Sydney auctions: Family splashes $1.42m on Lidcombe house in original condition
A tightly held Lidcombe house in original condition sold for $1.42 million at auction on Saturday, fetching $420,000 above reserve.
The four-bedroom house at 17 Nyrang Street drew a crowd of about 20 people and 11 registered buyers.
It was one of 407 homes scheduled for auction in Sydney on Saturday.
By evening, Domain Group recorded a preliminary clearance rate of 62.4 per cent from 338 reported results, while 78 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
Bidding for the 556-square-metre block opened at $800,000 as eight registered parties threw their hats in the ring.
Spirited bidding saw the price rise in $25,000 increments until it reached $1.15 million. The bids slowed down to $10,000 and $5000 increments thereafter.
It sold for $1.42 million – $420,000 above reserve – to an out-of-area family planning to live in the property.
Devine Real Estate Marrickville and Dulwich Hill selling agent David Diamantopoulos said all interested buyers were owner-occupiers.
“That was a standout result but I think if people see value for money [they] are turning up for auction,” Mr Diamantopoulos said.
The $1 million reserve was set bang on the price guide, which he said attracted buyers.
“I’m sure if we told [buyers] $1.4 million, we wouldn’t have got that [result],” he said. “It was all about the owner being realistic on their value and the buyers expressing what the property was worth.”
Cooleys Auctions auctioneer Damien Cooley said sellers would record strong results if they set realistic price expectations.
“There’s something to be said about being realistic about your price expectations. We know when they set a realistic reserve then it enables an agent to let buyers know the property will be sold and to be there on auction day,” he said.
The property last traded in 1962 for 5000 pounds, according to the agent.
The median house price in Lidcombe was $1 million over the year ending June 2020, Domain data shows.
In Kensington, a socially distanced crowd of about 60 turned up to watch 72 Cottenham Avenue go under the hammer.
Despite 150 groups seeing the five-bedroom house through the campaign there was a sole registered bidder on auction day.
The property was passed in after a vendor bid of $4.75 million, $150,000 below the reserve. The guide was between $4.5 million and $4.75 million,
Laing+Simmons Potts Point selling agent Nuri Shik said the home was completely rebuilt in 2012 on the 563-square-metre block.
“We didn’t want to give the property away. We want to sell it for a fair price. It’s a quality home,” Mr Shik said. “Everybody that was interested had a home to sell and wanted to delay settlement. All were waiting for bridging finance.”
Mr Shik said he was confident it would sell in the coming days.
The property last traded for $1.22 million in 2003, records show.
In Stanmore, art curator and writer Hetti Perkins, who is the eldest daughter of Australian Aboriginal activist Charles Perkins, sold her five-bedroom house for $2.35 million.
Bidding opened at $2 million for the 329-square-metre block at 87 Clarendon Road with the price rising in varying increments as all three registered buyers participated.
The property sold for $2.35 million – $150,000 above reserve – to Newtown buyers who inspected it for the first time on Saturday morning.
Ray White Surry Hills, Alexandria, Glebe and Erskineville selling agent Ercan Ersan said the virus was changing what buyers were looking for and how they looked at properties.
“It’s not so much about lifestyle and amenities, it’s more about the layout and land size,” Mr Ersan said. “This one was popular because on top of the garage it had a self-contained unit and self-contained home office.”
The property last traded for $1,825,000 in 2016, records show.
Stanmore’s median house price was $1,794,000 over the year ending June 2020, Domain data shows.
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