Sydney auctions: Five Dock knockdown sells for $5 million, gains more than $1.8 million in three years
A Five Dock knockdown sold for $5 million at auction on Saturday, topping its 2018 sale price by more than $1.8 million.
A local family outbid developers for the dated three-bedroom house on a corner block at 45 Ingham Avenue.
It was one of 960 properties scheduled for auction in Sydney on Saturday.
By evening, Domain Group recorded a preliminary clearance rate of 75.2 per cent from 661 reported results, while 115 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
This is the fourth week in a row Sydney’s preliminary clearance rate has been below 80 per cent, although conditions remain competitive. A clearance rate of 70 per cent roughly correlates with 10 per cent annual price growth.
The 697-square-metre inner west block drew strong interest from developers looking to take advantage of approved plans to build two five-bedroom homes on the property, which last traded for $3.145 million in 2018.
Bidding opened at $4 million and rose in $50,000 increments early on. Five of the nine registered bidders made offers before the gavel fell. It sold to an upsizing Five Dock family with plans to build their dream home on the block.
The result was $250,000 above the reserve, and set a non-waterfront record for the suburb, said selling agent Chris Haliloglu of Raine & Horne Five Dock. It was also well above the suburb’s median house price of $1.982 million, Domain figures show.
The approved duplex plans were the only changes to the property since the 2018 sale, also by Mr Haliloglu.
The $5 million result for a block in an “average spot” in the suburb was an “out of line sale”, said auctioneer Tom Panos. However, it showed how much buyer depth remained in the marketplace.
At another auction he called in nearby Croydon Park, a dozen house hunters turned out to compete for a three-bedroom house at 5 Hay Street.
However, only three parties took part after bidding opened at $2 million, then jumped to $2.3 million on the second bid. The three-bedroom house sold four bids later at the reserve price of $2.45 million.
A local family upsizing from a townhouse secured the keys with a $70,000 knockout bid and the help of buyer’s agent Aladdin Hassen. Having spent more than a year looking for their next home – and previously missing out on two other properties in the street – they bid hard and fast, later bursting into tears of joy at the fall of the hammer.
The result was almost four times the $630,000 records show the 449-square-metre block last traded for in 2009 and well above the suburb’s $1.57 million median house price.
The upsizing sellers were happy with the result, said selling agent Paul Errichiello of Mint Property Agents. He noted vendors had been setting reserves higher in recent months, but the sale price still exceeded their expectations.
On the northern beaches, a four-bedroom Balgowlah Heights house held in the one family for more than 60 years sold to a local buyer for $6.2 million – smashing the reserve by $1.2 million.
Nine of the dozen registered bidders made offers on the 682-square-metre block with water access and views at 8A Beatty Street.
Bidding opened at $4.6 million, climbed in $100,000 jumps to the $5 million reserve, and dropped right down to $1000 raises before the property sold.
Selling agent Matt McEwan of McGrath Manly said it was an incredible result that went well above the expectations of the downsizing vendors. The buyer plans to renovate the two-storey home, but some parties had thought of knocking it down and rebuilding.
In Kingsford, in the eastern suburbs, a stylishly renovated four-bedroom house with a pool at 313 Botany Street sold for $1.25 million above the reserve price.
The auction for the 613-square-metre block kicked off at $3 million, and rose in $100,000, $50,000, and then $25,000 increments, as seven of the 11 registered bidders made offers.
It sold for $4.55 million to a Coogee family through Sam Capra of Ray White Park Coast, who was blown away by the result.
“I thought it would be a good auction, but never thought [the price] would get that high … it’s an exceptional home,” he said.
Back in the inner west, in Lilyfield, a three-bedroom terrace on 152 square metres sold for $2.75 million – more than double the $1.25 million it sold for in August 2020, thanks to market growth and a full renovation.
The bidding began at $2.4 million, above the $2.3 million guide, and three of the four registered bidders placed more than 20 offers to push the bidding to the $2.75 million sale and reserve price.
Downsizers from the north shore outbid a professional couple and downsizers from Canberra to walk away with the keys for 381 Balmain Road. The terrace sold through Marcus Hejtmanek of CobdenHayson Annandale.
In Concord West, an investor paid $3 million to buy the house next door to one they already owned, pushing the price of the original-condition three-bedroom home $700,000 above reserve and $1 million above the guide.
All seven registered bidders competed for the 760-square-metre block at 4 Boronia Street.
The winner was an investor who purchased the corner block next door at number 2 for $2.56 million in March. He may look to subdivide or develop the block, said selling agent Ben Horwood of Horwood Nolan, noting all other interested buyers had been looking to either renovate or rebuild.
“It was worth more to him than the others, but I’m surprised they pushed it so far,” Mr Horwood said.
Further west, in Fairfield West, 14 house hunters registered to bid on a four-bedroom house which sold for $1,435,000.
Bidding opened at $1.15 million, with five of the parties actively competing for the 560-square-metre property at 32 Sadlier Crescent, pushing the price $135,000 above the reserve.
The property sold to a family upsizing from the Liverpool region through Eva Frketic, of The Agency Inner West.
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