Sydney online auctions: 1960s Grays Point house sells for $1.89 million
A home on the market for the first time in more than 50 years sold for almost $500,000 above reserve on Saturday, in a hot auction that drew 43 bidders.
The three-bedroom, original-condition house in Grays Point in the Sutherland Shire sold for $1,891,000. It was one of 419 auctions scheduled in Sydney on Saturday, for the long weekend.
By evening, Domain Group recorded a preliminary clearance rate of 83.7 per cent from 326 reported results, while 35 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
Bidding on the property with water views at 142 Peninsular Road opened at $1.2 million, and climbed in $100,000 jumps – hitting the $1.4 million reserve on the third bid – and then in $25,000 increments up to $1.6 million, before dropping to smaller offers.
Only seven bidders took part – with many knocked out of the competition by the strong start – and placed almost 70 bids. It was a two-person contest after a bid of $1.7 million, with a family from Dulwich Hill walking away with the keys. The property sold for $491,000 above the reserve.
All interested parties were hoping to renovate the home or rebuild on the 1568-square-metre block, said selling agent Christopher Igoe of The Property Co. Group. Almost half of the buyer interest was from out-of-area house hunters.
“The biggest interest is coming from the eastern suburbs [and] inner west. Buyers are coming down and getting size and bang for their buck … a lot of people are gravitating down here as they’re no longer needing to be close to the city [as they can work remotely],” Mr Igoe said.
In the inner west, seven house hunters registered to bid on a three-bedroom house in Glebe, which sold for $260,000 above the reserve.
Bidding on 82 Catherine Street opened at $1.8 million and climbed in mostly $50,000 increases up to $2.1 million – passing the $2.05 million reserve – before slowing to $20,000 and $10,000 raises.
Four bidders took part before the gavel fell at $2.31 million, with the home selling to an owner-occupier who plans to renovate and extend the property down the track.
The 137-square-metre corner block sold through Nick Countouris of Richardson & Wrench Pyrmont. The result was more than 12 times what records show it last traded for in 1993 when it was sold by The University of Sydney.
In Ryde, an extensively renovated 1930s cottage at 5 Cross Street sold for $3,817,000.
The five-bedroom house was on the market from the opening bid of $3.3 million, with auctioneer Michael Garofolo, of Cooley Auctions, taking almost 50 bids from five parties before bringing down the gavel.
The 771-square-metre block sold through Stephanie O’Sullivan of The Agency North West to a local upsizing family. Records show the property last traded, pre-renovation, for $685,000 in 2006.
Further north-west, a house hunter spent $2,695,000 on a five-bedroom house in Cherrybrook they had never set foot in before auction day.
The buyer, who had missed out at another auction the night before, was one of 26 registered bidders for 5 Gwynellen Place, which falls within the catchment zone for the popular Cherrybrook Technology High School.
Auctioneer Stu Benson of Benson Auctions took some 60 bids, with the 741-square-metre block selling for $245,000 above reserve. The property traded through Jack Ho, of Murdoch Lee Estate Agents and last sold for $720,000 in 2004.
The strong results come after Sydney house values climbed another 2 per cent over September to a record median of about $1,311,600, the latest CoreLogic figures, released on Friday show. They’ve jumped close to 30 per cent in the past year alone.
Unit values lifted 1.5 per cent over the month, and are up 11.6 per cent annually, to a median of $824,860.
On the north shore, a two-bedroom Cremorne unit without parking sold for $1,395,000 on Saturday.
The apartment at 3/100 Macpherson Street was on the market from the opening offer of $1.25 million, which topped the $1.2 million reserve price.
From there, bidding climbed in mostly $25,000 and $10,000 increases to $1.37 million, before slowing to smaller jumps.
It sold through Jon Snead of The Agency North to a couple relocating from the inner west to be closer to work.
The unit was on the ground floor of a boutique block of four. Records show it last traded for $777,700 in 2016.
In nearby Artarmon, it was a battle of the first-home buyers for a two-bedroom ground-floor apartment that sold for $1,073,000.
Auctioneer Jesse Davison, of Auction Works, took an opening bid of $920,000 for 32/8 Buller Road, and the offers climbed in $20,000 and $10,000 jumps for most of the auction, as four of the eight registered bidders made offers pushing the price $53,000 above the reserve.
The unit sold to a Lane Cove buyer through Catherine Ong, of Laing + Simmons Artarmon.
In the eastern suburbs, it was a two-person race for a five-bedroom house in Randwick that sold for $4.72 million.
The 466-square-metre block at 2 Dick Street drew five registered bidders but only two competed after bidding opened at $4.4 million and rose gradually, passing the $4.65 million reserve. The home sold to a local upsizing couple.
The property last sold for $465,000 in 1993.
In the city’s south west, a six-bedroom house in Camden passed in on a vendor bid at the $2.1 million price guide.
Two bidders registered for the auction of the 1012-square-metre block at 51 Menangle Road, but when neither made an offer the home was passed in by agent and auctioneer Stuart Davies, of McGrath Camden.
Mr Davies was in negotiations with interested parties on Saturday afternoon.
Records show the home last sold for $577,000 in 2009, and it has been extensively renovated since.
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