Sydney online auctions: Croydon house sells for $5.3 million, breaks suburb record

Sydney’s inner west recorded a new house price record on Saturday, the last full day of virtual auctions ahead of the end of the city’s lockdown.

A four-bedroom house set a new high for Croydon when it sold for more than $5.3 million after a two-person race for the keys.

The Queen Anne-style home, built circa 1913,  was one of 572 properties scheduled to go under the virtual hammer in Sydney on Saturday, ahead of the return of public auctions and open home inspections from Monday.

The 911-square-metre block at 20 Dickinson Avenue, Croydon, drew seven registered bidders, but only two got a word in after bidding opened at $4 million and climbed quickly in $100,000 and $50,000 jumps to $4.85 million, before slowing to smaller raises and selling for $5,301,000.

The property had been guided at $4 million to $4.2 million.

SOLD - $5,301,000

20 Dickinson Avenue, Croydon NSW 2132

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The home was sold to downsizers from the north shore, through James Montano of Raine & Horne Leichhardt. While the result fell short of the $5.5 million reserve price, set higher to give the sellers a buffer, they were chuffed with the result, he said. 

The property last sold for $1,416,000 in 2009, and has been renovated since.

SOLD - $6,010,000

237 Trafalgar Street, Annandale NSW 2038

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In Annandale, another historic home – a four-bedroom house built around 1906 – sold for $6,010,000, with six bidders pushing the price more than $1 million above the $5 million price guide.

On the market for the first time since 1974, the 480-square-metre block at 237 Trafalgar Street drew strong interest from both local and out-of-area families.

Bidding opened at $4 million and climbed in $100,000 and $200,000 jumps to $5.7 million, before slowing to smaller increments. The home was sold through Robert Clarke of Belle Property Annandale.

SOLD - $2,630,000

318/50 Macleay Street, Potts Point NSW 2011

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In Potts Point, Alexander Smith of Ray White Woollahra sold a two-bedroom apartment with a study for $2.63 million, with five bidders pushing the price $730,000 above the reserve. The 125-square-metre unit last sold for $1,085,000 in 2010.

It’s been a strong start to the spring selling season, despite lockdown, 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 extraordinary growth is widely tipped to ease 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.

The Reserve Bank this week warned expectations of even higher prices could lead to “overexuberance” and hinted at a further clampdown on lending.

Auctioneer Jesse Davison, director of Auction Works, said the market was still running along beautifully, but noted seller expectations had risen off the back of strong results. Owners were increasingly expecting buyers to pay a premium for their homes, which could become harder to achieve as more stock hit the market post-lockdown.

Mr Davidson expected to see some buyers rushing to get into the market in the weeks to come, due to concern about a potential further tightening of lending standards, but noted most buyers were comfortable with the level of debt they were taking on. He achieved sales in 10 of his 11 auctions on Saturday.

The industry was looking forward to the return of in-person auctions and open homes, said Real Estate Institute of New South Wales chief executive Tim McKibbin.

“We’ve all been waiting to get back to some normality. We still have some distance to travel, but agents and the public will be grateful for the introductions of opens and onsite auctions,” he said.