Sydney auctions: Investor picks up renovated Marrickville house for $1.885m

An investor has dropped $1,885,000 on a free-standing Marrickville house, sending it flying more than $300,000 past its guide at auction.

Six parties, who were a mix of first-home buyers, upgraders and investors, registered to bid on the three-bedroom property at 59 Addison Road.

It was one of 1019 homes scheduled to go under the hammer in Sydney on Saturday.

By evening, Domain Group recorded a preliminary clearance rate of 77.0 per cent from 770 reported results.

While the auctioneer was first met with silence, bidding opened a few minutes later bang on the $1.5 million guide.

Two buyers pushed the price up in painstaking increments of $10,000 and $5000 until the $1.6 million mark, where they dropped off.

Another two buyers – a first-home buyer and an investor – came out of the woodwork and battled it out until the hammer fell at $1,885,000.

The reserve was $1.69 million.

The investor’s winning bid came as landlords have been rushing back into the rising property market, with investor lending up 2.1 per cent in the month of April – 63 per cent higher than a year ago – ABS figures released on Friday showed.

Adrian William selling agent William Pereira said interest in the property had ramped up in the final week of the auction campaign.

“My take on it is there were a good amount of properties available when it first launched, everything sold and then we were the only real three-bedder left,” Mr Pereira said. “That third bedroom added to the price.”

The property last sold for $700,000 in 2012, records show, the price more than doubling in eight years.

The median house price in Marrickville rose 3.3 per cent to $1,487,500 in the year ending March 2021, Domain data shows.

In Paddington, local downsizers bought a two-bedroom apartment for $4.395 million, exceeding its $3.7 million price guide by almost $700,000.

SOLD - $4,395,000

8/18 Flinton Street, Paddington NSW 2021

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Five downsizers registered to bid on the home at 8/18 Flinton Street.

The auction opened on the $3.7 million price guide and went back and forth between all the buyers in varying increments. The reserve was $4 million.

Bresic Whitney Darlinghurst selling agent Maclay Longhurst said the strong result was a sign of a strong market.

“It was arguably in the best building in Paddington,” Mr Longhurst said. “The buyers love the substantial, house-like proportions, the level living and substantial outdoors space that a larger house would usually offer.”

The home last traded for $1.61 million in 2005, records show, the price almost tripling in 15 years.

Paddington’s median house price rose 6 per cent to $2.565 million in the year ending March 2021, Domain data shows.

SOLD - $2,140,000

227 Railway Parade, Cabramatta NSW 2166

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In Cabramatta, an investor picked up a tightly held six-bedroom house at 227 Railway Parade for $2.14 million.

The home, which has only had one owner since it was built, sits on an 1170-square-metre block and was on the market for the first time in more than 35 years.

Eight investors registered to bid on the property, with five participating in the auction as everyone eyed the property for development.

The successful buyer is hoping to convert the home into a cosmetic surgery.

Laing+Simmons Cabramatta selling agent Sonny Tran said the buyer paid “top dollar” for the property.

“They will keep the frame and renovate inside the house and they have car park space for customers,” he said. “That’s what they paid for, they went all the way.”

The reserve was $2 million.

Cabramatta’s median house price rose 9.2 per cent to $710,000 in the year to March 2021, Domain data shows.