Sydney online auctions: Eastwood duplex site sells for $2.65 million, more than double its 2019 sale price
An Eastwood property on the market for the second time in just over two years has topped its 2019 sale price by more than $1.35 million at virtual auction.
The property, which had been granted development approval as a duplex site since it last sold, was one of 580 auctions scheduled in Sydney on Saturday.
By evening, Domain Group recorded a preliminary clearance rate of 74.8 per cent from 472 reported results while 96 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
It was a battle between builders and developers for the four-bedroom house at 77 Vimiera Road Eastwood, which records show last sold for $1.295 million in May 2019.
Bidding on the 742-square-metre block started on the $2.1 million price guide, jumped to $2.15 million, then $2.2 million, before increasing in $20,000 increments to the $2.3 million reserve price.
From there it slowed to smaller raises, with a whopping 102 bids made by five of the 14 registered bidders before the property sold to a Hornbsy developer for $2.65 million.
Selling agent Attlee Hsu of Belle Property Ryde estimated the duplex approval had added about 10 to 20 per cent on to the price, with the rest down to strong competition for the limited supply of development sites and the region’s strong price growth.
Domain data shows the median house price in Eastwood jumped 17.3 per cent over the past year to $1.904 million.
Mr Hsu said a further reduction in the number of homes for sale in the area – as homeowners delayed plans to sell due to lockdown – record-low interest rates and strong demand for local school catchments could see prices rise another 5 to 10 per cent before levelling out when more homes hit the market.
He noted only two of the 15 properties he had prepared to list prior to lockdown had proceeded to sale.
The sale came days after the latest Domain House Price Report revealed Sydney’s median house price rose 24 per cent in the past year, hitting a new record of $1,410,133 in the June quarter.
In Fairlight, where the median house price jumped 21.7 per cent to $2.77 million, an original-condition, three-bedroom house sold for $4.001 million on Saturday – the first time it had traded in more than 60 years.
Bidding for 62 Griffiths Street started strongly at $3 million and hit $3.5 million on the second bid, wiping out many of the 18 registered buyers and passing both the $3 million to $3.3 million price guide and the $3.25 million reserve.
Seven bidders made offers on the 613-square-metre block, with the competition coming down to a local owner-occupier and a Gladesville builder. A final $1000 raise saw the builder win. He said he planned to build two high-end semis on the property.
Selling agent Georgi Bates of Cunninghams Real Estate was shocked by the result, saying it went well above her expectations but reflected the strong competition seen for properties in the tightly held suburb.
Back in the the city’s north west, an investor outbid young families for a four-bedroom house at 8 Kentia Parade, Cherrybrook.
Bidding started at $1.8 million and eight of the 19 registered bidders made offers, pushing the price to $2,133,500 – $233,500 above the reserve.
The 741-square-metre block sold through Greg Nicolson of Louis Carr Real Estate, who said it was one of the top prices paid for a single storey home in the suburb.
Records show the property last traded for $655,000 in 2003.
In North Epping, young families competed for a five-bedroom house at 5 Waterloo Road, which drew seven bidders.
Bidding began at $2.75 million and was slow to rise from there, with auctioneer Peter Matthews knocking back an attempted second bid of $2.755 million, telling the bidders to stick to larger increases to start.
While the bidding stalled multiple times before hitting the $2.9 million mark, it then picked up speed, with three active bidders pushing the sale price past the $3 million reserve to $3,011,000.
The home sold through Catherine Murphy, of The Agency North, and was only the second home in the area to surpass the $3 million mark.
The 765-square-metre property last sold for $700,100 in 2007, with a new home built on the block since.
Meanwhile, in the inner west, another developer was the winning bidder at the auction of a double-fronted weatherboard cottage.
More than 20 bidders, six of whom had never inspected the property, tuned in for the online auction of the four-bedroom house at 110 Foster Street, Leichhardt.
After an opening offer of $2 million, the bidding quickly rose in $100,000 and $50,000 jumps up to $2.5 million, as five buyers traded bids.
The 426-square-metre block sold for $2.71 million through David Meadowcroft of Ray White Rozelle to a local developer. Mr Meadowcroft said most interested buyers had been looking to build a duplex on the site.
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