Sydney auctions: Waterfront house on the Bay Run sells for $6.175m

A waterfront house on the Bay Run in Drummoyne fetched a whopping $6.175 million after two buyers battled it out for the keys.

A crowd of 70 gathered to watch the property at 112 Henley Marine Drive, which has water and city skyline views, go under the hammer.

Five parties registered to bid on the four-bedroom house with an initial opening offer of $5.2 million knocked back before the auction started right on the $5.5 million price guide.

SOLD - $6,175,000

112 Henley Marine Drive, Drummoyne NSW 2047

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While there was spirited bidding between the two active buyers, a discussion with the vendors was needed to adjust the reserve to meet the market, selling agent Chris Wilkins of Ray White Drummoyne said.

It eventually sold to a local family who were upsizing for $6.175 million, but Mr Wilkins declined to reveal the reduced reserve.

Mr Wilkins said while the result was amazing for the land size of 335 square metres, vendors were becoming increasingly bullish with their expectations.

“Vendors set an expectation and want to have the last say,” Mr Wilkins said. “It’s always been up to them. There will be the ones that understand and meet the market, whether they’ve had a higher reserve or not.”

He said the property attracted interest from afar, including several expats based in Singapore who plan to come home.

It last traded for $1.65 million in 2003, records show, with the property’s price more than tripling in less than two decades.

Drummoyne’s median house price skyrocketed 26.5 per cent to $2.3 million in the past 12 months to March 2021, Domain data shows.

SOLD - $3,000,000

50 Augusta Street, Strathfield NSW 2135

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In Strathfield, a local resident bought a tightly-held four-bedroom house at 50 Augusta Street for $3 million as an investment property.

The home hit the market for the first time in more than 70 years and attracted nine registered bidders who were mostly investors or developers.

The auction started at $2.35 million – $100,000 above the reserve – knocking out most of the competition who were eyeing the property for its land size, measuring 699 square metres.

Four buyers pushed the price up until it eventually sold for $3 million – $750,000 above its $2.25 million reserve.

Laing+Simmons Regents Park’s Ben Arrowsmith said despite the knock-out result, more buyers were beginning to push back as they reach their limits.

“They’re starting to reach their capacity, but there are still a lot of buyers in the marketplace,” Mr Arrowsmith said.

Strathfield’s median house price jumped 13.2 per cent to $2.65 million in the year ending March 2021, Domain data shows.