Sydney auctions: Marsfield townhouse passed in at $800,000 after dozens came out to watch
Onlookers were out in force trying to gauge where Sydney’s property market would land on Saturday, with worst-case scenario price predictions yet to play out.
More than 30 people gathered, spaced apart from each other, in the shared driveway of a modest two-bedroom townhouse at 8/9 Busaco Road, Marsfield.
But only two first-home buyers registered to bid while the rest of the crowd came along to observe.
It was one of 234 auctions scheduled in Sydney on Saturday.
By evening, Domain Group had recorded a preliminary clearance rate of 66.8 per cent from 168 reported results.
Dozens went through the 164-square-metre property to inspect the home before the sell-off began, and were asked to take off their shoes at the door due to the new carpet.
At one point there were 13 pairs of shoes left outside at the front door as people were filing in to have a look inside.
The crowd dispersed once they returned outside with McGrath auctioneer Paul Hancock asking everyone to observe social distancing requirements.
“Please stand two metres apart from anyone you don’t know,” Mr Hancock said. “I just want to make sure we don’t get into trouble.”
While everyone obliged by social distancing, they failed to offer a single bid. Mr Hancock was met with silence after asking for an opening offer.
A vendor bid of $800,000 also failed to kickstart any prospective buyers into action and the home was passed in soon after.
McGrath Epping selling agent Daniel Lee said it was a disappointing result.
“There’s a few who are looking for bargains so they’re trying to buy below what we consider market price,” Mr Lee said, adding that property was valued during the COVID-19 pandemic.
He said one buyer “felt it was too expensive for what it was” while the other was uncomfortable to open the auction.
“Even in the past two weeks it has changed a bit. There’s no fear of missing out at the moment. People are shopping with lower price points,” he said.
“People are coming to look at these townhouses with a budget of $700,000 when traditionally it’s $800,000.
“Maybe they’re right and are setting the market and we as agents haven’t caught up yet.”
The property last traded for $755,000 in 2015, records show.
Meanwhile in Castle Hill, a four-bedroom house attracted a large crowd of 40 to 50 observers as well, including 12 registered bidders on-site and one online, according to Cooleys Auctions auctioneer Michael Garofolo.
An opening offer of $800,000 kicked off the auction for the two-storey house at 25 Amberlea Court, with the price raised in “aggressive bidding” by two motivated buyers, according to Ray White Carlingford selling agent Nathan Circosta.
It sold for $1.338 million, surpassing the $1 million reserve, to a first-home buyer couple from Rhodes. Records show the property last sold for $425,000 in 2000, more than tripling in price over two decades.
Mr Garofolo said the “standout result” was due to the property falling within the catchment area of the highly sought-after Cherrybrook Technology High School.
“[The market] is steady as she goes. It’s a bit premature to say the market is back and booming.”
In neighbouring Kellyville, a four-bedroom house at 46 Acres Road drew strong interest with four parties registering to bid.
While many came along to inspect and watch the auction, only groups intending to bid were allowed to stay.
The property sold for $1,175,000 – some $25,000 above reserve – to a family who first inspected the property this week.
Benson Auctions auctioneer Stu Benson said he believed sentiment was picking up.
The property last sold for $580,000 in 2013, more than doubling in price over seven years, records show.
In the inner west, a crowd of about 40 people turned out to watch 1/4 Bungay Street, Leichhardt go under the hammer.
Eight groups registered to bid on the two-bedroom house, with a $1 million offer starting the auction.
Five parties threw their hat in the ring, raising the price in varying increments until it sold for $1.22 million – selling $170,000 above reserve – to a first-home buyer couple.
Ray White Balmain selling agent Chris Williams said the vendors were thrilled with the result.
“In a normal market, the bigger the crowd, the better,” Mr Williams said. “But we actively tried to dissuade anyone who wasn’t there to bid.
“We’ve all got a responsibility in mitigating any unnecessary crowds.”
The home last traded for $930,000 in 2013, records show.
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