Sydney online auctions: Lilyfield home sells for $1,825,000, with proceeds to go to charity
A home on the market for the first time in almost 70 years sold for $375,000 above reserve on Saturday in a competitive online auction that raised money for medical research and Guide Dogs Australia.
The two-bedroom deceased estate in Lilyfield was one of 515 properties scheduled for auction across Greater Sydney for the fourth Saturday of online auctions in the city-wide lockdown.
By evening, Domain Group recorded a preliminary clearance rate of 72.0 per cent from 404 reported results while 97 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
Bidding for the tightly-held home at 197 Lilyfield Road got underway quickly, opening at $1.4 million and jumped to $1.6 million on the second bid – passing the $1.45 million reserve.
It rose in $25,000 and $20,000 jumps, then bidding dropped to mostly $10,000 increases for the rest of the auction, as five of the 14 registered bidders made offers.
The 183-square-metre block sold through Dib Chidiac for $1,825,000, with a young builder walking away with the keys. All interested parties had been looking to extensively renovate or rebuild on the block, which records show last traded for £1720 in 1954.
The proceeds from the sale will fund research at the Royal Prince Alfred Hospital, The Victor Chang Cardiac Research Institute, and support Royal Guide Dogs Australia.
Mr Chidiac said a limited supply of new homes coming to market amid the lockdown meant there was strong competition for those going under the hammer.
“A lot of properties can’t hit the market because construction is on hold; they can’t style properties,” he said.
Then there were the vendors who were ready to sell but postponed their plans due to lockdown, and the ban on public auctions and open homes, said auctioneer Clarence White.
“That’s tightened stock a bit, and as a result, we’re getting a massive number of registrations,” he said. “We’ve got more people competing on homes right now during online auctions than we had in February at the absolute height of the market … the buyers are clearly not scared; they’re diving in.”
On the upper north shore, a three-bedroom house in Wahroonga sold for $2.18 million after drawing 29 registered bidders.
The auction for the 695-square-metre block at 11 Havilah Avenue was brought forward by two weeks due to strong interest.
Almost 80 offers were made on the home from nine of the bidders, with the auction kicking off at $1.7 million and quickly passing the $1.8 million reserve, climbing mostly in $50,000 and $25,000 jumps up to $1.95 million.
From there, it slowed to smaller increments. The final 40 bids mostly consisting of $1000 raises by three parties.
The result was $380,000 above the reserve and well above the $780,000 that records show it last traded for in 2011.
Selling agent Alex Mintorn of McGrath Wahroonga said it was a strong result that topped the previous street record set earlier this year when a four-bedroom house on a larger block sold for $1,775,000.
In Hunters Hill, it was a two-man race for a recently renovated apartment that sold for $365,000 more than it did back in May 2020.
The two-bedroom apartment at 3/8 Tiree Avenue is one of only six units in a converted 19th-century sandstone mansion.
A local owner-occupier outbid an expat for the home, purchasing the ground-floor apartment for $1.34 million – just above the $1.33 million reserve price.
The property sold through Nicole Robertson of BresicWhitney Hunters Hill.
Records show it last traded for $975,000 last year.
In West Ryde, a three-bedroom, one-bathroom house on 603 square metres sold for $2,015,000.
There were 26 registered bidders for the auction of 76 Bennett Street, eight of whom actively competed for the keys after bidding opened at $1.2 million.
They pushed the price up quickly, mostly in $50,000 bid increases to start, to an end result that was $165,000 above the $1.85 million reserve.
The property sold through Michael Green of Green Real Estate to a Schofield buyer, who plans to rebuild on the block later.
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