Sydney buyer splashes $4.641 million on Strathfield house, shortly after first inspection
Sydney’s prestige market rarely sees a buyer turn up to an auction and bid, without having previously inspected the property.
But the buyer of 41 Highgate Street, Strathfield, did exactly that, having set foot inside the six-bedroom house, on Strathfield’s golden mile, just only prior to the auction.
He was among six groups who registered to bid on the 613-square-metre property, which records show last sold for $3.05 million in 2013.
“The buyer didn’t bid until the price reached $4.55 million and then he kept bidding,” said Belle Property Strathfield principal Norman So . “It’s quite rare to get these big bonus bidders – especially in the prestige market.”
The three-storey house sold for $4,641,000 under the hammer, $141,000 above the reserve.
Mr So said three other buyers, who had all made pest and building inspections, were left disappointed.
It was the highest reported auction result on Saturday, which saw lots of buyers out and about in both Sydney and Melbourne despite the coronavirus pandemic.
Sydney’s preliminary auction clearance rate sat at 65.5 per cent by Saturday evening, from 286 reported results. There were 508 auctions scheduled, with 76 properties withdrawn from sale under the hammer.
Melbourne’s preliminary clearance rate was 57.6 per cent, from 165 reported results. There were 285 properties scheduled for auction, 71 of which were withdrawn.
Of the auctions that did go ahead online, 63 per cent of properties sold under the hammer.
Next weekend, could be a very different story for Melbourne as tougher stage-four restrictions are enforced. Online auctions and one-on-one inspections will still be able to go ahead, but predictions are the number of homes for sale will dwindle.
While Melbourne’s clearance rate picked up at the weekend, it was not an indication of improvement in the market, said AMP Capital chief economist Shane Oliver.
“It came on the back of such dismal volumes [of property for sale] it’s hard to read anything into it,” Dr Oliver said.
“Sydney was a little bit better than last week but the market is still soft,” he said. “Sales volumes are still around the 2018-2019 downturn.”
With fewer homes for sale, Sydney agents reported major competition at auctions, with sales landing well above reserve.
That included the sale of a semi-detached, three-bedroom home at 27 Frenchs Road, Willoughby, for $1.9 million – $300,000 above reserve.
Scerri Auctions’ Chris Scerri, who sold the home on behalf of Forsyth Real Estate, called the result “terrific”.
A young family were the buyers, beating nine other registered bidders to win the keys.
In the city’s east, a terrace home, converted into three one-bedroom units, at 58 Hargrave Street, Paddington, reached $80,000 above the reserve when it sold for $2.38 million on Saturday.
Mr Scerri sold the property on behalf of 1st City Real Estate Group to a next-door neighbour.
“It opens up a lot of opportunities for the new owner to do something with it,” Mr Scerri said, noting the block had been advertised as a development opportunity,
A 40-minute drive south, a three-bedroom house at 26 Mirral Road, Caringbah South, sold under the hammer for $1,605,000 – $30,000 above its reserve.
Selling agent Ivan Lampret, of Gibson Partners Real Estate, had nine registered bidders, all of them young families wanting to buy in the suburb.
“There is a shortage of quality properties on the market,” Mr Lampret said. “What I’ve noticed during coronavirus is that the number of ‘lookers’ is down but the number of serious buyers is up.”
The deceased estate went to auction with Andrew Cooley, of Cooley Auctions, and sold to a young family.
Serious buyers were also out in Melbourne at the weekend, with a four-bedroom renovated Edwardian at 12 Gadd Street, Northcote, sold for $1,824,750.
The home had an asking price range of between $1.6 million and $1.65 million.
McGrath Northcote’s Luke Brizzi said there were 10 registered bidders at the online auction. A young couple, both doctors, made the winning bid.
“They had their dad bidding on their behalf because they were both working,” Mr Brizzi said. “They’ll be wanting to start their family there.”
Not too far away in Brunswick, a mostly untouched double-fronted brick home at 37 Gray Street sold under the virtual hammer for $1,492,500 – $17,000 above the reserve.
Nelson Alexander Brunswick’s Jonathan West said there were only two registered bidders online for the auction with both going head to head for the property.
“The people who purchased it are coming back from the UK,” Mr West said.
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