Sydney auctions: Young couple splashes $3,425,000 on stylish Glebe three-bedder

A couple in their 30s splashed a cool $3.425 million on a stylish Glebe cottage at auction on Saturday, pushing the price $425,000 higher than the sellers hoped.

A dozen parties registered to bid on the three-bedroom home at 36 Eglinton Road, showing the depth of the pool of buyers willing to pay substantial sums to get into inner-city enclaves.

It was one of 976 auctions scheduled in Sydney on Saturday.

By evening, Domain Group recorded a preliminary clearance rate of 81.3 per cent from 766 reported results.

SOLD - $3,425,000

36 Eglinton Road, Glebe NSW 2037

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Bidding began at $2.9 million, near the top end of the price guide of $2.7 million to $3 million.

The high opening offer left six active buyers in the race, who raised the price in varying increments.

After just 10 minutes, the house sold for $3.425 million – $425,000 above its reserve – to the couple from Balmain.

The property last traded for $1.3 million in 2010, records show.

Matthew Carvalho of Ray White Surry Hills, Alexandria, Glebe and Erskinveille said Sydney’s rapid price growth may not continue throughout the year.

In the meantime, Sydney’s soaring property prices have done little to deter many buyers, who were out in force on Saturday making opening offers well above price guides and paying more than even the most bullish vendor expectations.

In Alexandria, a staggering 21 buyers registered to bid on a humble two-bedroom sandstone terrace home at 66 Gerard Street.

The auction opened at $1.45 million – well above the $1.35 million price guide – which knocked out most contenders.

SOLD - $1,890,000

66 Gerard Street, Alexandria NSW 2015

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But six parties remained active throughout the sale, driving up the price of the deceased estate to an eventual $1.89 million, surpassing the $1.5 million reserve. The buyers had recently sold in the eastern suburbs.

The home last sold for $820,000 in 2010, records show.

The Agency Eastern Suburbs’ Brad Gillespie said fast-rising property prices were “not enough to deter” buyers from entering the market.

In Randwick, 12 buyers registered to bid on a two-bedroom apartment at 7/33 Rae Street.

SOLD - $1,725,000

7/33 Rae Street, Randwick NSW 2031

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Again, a high opening bid knocked out more than half of the players at this auction.

The bid of $1.55 million was above both the property’s price guide of $1.3 million to $1.4 million and the $1.5 million reserve.

The apartment sold for $1.725 million to a young couple – expats returning from the United States. It last traded for $131,000 in 1985, records show.

McGrath Coogee’s Angus Gorrie said the market had gained a second wind because of talk about potential credit tightening.

“People are more nervous now that the bank is going to tighten their borrowing capacity,” Mr Gorrie said. “The thought they can’t borrow more money when their loan lapses has given a sudden surge in the market.”

SOLD - $1,521,000

201/72 Alice Street, Newtown NSW 2042

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In Newtown, just two buyers registered to bid on a three-bedroom apartment at 201/72 Alice Street.

Bidding began at $1.45 million – a staggering $250,000 above the initial price guide of $1.2 million, which selling agent Kate Ferrante of Adrian William said was revised up on Friday to $1.4 million.

A vendor bid of $1.5 million was placed to hit the reserve before negotiations began with the highest bidder, a first-home buyer who already lived in the building.

Ms Ferrante said they bid against themselves to walk away with the keys to the property for $1.521 million.