their limits and going beyond it. The majority of buyers out there are owner-occupiers, but investors are coming into play,” Mr Mourad said.
The property last traded in 2014 for $440,000, records show, almost tripling in value in seven years.
In Marrickville, a young first-home buyer couple picked up the keys to a two-bedroom terrace at 98 Juliett Street for $1.98 million.
They outbid seven other registered parties after the auction opened on the $1.7 million price guide.
Adrian William’s Norman Tran said there was healthy competition that would track to the end of the year even if buyers were nearing their limit.
“All the underbidders were pushed to their max,” Mr Tran said, adding the underbidders were also first-home buyers.
The auction opened at $1.7 million, rising in varying increments as five of the eight registered bidders pushed the price up.
The vendors, who bought the property in 1999 for $290,000 according to records, are making a tree change to Hobart.
In Denistone, a young family bought a three-bedroom 1920s bungalow at 54 Denistone Road for $2,056,000.
A whopping 24 buyers registered to bid, but many were out-priced from the start as only six threw their hat in the ring, beginning with an opening bid of $1.5 million.
McGrath Epping’s Wayne Vaughan said unless a huge number of homes hit the market before now and Christmas, properties would continue to net strong results.
The reserve was $1,705,000.
The vendor, who purchased the property in 2012 for $760,000, is retiring and making a tree change out of Sydney.
We thought you might like
States
Capital Cities
Capital Cities - Rentals
Popular Areas
Allhomes
More
