Sydney auctions: Unassuming Revesby house fetches $1m in first sale for 70 years
A much-loved Revesby family home on the market for the first time since it was built 70 years ago fetched $1 million at auction on Saturday, defying market and vendor expectations.
Neighbours peered over the fence and more than 50 people gathered in the sun-drenched backyard of the three-bedroom house at 10 Bransgrove Road to watch it go under the hammer.
It was one of 425 properties scheduled to go to auction in Sydney on Saturday.
By evening, Domain Group recorded a preliminary clearance rate of 69.5 per cent from 259 reported results.
The action began without much trouble as 16 registered bidders – a mix of first-home buyers, upsizers and investors – stood in the crowd and one made a quick $727,000 opening offer.
The price rose fast through varying increments thanks to seven buyers who threw their hats in the ring.
It whittled down to a two-horse race at $800,000, then rose in mostly $5000 and $1000 increments.
It eventually sold for $1 million – surpassing the reserve by $150,000 – to two brothers who live in nearby Chester Hill and are looking to move on to their second home.
The buyer, who did not wish to disclose his name, told Domain he went over his budget by $50,000 and hoped the market would keep rising.
The vendor’s adult children Beryl, Joy and David were in attendance in lieu of their mother who could not leave her nursing home due to COVID-19 restrictions. They said they were “blown away” and “over the moon” with the result.
“It’s our mum’s property. She and my dad built the house 70 years ago,” Joy said.
“It was a dirt road when they first moved here. There were farms at the end of the road and very little infrastructure at that point,” David said.
They said they were nervous as the property was listed during the pandemic.
“We felt very fortunate in terms of the timing of the COVID-19 restrictions being lifted,” David said.
They estimated the land was purchased by their parents for about 50 to 60 pounds.
McGrath Revesby selling agent Trang Lazcano said she was surprised by the result.
“Given the size of the block, we were surprised. [We thought] it would fetch up to $900,000 but not $1 million,” Ms Lazcano said. “It’s a standout result considering so much negativity regarding the real estate market and with COVID-19.”
Elsewhere in Lane Cove, a two-bedroom apartment at 1/83-85 Burns Bay Road attracted five registered parties who were mostly first-home buyers.
Bidding opened at $550,000, rising in $10,000 increments before slowly reducing to $2500 bids.
The 70-square-metre property sold for $690,000 – $5000 shy of the reserve – to a first-home buyer who was already renting in the suburb.
Belle Property Lane Cove selling agent Tim Holgate said the vendors, who were local investors, decided to sell to “capitalise on this buoyant market”.
“It’s a very interesting market at the moment,” he said. “Once you’ve got the interest, you can push the price a little bit.”
The property last traded for $340,000 in 2007, more than doubling in price.
In Centennial Park, five parties – all owner-occupiers – registered to bid on a two-bedroom apartment at 17/27-35 Cook Road.
An opening bid of $1.1 million started the auction as four of the buyers raised the price.
It sold for $1.32 million – $20,000 above reserve.
Phillips Pantzer Donnelley selling agent Sean Poche said about 80 groups inspected the property.
“We are seeing good numbers at our opens,” Mr Poche said. “It is a bit more buoyant than people realise.”
The property last traded for $870,000 in 2005.
In Drummoyne, five first-home buyers registered to bid on a two-bedroom apartment at 9/32-36 Tranmere Street.
After an opening offer of $800,000, four parties threw their hat in the ring raising the price in varying bids.
It sold for $877,000 – below the $900,000 reserve.
Ray White Drummoyne selling agent Angela Saidi said there was strong demand from buyers.
“There’s certainly buyer activity out there. The buyers weren’t gun shy. They bid quite well,” Ms Saidi said. “If you look at the greater conditions, economically, the market is still pretty buoyant in Drummoyne.
“There’s a lot of competition and very little stock so there’s really not a whole lot to choose from.”
The property last sold for $590,000 in 2012.
We recommend
States
Capital Cities
Capital Cities - Rentals
Popular Areas
Allhomes
More
