Sydney home sells for $4.015m online as lockdown auctions steam ahead
A fixer-upper in Sydney’s inner west sold for $4.015 million — a massive $515,000 above the reserve — in a hotly contested online auction on Saturday.
Belle Property Strathfield principal Simon Furnari said six bidders competed for the five-bedroom home at 8-10 John Street, Concord. Four of the six bidders were developers — and one of the developers was the buyer of the home.
Mr Furnari said the opening bid was right on the reserve of $3.5 million, with one of the developers upping the ante by bidding $3.9 million. It sold soon after.
The auction of the home, which was part of a deceased estate, went ahead despite Sydney’s extended COVID-19-related lockdown, which has seen public auctions banned and open-for-inspections only able to be undertaken one on one.
“There were options to extend the auction day, but we advised the vendors to keep its course because of the interest in it, and it paid off,” Mr Furnari said.
The developer is now looking at options to tear down and rebuild two homes on the property’s 800-square-metre block, he said.
The Concord sale was one of the biggest online auction results at the weekend, as Sydney’s multimillion-dollar lockdown sales continued.
By the end of Saturday, the harbour city’s preliminary auction clearance rate was 73.9 per cent after 782 online auctions were scheduled and 487 results were reported.
There were 108 properties withdrawn from auction, which were counted as not being sold as part of the clearance rate.
On the northern beaches, a five-bedroom home sold at an online auction, after the auction was held over a week in hopes the lockdown would end on Friday.
The home, at 12 Cutler Road, Clontarf, sold under the hammer for $3.701 million to a family from Bronte, who had relocated to the northern beaches and had been waiting to buy the “right property”.
The family offered just above the $3.7 million reserve to become the winning bidders.
“They only saw the property for the first time at 3pm Friday,” Ray White Seaforth principal Mark Griffiths said.
Meanwhile, the vendors, who bought the property for $2.86 million in late 2019 as Sydney was recovering from an 18-month property market downturn, made a tidy profit on the day.
A five-bedroom home on Sydney’s north shore also sold under the virtual hammer for $3.46 million, well above the $2.8 million price guide.
The home at 15 Wilson Street, North Ryde, saw 22 bidders register for the auction — all of them families interested in making it their home, Belle Property Ryde principal Phillip Allison said.
Bidding started at $2.7 million and got to $3.1 million very quickly, Mr Allison said.
“It took another half-an-hour of consistent bidding before it sold. There was about 45 minutes of consistent bidding with no breaks,” he said.
Like other agents, Mr Allison said the auction had been held over a week in the hopes the lockdown would not be extended, but had gone ahead following the interest shown in the property.
Mr Allison also helped to sell another home in North Ryde, at 32 Holt Street, which had approval for development on the block.
The fixer-upper sold under the virtual hammer for $2.361 million after eight bidders, including developers, competed for the keys. A developer was the winning bidder and is now looking at options to build on the block.
The vendors had bought the Holt Street property just two years ago and were planning to rebuild, but changed their minds, he said.
In the inner south, a four-bedroom family home at 21 Renwick Street, Alexandria, was bought by an investor who competed against 18 other registered bidders.
The home sold for $2.835 million under the virtual hammer.
“The vendors have owned it for around 20 years or so, it was always a home for them but they wanted something with a bit more of a yard for their young daughter,” LJ Hooker Newtown sales executive Edward Burns said. “They’re moving to the other side of the bridge.”
Mr Burns said the market had been busy, with agents now doing one-on-one inspections before office hours — from 6am until late into the night.
“I’m not complaining,” Mr Burns said. “It’s just what we have to do.”
In the city’s west, a four-bedroom home at 23 Kiernan Crescent, Abbotsbury, sold under the virtual hammer for $1.42 million — after upsizers and those wanting to downsize from larger acreages competed.
Blaze Real Estate director Blaz Dejanovic said 14 bidders registered for the online sale with the buyers, a family, bidding against themselves at one point to ensure they were successful.
The buyers had sold their home in Wetherill Park last year, but got caught out of the market by a flurry of activity during the coronavirus pandemic before buying at the weekend.
The vendors, meanwhile, were moving home to Chicago after the sale, he said.
“Online auctions, they do work well, because you can take bids online and via the phone as well,” Mr Dejanovic said. “As long as the agent has confidence then they [vendors and buyers] have confidence as well.”
We recommend
States
Capital Cities
Capital Cities - Rentals
Popular Areas
Allhomes
More
