Sydney online auctions: Dilapidated Ermington house sells for $1,408,000

A dilapidated house in Ermington sold for $1,408,000 at online auction on Saturday, about $200,000 above its price guide.

Fifteen buyers, including the next-door neighbour, registered to bid on the property at 10 Patterson Street, despite its marked floors, ageing kitchen and neglected fireplace.

It was one of 464 auctions scheduled in Sydney on Saturday.

By evening, Domain Group recorded a preliminary clearance rate of 85.9 per cent from 361 reported results, while 30 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.

Bidding opened at $950,000 and rose in varying increments for more than three dozen bids.

But it was a two-horse race towards the pointy end thanks to the neighbour, selling agent Rocco Ranieri of Richardson and Wrench said.

SOLD - $1,408,000

10 Patterson Street, Ermington NSW 2115

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It eventually sold for $1,408,000 to a local family looking to build a house on the 520-square-metre block with its spacious yard.

“The underbidder was the neighbour … that’s obviously what pushed the price up,” said Mr Ranieri, who declined to reveal the reserve.

Ermington’s median house price rose 8 per cent in the past year to June 2021 to $1.32 million, Domain data shows.

SOLD - $2,710,000

1A Eric Road, Artarmon NSW 2064

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In Artarmon, Australian expats based in Hong Kong bought a three-bedroom, semi-detached house at 1A Eric Road for $2.71 million.

Seven of the 28 registered parties placed bids on the 323-square-metre block.

The sale result smashed all expectations, rising well above the $2 million to $2.2 million price guide and $2.5 million reserve.

“It is a very good result; it’s half a house with a common wall,” said selling agent Catherine Ong of Laing+Simmons. “There are not many properties of this calibre, and for a semi, it is a good size.”

SOLD - $2,415,500

12 Baydon Street, Castle Hill NSW 2154

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In Castle Hill, it took almost an hour and a half to sell a six-bedroom house at 12 Baydon Street.

Eighteen buyers registered to bid on the property, which was guided at $2.1 to $2.3 million.

Cooleys Auctions’ Michael Garofolo had his work cut out for him from the start as the auction opened much lower than that at $1.9 million.

After 57 bids and many pauses, negotiating with the registered bidders, the home sold for $2,415,500 to a North Sydney family upsizing from an apartment.

Murdoch Lee Estate Agents Castle Hill and Cherrybrook’s Jack Bi said he had to call each bidder to keep them informed throughout the sell-off.

“Buyers are reaching their limits already like today … Unless the restrictions are lifted, the prices may not come down at all,” Mr Bi said.

The reserve was $2.4 million.

Castle Hill’s median house price jumped 12.6 per cent in the year ending June 2021 to $1.7 million, Domain data shows.

SOLD - $1,000,000

86/1 McDonald Street, Potts Point NSW 2011

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In Potts Point, a one-bedroom apartment at 86/1 McDonald Street passed in on a vendor’s bid of $950,000.

Despite three registrations from investors, the property did not raise a single bid from any party.

The Agency Eastern Suburbs’ Bernadette Summers said at least one buyer, a first-home owning hopeful, was held up by finance.

“It’s got secure parking and incredible views, so I am expecting it to sell … It’s an incredible investment and is currently rented at $650.”

The home last traded for $215,000 in 2002, records show.

Potts Point’s median unit price rose 9.1 per cent in the past year to June 2021 to $870,000, Domain data shows.

SOLD - $2,515,000

2 Niven Place, Belrose NSW 2085

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In Belrose, a neighbour who is downsizing bought 2 Niven Place for $2,515,000 – a street record.

Five parties registered to bid on the four-bedroom house, with all but one placing a bid on the property.

The Agency Northern Beaches’ John Ireland said the buyers were all chasing the suburb’s relative affordability.

“We had people coming from Cromer, Dee Why, St Ives and Pymble. Everyone was trying to get out of the high price points,” Mr Ireland said. “There was a real ceiling on the price point. They don’t want to spend more than $2.6 million.”

The reserve was $2.45 million.

The property last traded in 2007 for $965,000, records show.

The suburb’s median house price jumped 15.5 per cent in the year ending June to $1,877,500, Domain data shows.