Sydney auctions: Epping local buys neighbour's home for $1,922,000 to double block size
An Epping buyer has bought the block next door for $1,922,000 at auction to double their property’s size.
Seven parties registered to bid on a four-bedroom house at 33 Gloucester Road with bidding opening at $1.3 million.
It was one of 622 homes scheduled to go under the hammer in Sydney on Saturday.
By evening, Domain Group recorded a preliminary clearance rate of 73.8 per cent from 474 reported results, while 63 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
The price for the tightly-held Epping home on an 841-square-metre block went up in varying increments as five parties threw their hats in the ring.
The hammer fell at $1,922,000 – $122,000 above reserve – after a final $1000 bid was placed by the next-door neighbour.
The Agency North selling agent Catherine Murphy said there was fierce competition for the property.
“I’m not sure what the [neighbour’s] plans are. He’s just built a large new house,” Ms Murphy said. “[He] outbid some investors, people who were wanting to basically land-bank and rent the house out for a while.”
The property garnered interest from different demographics including first-home buyers, upsizers and investors regardless of the pandemic-induced recession, Ms Murphy said.
“I haven’t heard any sort of chorus about the pandemic for quite some time … a lot of people are making a decision based on today rather than a forecast.”
It last traded for $253,000 in 1996, records show, with the price growing more than seven times in 24 years.
Epping’s median house price was $1.745,000 in the year ending in June, Domain data shows.
In Concord, a local family snapped up a dilapidated three-bedroom house for $3.41 million, outbidding a handful of builders and investors.
Eleven parties registered to bid on the 1081-square-metre deceased estate at 2 Tennyson Road, eyeing its land value and development potential.
It sold for $210,000 above its reserve price, which exceeded Horwood Nolan listing agent Ben Horwood’s expectations.
“It’s an outstanding result,” he said. “It’s a lot more than we thought.
“Our initial expectation was $3 million but with the volume of interest we decided to put it above that … we thought we were setting a bullish reserve at $3.2 million.”
The property is thought to predate 1885, according to Mr Horwood.
Speaking on the future of the market, he said, “The only thing that could affect the property market going forward is migration. While money is cheap and stock is tight it will be favourable market conditions for sellers.”
Concord’s median house price was $1.85 million over the past year, Domain data shows.
In Maroubra, a three-bedroom house with ocean and headland views at 20 Broome Street fetched a cool $3.88 million.
Bidding opened at $2 million – well below its price guide of $3.2 million – as all four registered parties raised the price in increments ranging from $100,000 down to $10,000.
The 398-square-metre block sold for $580,000 above its reserve to a young family upsizing from Clovelly.
Belle Property Randwick’s Shane Vincent said the tightly held property, a deceased estate, had been owned by a single family since the home was built in the 1960s.
“We’re seeing record prices for top quality properties,” he said. “Buyers are happy to pay a premium to secure a property.”
Maroubra’s median house price was $1.8 million over the past year, Domain data shows.
In Castle Hill, five parties registered to bid on a four-bedroom house at 22 Brunette Drive.
An opening bid of $1.5 million kicked off the auction, rising in $25,000 jumps most of the way.
It was toe-to-toe between two parties as they placed $1000 bids a dozen times.
The hammer fell at $1,726,000, selling for $76,000 above reserve to a local young couple upsizing from an apartment.
The Avenue Real Estate Agency’s Chris de Celis said buyers were simultaneously wary of economic conditions and worried enough that prices would run away further to jump in beforehand.
The 923-square-metre block last traded in 1997 for $262,500, records show, with the price growing more than six times in 23 years.
Castle Hill’s median house price is $1.51 million, Domain data shows.
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