Sydney auctions: Tightly held Greenwich house sells for $7.25m
A tightly held home in Greenwich sold for $7.25 million at auction on Saturday, about $1.5 million above its price guide.
The five-bedroom house at 9 Mitchell Street drew eight registered buyers, with all but one active during the auction. Bidding began at $5.7 million, just $25,000 shy of its sticker price.
It was one of 849 auctions scheduled in Sydney on Saturday.
By evening, Domain Group recorded a preliminary clearance rate of 78.8 per cent from 643 reported results, while 90 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
While the Greenwich sale was slow to start, it took off once the buyers – from across Sydney, including the inner west, eastern suburbs and the upper north shore – warmed to the action.
The property eventually sold for $7.25 million, well above the $6.35 million reserve, to a family upsizing from Concord.
It was the first time the 556-square-metre block had hit the market since 1988 when it was purchased for $660,000, records show. The price increased more than tenfold.
BresicWhitney Hunters Hill’s Nicole Robertson said the competition for the property was indicative of the heat left in pockets of the city’s property market.
“It was a strong result, but it shows that there is a lot of activity at that price point. It shows there’s still strength in the market,” Ms Robertson said.
The North Sydney and Hornsby region’s median house price rose 25.2 per cent to $2.755 million in the 12 months to September, Domain data shows.
Elsewhere, a Californian bungalow in Dulwich Hill sold for $2.271 million at auction on Saturday to a local buyer working as a contact tracer for NSW.
The two-bedroom home at 35 Pigott Street fetched $471,000 more than the price guide.
The successful buyer, Andronicki Karakostides, outbid 11 other registered bidders, including upsizers and first-home buyers.
Ms Karakostides hopes to move her mum into the property but if that does not work out, she would be open to living in it herself or renting it out instead.
“I would actually love for my mum to move into this house, so she would live close to me. I’m just going to drink champagne tonight and worry about it later,” she said.
“It saves a lot of time and I still have to work full time; we really can’t afford not to work.
“I am a ground staff for Qantas. While I’m stood down, I am a contract tracer for NSW; I’m really proud of that. I’m making a big contribution to our state.”
Adrian William’s William Pereira said that while a surge of properties had hit the market in recent weeks, stand-out properties would continue to fetch strong results.
“When the market starts to thin out a bit … it can create out of line sales. Just because this sold for $2.271 million in the current climate, it doesn’t mean everyone will follow suit,” Pereira said. “You have to be cautious as a buyer.”
The reserve was $2 million.
Dulwich Hill’s median house reached $1.815 million after rising 14.7 per cent in the 12 months to September, Domain data shows.
In Crows Nest, a four-bedroom house at 99 Ernest Street sold for $3.72 million just two weeks after it was listed.
A dozen buyers registered to bid with half participating in the auction, which started at $2.8 million, well below its $3.1 million price guide.
But it had no trouble rising beyond that and eventually sold to a family upsizing from North Ryde.
The reserve was $3.5 million.
Belle Property Neutral Bay’s Chris Davies said he expected a busy market leading up to Christmas.
The property last traded for $1.23 million in 2009, records show, the price more than tripling in 12 years.
In Marrickville, a four-bedroom Federation style house at 88 Renwick Street sold for $2.205 million to a young family from Enmore.
The opening bid of $1.8 million was bang on the price guide as four of the seven registered bidders, all upsizers, pushed up the price in varying increments.
The reserve was $1.925 million.
The Agency Inner West’s Shad Hassen said it was a competitive auction despite an increased supply of stock.
“There is a lot to choose from; there’s no doubt about that. Finding something that fits is the thing.”
The property last sold for $757,000 in 2009, records show, the property almost tripling in price in 12 years.
The suburb’s median house price rose 15.6 per cent to $1.7 million in the 12 months to September, Domain data shows.
We recommend
We thought you might like
States
Capital Cities
Capital Cities - Rentals
Popular Areas
Allhomes
More
