Sydney homes sell above $7m as buyers become cautious of overpaying

A bidder hell-bent on buying a home in Sydney’s inner west wasted no time at the weekend, making a $7 million bid immediately after an opening bid of $6 million was made.

The bidder, who ultimately became the buyer of the five-bedroom home at 29 Abbotsford Parade, Abbotsford, ended up paying $7.4 million for the home after competing with two other bidders on Saturday.

Devine Real Estate Drummoyne’s Fayez Yammine said the home had sold above expectations — the vendors were happy to sell for any price over $7 million.

“The guy who ultimately bought it was a very aggressive bidder,” Mr Yammine said.

The buyer is planning to live in the waterfront home with his family while the vendors, who had owned the home for 30 years, are looking to downsize.

The home was one of the biggest sellers at the weekend in Sydney, where the  preliminary clearance rate was 81.5 per cent. 

This was after 990 auctions were scheduled and 717 results were reported. There were 72 properties withdrawn from auction, which were recorded as not being sold.

The Abbotsford home was not the only property to sell for above $7 million under the hammer. 

Another six-bedroom home in Sydney’s upper north shore sold for $7.01 million after four registered bidders competed.

DiJones Lindfield partner Nahid Coventry said the home at 3 Canberra Crescent, East Lindfield, was snapped up by a family who paid $10,000 above the reserve.

SOLD - $7,010,000

3 Canberra Crescent, East Lindfield NSW 2070

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“The sale broke the last record in East Lindfield which was $6.52 million,” Ms Coventry said.

The previous record had been set in March, when a five-bedroom home at 16 Woodlands Road sold for that price.

In Sydney’s northern suburbs, an oceanfront apartment with stunning views sold under the hammer for $6.7 million, after a bidder from Hong Kong joined three others to fight it out for the keys.

A bidder who was local to the northern beaches was the winning bidder for the three-bedroom apartment at 4/66 Bower Street, Manly.

Clarke and Humel Property’s Michael Clarke called the result “extraordinary” with the property popular with locals and those from interstate and overseas.

SOLD - Price Withheld

4/66 Bower Street, Manly NSW 2095

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“Someone from WA wanted to have a look at the property but couldn’t get across to see it because they were worried they wouldn’t be able to get back because of the COVID-19 outbreaks,” Mr Clarke said.

The apartment had a $6 million to $6.6 million price guide, selling well above, he said.

In Crows Nest on the lower north shore, a three-bedroom, semi-detached home at 27A Burlington Street sold under the hammer for $1.93 million, above the $1.82 million reserve.

SOLD - $1,930,000

27A Burlington Street, Crows Nest NSW 2065

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But it was not before a bidder registered after the auction began to make their bid to own the property.

Belle Property Cammeray selling agent Chris Davies said the auction began slowly, with two of four registered bidders hanging back to see what happened before making their move.

“There was a cautiousness from the buyers,” Mr Davies said. 

A couple who had been renting in Crows Nest were the ultimate buyers of the apartment, snapping it up from the vendors who were also a couple. 

They had owned the property for nine years and had been using it as an investment more recently.

In Earlwood, in Sydney’s south-west, a two-bedroom house sold under the hammer for $1.455 million, above the $1.2 million reserve.

A buyer from Maroubra was the winning bidder, beating out two other active bidders for the property at 81 Bedford Street, Earlwood.

SOLD - $1,450,500

81 Bedford Street, Earlwood NSW 2206

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The home had been owned by a couple, who had updated the home more than 10 years ago. They were now planning to move to Newcastle for a lifestyle change, McGrath Leichhardt’s Alexandra Stamatiou-Buda said.

While it sold well, Ms Stamatiou-Buda said the market was shifting with property prices stabilising across the city as buyers tired of paying prices that have reached more than $1 million above the reserve.

“We are seeing some buyer fatigue,” she said. “They’re definitely not wanting to pay too much and I think they’re using this year’s results to educate themselves. 

“There are now more solid, stable results coming through.”

At the end of April, Domain’s auction report showed results were easing across the harbour city as more properties came onto the market, giving buyers more choice.

“Buyers will still find auction conditions to be heated, although competition will have eased slightly compared to February and March,” Domain senior research analyst Nicola Powell said at the time. “Buyers should begin to find a greater choice of properties on the market, which may help to alleviate the pressured purchasing conditions they have found.”