Sydney auctions: Killarney Heights house sells for $2.75 million, $550,000 above reserve

A large five-bedroom house in Killarney Heights has defied expectations after it sold for $2.75 million at auction, some $550,000 above reserve before greater Sydney was sent into lockdown.

A socially distanced crowd of 30 gathered in the backyard at 12 Galway Avenue as people were on high alert during Sydney’s rapidly evolving Delta-variant COVID-19 outbreak.

It was one of 934 auctions scheduled in Sydney on Saturday, although more than a third sold prior when the eastern suburbs were placed under stay-at-home orders.

By evening, Domain Group recorded a preliminary clearance rate of 80.9 per cent from 680 reported results while 87 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.

Eight parties registered to bid on the 708-square-metre block with an opening bid of $2.1 million – $100,000 above the price guide – kicking off the auction.

Five parties were active in the auction, with the winners not coming in until bidding reached $2.7 million. Their final bid of $2.75 million knocked out all competition.

The reserve was $2.2 million, and the result surprised even the selling agent Karen Terry of McGrath Forestville, who said the feedback during the campaign was around $2 million.

While the weekend was clouded with the uncertainty of the latest COVID-19 outbreak, Ms Terry said buyers were still motivated.

“Even if they were in a lockdown, they would have found a way to bid at an auction,” Ms Terry said, adding that many had been in the market for the past six months.

The property last traded in 2001 for $639,000, records show, with the price more than quadrupling in two decades.

SOLD - $2,900,000

65 Unwin Road, Wahroonga NSW 2076

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In Wahroonga, a well-kept five-bedroom home at 65 Unwin Road fetched $2.9 million, selling $600,000 above its reserve.

A staggering 22 parties registered to bid on the 1214-square-metre block, but the auction opened at $1.9 million, $100,000 below the price guide.

The auction picked up pace after a knockout bid of $150,000 was placed at $2.35 million in the hopes of beating the competition.

The auction continued to rise until it sold for $2.9 million to a young family upgrading to be closer to Barker College, where their children attend school.

Ray White Pennant Hills’ Dion Verzeletti said he was taken aback by the result.

“It is not what I expected; that’s one way to put it, with all the feedback we had. But it is something unique and special, and the market is pretty active,” he said.

The property last traded in 1983 for $72,000, records show.

SOLD - $1,635,000

16 Sunset Place, North Rocks NSW 2151

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In North Rocks, a four-bedroom house at 16 Sunset Place sold for $1.635 million after it hit the market for the first time since it was built 47 years ago.

Bidding opened at $1.4 million, some $50,000 below the price guide, and rose in varying increments thanks to four active bidders.

It eventually sold for $135,000 above the reserve to a young family upgrading in the area.

Benson Auctions director and auctioneer Stu Benson said strong results were still driven by the lack of homes on the market.

“For a home in original condition, these buyers will still have to spend a bit of money to bring it up to any form of current standard,” Mr Benson said.

It was sold through Ian Williamson of First National North Western.

North Rocks’ median house price was $1.34 million in the year ending March 2021, Domain data shows.