Sydney auctions: Epping house with no reserve fetches $1,871,000 in front of large crowd
A no-reserve auction for an Epping family home drew a large crowd and near boom-era bidding on Saturday as first-home buyers and upgraders vied to get into the suburb.
Despite a couple of lowball starting offers, 15 active bidders out of 52 registered parties sent the price soaring until the home at 7 Third Avenue sold for $1,871,000.
It was one of 427 auctions scheduled in Sydney on Saturday.
By evening, Domain Group recorded a preliminary clearance rate of 70.9 per cent from 284 reported results, while 56 auctions were withdrawn.
Bidding for the four-bedroom home kicked off at just $20, which was countered by a still optimistic $50,000 offer.
Then a $1 million bid was placed and the price rose quickly, with competition starting to thin out at about $1.5 million.
But six parties were still in the running by $1.7 million, above the sellers’ expectations.
The hammer fell at $1,871,000 to a young family wanting to upgrade and move closer to the city.
“It was like the middle of spring in terms of feverish bidding,” Belle Property Beecroft selling agent Nick Bedford said.
“It’s quite uncommon. I haven’t seen something like this since back into 2017. The heated bidding we saw was quite unique.”
More than 200 people watched the sale, with social distancing measures in place, he said.
The lack of a reserve was a drawcard, he said, adding buyers are trying to get into Sydney’s northwestern suburbs and live close to sought-after schools.
On the northern beaches, a five-bedroom house in Elanora Heights also fetched a higher price than expected, selling for $2,055,000.
Six bidders registered for the auction of 3 Wesley Street, set on a spacious block of 789 square metres next to a park and tennis courts.
Proceedings began at $1.82 million, just below the guide price of $1.85 million, before the home sold for $205,000 above expectations to a local family.
“The guide was established after two weeks on the market getting indications from buyers,” selling agent John Drake of Drake Real Estate said.
“The difference in that points to the fact there is still limited stock and plenty of buyers around.”
The neighbourhood also offered value compared to Mona Vale or Collaroy he said, while the home had a water outlook and proximity to shopping and transport.
Half the bidders were local and half were from out of the area, he said, as inner-city buyers shift to working from home and look for more space during the COVID-19 pandemic.
“In the last month and a half I have never seen as many people from Bondi,” he said.
“Even people already on the beaches, Manly way, where the density of people is greater.”
Auctioneer Jake Downs of AuctionWorks said it was uncommon to have so many registered bidders.
“The expectations of the vendor were realistic so the agent was able to give a realistic guide,” Mr Downs said.
“We had a number of people who really wanted it. It is a rare offering to get a property backing onto a park.”
A Vaucluse home sold for $7.2 million in an emotional auction.
Music industry entrepreneur Pete Lusty died of cancer this year, survived by his wife Georgia and two children, who sold their home at 31 Olola Avenue.
Four local bidders pushed the price well above the $6 million guide, with an opening offer of $5.5 million and rises of as much as $150,000.
The buyer only entered the auction to make the winning offer of $7.2 million.
“It knocked the wind out of everyone,” Sydney Sotheby’s International Realty selling agent Michael Pallier said.
With few homes for sale, interest rates ultra-low and buyers working from home, the strong result is not uncommon, he said.
“At the moment a lot of my properties I’m selling, I’m bringing auctions forward,” he said.
“If you have got the good stock the buyers are all over it like I have never seen in 23 years of doing this.”
Another listing priced about $7 million has had 100 groups inspect it in one week, he added.
In Drummoyne, first-home buyers snapped up a two-bedroom apartment for $880,000.
The home at 2/69 Tranmere Street attracted about 11 registered bidders, of which five were active, Ray White Drummoyne’s Angela Saidi said.
Several attendees wore masks and a hi-vis-clad marshal directed parties to stand apart from each other, while the onsite auction was also streamed online to limit crowd numbers.
Bidding began at $750,000 then climbed quickly to $865,000, where the auction paused.
After conferring with the owners the home was declared on the market, and with a rapid string of $1000 bids the home sold for $880,000.
“It sold for a price the owner was very happy with,” Ms Saidi said.
This auction was “far more competitive” than others given its full renovation, good location and entry-level price point, she said.
More broadly, a good number of potential buyers are looking, she said, adding that Drummoyne is always popular.
“Prices have probably stagnated a bit but things are still selling.”
Developers were out and about on Saturday, with six vying for a large block in Ermington that sold for $1.78 million.
Ten bidders registered their interest in the three-bedroom house at 2 Dean Crescent.
Bidding began at $1.5 million and the auction was over quickly, with the 929.5-square-metre block now set to be turned into a duplex, First National Epping Central selling agent Allison Mifsud said.
“It is a price-sensitive market,” Ms Mifsud said. “As long as the price is right there are buyers there.”
In Mascot, a family renting locally snapped up a three-bedroom duplex for $1.5 million.
The price guide for 43 Rawson Street was $1.37 million and the home fetched $60,000 over the reserve.
Six parties registered and three bid, with young couples upgrading from apartments keen on the block.
“There is still a shortage of property,” McGrath Maroubra selling agent Ersin Esmek said.
“Anything that is quality, move-in ready, is doing well… original properties are holding back.”
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