Sydney online auctions: Banksia home sells for $500,000 above reserve
An investor outbid two first-home buyers for a dated home in Sydney’s south on Saturday, pushing the price $500,000 above the reserve at virtual auction.
The Banksia property was one of 572 homes scheduled for auction in Sydney on the day.
By evening, Domain Group recorded a preliminary clearance rate of 85.5 per cent from 441 reported results, while 47 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
The original-condition three-bedroom, two-bathroom house without parking, at 6 Gibbes Street was on the market from the opening offer of $950,000 – which topped the $900,000 price guide and reserve. The 245-square-metre block sold for $1.4 million.
The bidding climbed in mostly $25,000 and $50,000 jumps up to $1.3 million, before slowing to smaller raises, with three of the nine registered bidders competing for the property which had been held by one family for more than 70 years.
The buyer, who outbid two first-home buyers from the eastern suburbs and inner west, plans to renovate the property and rent it out.
Selling agent George Kambouroglou of Stone Real Estate Rockdale said it was a fantastic result that had eclipsed all expectations.
In the inner west, another tightly held three-bedroom house sold for $2,517,000.
The home at 23 Grove Street, Lilyfield, drew an opening offer of $2.35 million. Four of the nine registered bidders competed, pushing the price $317,000 above the $2.2 million reserve price.
The 273-square-metre block was sold through Monique Dower, of Belle Property Balmain, to a couple from the eastern suburbs. It was the final auction the pair had planned to attend before giving up their property search, having been house hunting without any luck for many months.
In Ashfield, a two-bedroom apartment with a study at 3/63 Queen Street sold for $1,105,000 after more than 40 bids.
Bidding began at $900,000, and while three of the five registered bidders took part, it was down to a two-person race by the time the offers passed the $940,000 reserve.
The 72-square-metre apartment, in a block of four, was sold through Rhonda Yim, of BresicWhitney Glebe, to a Summer Hill buyer, who outbid two first-home buyers.
The sellers, who records show purchased the unit for $705,000 in 2014, are relocating overseas.
In the east, a three-bedroom apartment at 7/57 O’Brien Street, Bondi Beach, sold for $2,010,000.
The 122-square-metre unit drew interest from 16 registered bidders, six of whom made offers, with bidding opening at $1.7 million. More than 30 bids were made, pushing the price $230,000 above the reserve.
The apartment was sold through Jamal Choker, of Ray White Maroubra. Records show it last traded for $125,000 in 1986.
It’s been a strong start to the spring selling season, despite lockdowns, with Sydney’s median auction house price jumping to a record high of more than $2 million in September and the city recording a monthly clearance rate of 78.1 per cent – the highest rate for the month since 2013.
The strong results come as homebuyers face the prospect of being able to borrow less, with the Australian Prudential Regulation Authority (APRA) announcing this week that banks would need to increase the interest-rate buffer used to check if borrowers could still afford repayments if rates rose.
In the city’s north west, a Kenthurst home on more than two hectares of land, sold for $4 million – and $700,000 above the reserve.
Bidding for the property at 52 Pitt Town Road opened at $2.9 million, with auctioneer Stu Benson of Benson Auctions, taking almost 50 bids before the gavel fell.
The property was purchased by a local builder from North Kellyville and sold through Scott Rance, of Rance Property.
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