Sydney auctions: Young expat fashion designer drops $2.41m on Surry Hills terrace
A young expat fashion designer returning from New York has dropped a cool $2.41 million on a single-fronted Surry Hills terrace at auction, more than triple what it cost a decade ago.
The new owner outbid eight other registered parties, including a neighbour, for the three-bedroom home at 18 Griffin Street, paying $260,000 above the reserve.
It was one of 746 properties scheduled for auction in Sydney on Saturday.
By evening, Domain Group recorded a preliminary clearance rate of 77.6 per cent from 567 reported results, while 77 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
The 89-square-metre property was on the market from the opening bid of $2,165,000, which was placed by a neighbour. The reserve was $2.15 million.
Four buyers threw their hats in the ring, raising the price, but it eventually sold to the returning expat.
Ray White Taylor And Partners selling agent Annie Hodgson said the start of the auction was “astonishing”.
“There is not a lot on the market in Surry Hills right now and that may help strengthen prices,” Ms Hodgson said.
The property last traded for $785,000 in 2011, records show, the price more than tripling in less than a decade.
The suburb’s median house price was $1,817,500 in the year ending September, according to Domain data.
In Annandale, a two-bedroom house at 183 Nelson Street sold for $1,803,000 after 20 potential buyers registered to bid.
Less than half of them actually placed a bid after it opened bang on the price guide of $1.3 million. Rapid-fire bidding between eight parties pushed the price well above the $1,565,000 reserve.
A young Glebe family walked away with the keys, buying the property as a long-term investment, said Ray White Annandale selling agent Tina O’Connor.
“Just based on that result today, it was well above expectations,” Ms O’Connor said.
“The house was very, very popular. It does feel like the market has returned to a pre-COVID market.”
Annandale’s median house price in the year ending September was $1.65 million, according to Domain data.
In Gladesville, a dilapidated two-bedroom house, vacant since 1987, sold for a whopping $1.64 million to a group of buyers who planned to revive the property in some way.
Eight parties, including builders and locals, registered to bid on the deceased estate at 70 Prince Edward Street. Bidding opened at $1.2 million.
Laing+Simmons Hunters Hill and Lane Cove listing agent John Priddy said every buyer was interested in the 531-square-metre block to either restore the house or replace it subject to council approval.
“The lack of stock in the general area … has helped to boost and hold up prices. I think that result for such a dilapidated home reflects real positivity in the market in general,” he said.
The reserve was $1.4 million.
Gladesville’s median house price was $1.9 million in the year ending September, Domain data shows.
In Bellevue Hill, a first-home buyer nabbed the keys to an art deco three-bedroom apartment at 2/42 Fairfax Road for $1.06 million.
The Bronte buyer outbid eight other registered parties after the auction opened at $820,000 – below the guide of $850,000.
McGrath Coogee selling agent Nicholas Wise said the auction was moved forward a week due to the high level of interest.
“If you’re looking at registrations and buyer activity, there is a bit of a sugar hit after COVID and I think that will continue to the end of the year,” Mr Wise said. “Consumer confidence has bounced back from COVID and it’s a stronger spring than expected due to low stock levels.”
The 107-square-metre property last traded for $800,000, records show.
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