Sydney auctions: Run-down Willoughby house fetches $3.7 million

Another run-down Sydney house has defied expectations at auction, with a Federation home in Willoughby fetching $3.7 million, or $400,000 above reserve, on Saturday.

Eleven buyers registered to bid on the three-bedroom property at 12 Cobar Street even though it was ridden with active termites and the roof needed replacement.

SOLD - $3,700,000

12 Cobar Street, Willoughby NSW 2068

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It was one of 693 auctions scheduled in Sydney on Saturday.

By evening, Domain Group recorded a preliminary clearance rate of 76.5 per cent from 519 reported results, while 77 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.

The sale began at $2.5 million and four active bidders pushed the price up in strong increments of $150,000, knocking out most of the competition along the way.

It eventually sold for $3.7 million, or $400,000 above its reserve, to a young family upsizing from Kingsford.

The result even surprised selling agent Steve Cakmak of Raine & Horne Lower North Shore, who had not quoted a price guide due to the property’s uniqueness.

“I feel it’s above market value for a property in that condition … shortage of stock will certainly influence people to push more than they anticipate just to get into the market,” he said.

“I’m super surprised and I was expecting five regos and we doubled that number. The final price was certainly unexpected.”

For Sale $3,150,000

65 Duntroon Avenue, Roseville NSW 2069

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Meanwhile, in the neighbouring suburb of Roseville, a four-bedroom house at 65 Duntroon Avenue passed in on a vendor’s bid of $3,205,000.

Despite three registrations from owner-occupiers, just one placed an opening bid of $3 million, bang on the price guide.

McGrath Lindfield’s Olivia Chung said she was confident the property would sell in post-auction negotiations with all three parties.

“People are reaching their absolute max, there’s no more money. You can’t just miraculously come up with another $50,000,” she said. “Vendors need to be realistic.”

The property last sold for $1.2 million in 2010, records show.

SOLD - $2,475,000

82 Gooraway Drive, Castle Hill NSW 2154

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In Castle Hill, a four-bedroom house at 82 Gooraway Drive sold for $2,475,000 to a young family “busting their chops” to upsize from their apartment outside the area.

Seventeen parties registered to bid but only six were active, with an opening bid of $1.9 million starting the auction.

Louis Carr Castle Hill’s Paul Woolford said the strong run in price growth would peak by the end of the year: “It’ll run out of gas by Christmas, I’d say. If the pre-approved finance runs out, well it will be harder to get finance next time with all the [new] rules and regulations.”

The home last traded in 1991 for $317,500, records show.

SOLD - $1,750,000

9A Boardman Street, Dundas Valley NSW 2117

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In Dundas Valley, another keen buyer pushed up the price for a five-bedroom duplex at 9a Boardman Street in order to walk away with the keys.

The property attracted nine registrations but only four bidders were active. The auction opened at $1.6 million, at the top end of its $1.5 million to $1.6 million guide.

In the end, it sold for $1.75 million, $150,000 above the reserve, to a Carlingford buyer who outbid first-home buyers.

“Had it not been for an exceptionally strong buyer, we would have been close to the guide,” said Rocco Ranieri of Richardson & Wrench Parramatta.

“I can’t see [the market] going backwards,” he added. “The appetite is still there to buy good quality homes. With the banks tightening their lending criteria it might affect some people but those who are cashed up will still certainly buy.”

The home last traded for $1 million in 2015, records show, and has since been developed into a duplex.

SOLD - $2,475,000

4 Gildea Avenue, Five Dock NSW 2046

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In Five Dock, a three-bedroom house at 4 Gildea Avenue sold for $2,475,000 to buyers who had missed out on multiple properties in the past six months.

Fourteen buyers registered to bid on the art deco home but only four were able to participate as it opened bang on the $2.2 million guide.

“I don’t think anyone has given up yet but [some] might give it a break over the Christmas period. It will be quite buoyant up until then,” said Fiona Hellams, selling agent at Ray White Five Dock.

The property last traded for $835,000 in 2008, records show.