Sydney auctions: Young couple buy entry-level Newport house for $2.155 million

A young couple bought an entry-level house on the northern beaches for $2.155 million, outbidding investors in an online auction on Saturday.

Thirteen buyers, a mix of owner-occupiers and investors, registered to bid on the four-bedroom house at 90 Irrubel Road, Newport.

It was one of 375 online auctions scheduled in Sydney on Saturday.

By evening, Domain Group recorded a preliminary clearance rate of 85.2 per cent from 332 reported results, while 40 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.

SOLD - $2,155,000

90 Irrubel Road, Newport NSW 2106

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An opening bid of $1.8 million kicked off the auction, about $75,000 below the price guide. But six active bidders raised the price in just 20 bids until the hammer fell at $2.155 million.

It sold $155,000 above the reserve to a couple in their 30s upgrading from an apartment in the region. The underbidder was an investor who liked the potential of dual rental income from the property’s granny flat.

The home would have been worth about $1.5 million 18 months to two years ago, a sign of the local market’s strength, said selling agent Steven Crooks of The Agency Northern Beaches, who described the property as “entry-level” for the area.

He said runaway prices meant it was a strong seller’s market: “The buyers are compromising on what they would normally buy because of the lack of stock.”

There are more priced-out buyers after selling their own homes last year with the expectation the market would slow down, he said.

“There are quite a few people who sold last year and are renting, and they’re trying to get back into the market, but it has moved against them.”

The home last traded for $770,000 in 2012, records show, the price almost tripling in less than a decade.

Newport’s median house price jumped 23.3 per cent to $2.25 million in the year ending June, Domain data shows.

SOLD - $1,670,000

8 Duncan Street, Arncliffe NSW 2205

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In Arncliffe, inner-west buyers purchased a three-bedroom Federation cottage at 8 Duncan Street for $1.67 million.

Six of the 10 registered buyers participated in the auction with an opening bid of $1.38 million – $30,000 above the guide.

While there were plenty of buyers, they were just as cautious as the Newport bidders with offers nowhere near as thick and fast as two months ago.

Despite the reserved bidding, it eventually sold for $1.67 million – $70,000 above the $1.6 million reserve.

McGrath Brighton-Le-Sands’ David Travers said he does not see the market slowing down as buyers are still willing to spend over the price guide on auction day.

Arncliffe’s median house price rose 4.7 per cent to $1.2 million in the year to June, according to Domain data.

The home last traded for $166,000 in 1991, records show, the price increasing more than tenfold in roughly three decades.

SOLD - $1,816,000

40 Maeve Avenue, Kellyville NSW 2155

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Meanwhile, another young couple narrowly outbid an investor, this time in Kellyville.

Twenty-two buyers, a mix of first-home owning hopefuls, upgraders and investors, registered to bid on a four-bedroom house at 40 Maeve Avenue.

Bidding opened at $1.45 million – the price guide at the start of the campaign, which was later revised up to $1.55 million to $1.6 million.

Eleven parties raised the price over 42 bids until the hammer fell at $1.816 million.

The property sold for $256,000 above reserve to a local young professional couple, outbidding a local investor.

Sciberras Group RE’s Corie Sciberras said the market was still rising, with bigger homes nearby selling for less just weeks ago.

“Having not much to choose from it is forcing buyers to compete for good homes,” Mr Sciberras said. “Buyers are telling me they are ready to buy despite the COVID scenario – cashed up and ready to buy.”

The home last sold for $312,500 in 2005, records show, the price increasing almost sixfold in 16 years.

Kellyville’s median house price rose 13.7 per cent to $1.35 million in the past year to June, Domain data shows.

In Cherrybrook, a local family picked up a five-bedroom house at 33 Gavin Place for $2.53 million.

SOLD - $2,530,000

33 Gavin Place, Cherrybrook NSW 2126

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The property was guided at $2.2 million and drew 19 registered bidders online – all upgraders.

Eight buyers were active, pushing up the price in varying increments until it hit the $2.4 million reserve and continued to rise until the hammer fell at $2.53 million.

Benson Auctions director Stu Benson said it was a benchmark result as it would usually be properties closer to the station that would net that price.

The home last sold for $1.7 million in 2015, records show.

Cherrybrook’s median house price rose 7.9 per cent to $1,565,000 in the past year to June, Domain data shows.