Sydney auctions: Two blocks in Glebe fetch a combined $8.13m
One of the largest land offerings in Glebe sold for a combined $8.13 million under the hammer, smashing its reserve by more than $2 million in total.
A crowd of about 150 turned out to watch two run-down freestanding houses at 1 and 5 Alexandra Lane – a combined 1764 square metres – go under the hammer.
They were among the 719 auctions scheduled in Sydney on Saturday.
By evening, Domain Group recorded a preliminary clearance rate of 69.7 per cent from 545 reported results, while 109 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
The parkside properties were part of the deceased estate of renowned University of Sydney professor the late Valerie Morris.
The sell off began at $2.5 million for 5 Alexandra Lane, rising in strong $100,000 increments as three of the 19 registered buyers threw their hat in the ring.
Two final $200,000 bids were placed before the hammer fell at $5 million – selling for an eye watering $1.5 million above its reserve.
Meanwhile, bidding for 1 Alexandra Lane also opened at $2.5 million, rising again in $100,000 increments up to $3.1 million.
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Bidding whittled down to $10,000 increments before the hammer fell at $3.13 million – selling $630,000 above its reserve.
Locals were shocked by the auction result.
The selling agent’s car was keyed after the auction, Cooleys Auctions auctioneer Damien Cooley said.
He said the properties were unique and rare.
“That would sell well in any market … they’re run down but the position is irreplaceable. Who knows how long it’s been since properties like that have ever been available in that precinct,” Mr Cooley said.
“You can change the fit out but you can’t change the location and you can’t change the way it faces. They’re the most important things in real estate.
“It is a promising sign of where things are headed,” he added. “We could well be on the cusp of a very strong, if not boom, marketplace.”
The median house price in Glebe was $1,772,000 over the past year, Domain data shows.
The properties were sold through The Agency eastern suburbs selling agents Cathy Morgan and Tony Laing.
Meanwhile a charming 1930s Californian bungalow in Rosebery has sold for $3.47 million – $170,000 above reserve.
Five parties registered to bid on the four-bedroom house at 74 Primrose Avenue with bidding opening at $3 million.
Three buyers threw their hat in the ring, raising the price in $50,000 increments.
A local family who were upsizing walked away with the keys.
Cooleys Auctions auctioneer Damien Cooley said it was a strong result and he believed the market would only improve from here.
“We’re not flooded by stock and it’s heavily driven by low interest rates,” he said, adding a proposed relaxation of lending policies would also fuel the market.
“Once the negativity of the pandemic goes away the market is going to get stronger. We’re in a position to grow very well and, dare I use the word, boom.”
The vendors, close family friends of Cooley, were “thrilled” with the result as they plan to relocate to Noosa to be closer to family.
The 823-square-metre block last traded in 1995 for $392,000, records show. Today’s sale price makes it worth almost nine times that.
It was sold through Oxford Agency selling agent Matt Marano.
Elsewhere, a three-bedroom house in Oatley sold for $1.34 million – $90,000 above reserve.
A socially distanced crowd of about 50, including eight registered bidders, turned out to watch 5/8 Louisa Street go under the hammer.
Bidding opened at $1 million and rose in large $100,000 increments before slowing down to $20,000 and $10,000 bids thanks to five active buyers.
The freestanding brick villa sold to a young family upsizing from an apartment in a nearby area.
Ray White Georges River selling agent Matt O’Shea said it was a quick auction due to the blustery weather.
He said he sold a similar property in the same complex a few years ago for $1.1 million, a sign prices have remained steady during the pandemic.
“To me, that demonstrates that property prices have stayed steady [in Oatley] … we haven’t seen huge rises but they haven’t fallen away either.”
The 263-square-metre block last sold for $859,000 in 2012, records show.
The median house price in Oatley was $1,562,500 over the past year, Domain data shows.
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