Sydney auctions: Paddington terrace sells for $5.65m, $550,000 above reserve
A renovated Victorian terrace in Paddington sold for $5.65 million at auction on Saturday – more than half a million dollars above its reserve price.
A large crowd turned up to watch the five-bedroom home at 374 Moore Park Road go under the hammer.
It was one of 928 properties scheduled to go to auction in Sydney on Saturday.
By evening, Domain Group recorded a preliminary clearance rate of 76.8 per cent from 682 reported results.
A clearance rate of 70 per cent is considered strong as it corresponds with annual price growth of about 10 per cent, but Saturday’s result is not as bullish as Sydney’s recent string of clearance rates in the 80 per cent-plus range.
An opening offer of $4.2 million started the auction, about $200,000 above the price guide, knocking out most of the 19 registered bidders.
But that did not stop the price from rising quickly as the four active buyers who remained in the race placed bids mostly in $100,000 and $50,000 increments.
It was all over within minutes, with the hammer falling at $5.65 million – $550,000 above the $5.1 million reserve.
It sold to a local family who are upgrading. Successful buyer Gillian Findlay was ecstatic with the result after looking at just one property.
While the family were yet to sell their current home, they are confident it will achieve a good return.
“We don’t know how much we’ll sell ours for, so, hopefully, [given] the guide the agent is giving us … we don’t need to worry about it,” Ms Findlay said.
When asked whether it was a fair result, she answered: “Is anything in Sydney fair? I don’t know.”
The home was marketed with a guide of $4 million after being revised up from an initial guide of $3.8 million.
BresicWhitney Darlinghurst’s Maclay Longhurst said the lack of stock continued to draw strong competition.
“[I’m] unsure what we will see in the future, but with auctions like today – 19 registered bidders, new street record – I would predict that the market hasn’t hit the peak just yet.”
The property last traded for $2.4 million in 2010; records show the price has more than doubled in a decade.
Paddington’s median house price jumped 6 per cent to $2,565,000 in the past 12 months to March 2021, Domain data shows.
In Baulkham Hills, a five-bedroom house at 14 Kalimna Drive sold for $1,715,000 to a young family upsizing.
While the property sold for $40,000 above its reserve yesterday, it surpassed the vendor’s initial expectation when he was door-knocked two months ago with a $1.48 million off-market offer that fell through.
It then hit the market after the failed result with a $1.45 million price guide and received offers of $1.55 million and $1.6 million before the auction, selling agent Craig Alexis of Gilmour Property Agents said.
Benson Auctions auctioneer Stu Benson said it was a successful gamble with a result that netted an extra $235,000 for the vendor.
It last traded for $224,000 in 1994, records show. Its value has increased more than seven times in almost 27 years.
Baulkham Hills’ median house price rose 6.4 per cent to $1,223,111 in the year to March 2021, Domain data shows.
In Arncliffe, a Newtown buyer bid against himself three times in order to walk away with the keys to a semi-detached house at 38 Forest Road for $1.25 million, selling for $150,000 above the reserve.
Four parties registered to bid with everyone active, but it stalled at $1.15 million. Selling agent Nicholas Economos of Ray White Rockdale then negotiated with the highest bidder on the auction price, despite already hitting the reserve of $1.1 million.
“I sensed a bit of opportunity there, so I thought I’d maximise the price,” Mr Economos said. “Everyone was happy in the end.”
The buyer bid against himself from $1.15 million by increasing the bid to $1.175 million, then to $1.2 million and then to $1.25 million, at which point the hammer fell.
The three-bedroom home was marketed with a guide of $1 million.
Arncliffe’s median house price rose 4.7 per cent to $1.2 million in the past year to March 2021, Domain data shows.
In Allawah, first-home buyers bought a three-bedroom unit at 2/131 St Georges Parade for $980,000.
Bidding opened at $700,000, rising quickly thanks to five of the eight registered buyers to surpass its price guide of $800,000.
It sold $80,000 above the reserve of $900,000 through McGrath Sans Souci’s Trent Tarbey.
It last traded for $482,000 in 2093, records show. The property more than doubled in value in 17 years.
Allawah’s median unit price remained unchanged at $650,000 in the year to March 2021, according to Domain data.
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