Strong Sydney results continue prior to and at auction

Sydney’s auction results remained solid after the weekend, with agents reporting strong offers not only while properties are being sold under the hammer, but also before they reach an auction.

There had been several offers made during the week on properties that were due to go to auction at the weekend or in coming weeks.

Sydney’s preliminary auction clearance rate sat at 77.2 per cent after 695 auctions were held and 484 reports received.

Chief economist at AMP Capital Shane Oliver said results were holding up in Sydney with the final number expected to be about 70 per cent.

“It’s a pretty strong number at the same time we saw another pick up in listings – they’re up 8 per cent on a week ago and around 50 per cent on a year ago,” Dr Oliver said.

Di Jones Lower North Shore’s Piers van Hamburg had one of the biggest auction results for the weekend: the home at 118 Young Street, Cremorne, sold for $7.32 million.

The five-bedroom home, built in 2014, sold for $770,000 above reserve.

A Chinese-Australian family had snapped up the home, delaying a flight to visit China to be at the auction.

“I can’t believe what we got on the day,” Mr van Hamburg said. “The vendors are ecstatic.”

Higher price points were getting strong offers in the local market, he said.

Two properties – one at 27 Avenue Road, Mosman, which had been listed for just one week, sold late on Saturday night for $3.7 million. Another at 34 Orlando Avenue, Mosman, sold during the week for $3.55 million after the buyers made the offer.

“The market on the lower north shore is the best I’ve seen in years,” Mr van Hamburg said.

One of the biggest prior-to-auction sales for the week was in Hunters Hill where a home, at 88 High Street, Hunters Hill, sold for $5.88 million, records show.

McGrath Hunters Hill’s Nicholas Cowdrill wouldn’t comment on the price, which had been withheld, but said the sale had set a precedent for properties on the non-waterfront area of the suburb.

Not too far from Hunters Hill, the suburb of Concord had some strong results with two big sales at auction on Saturday.

A three-bedroom home at 19 Gladstone Street sold for $1,774,000 – well above $1.6 million reserve. 

The home was auctioned by Cooley Auctions’ Sarah Tabac on behalf of Raine & Horne Concord.

Selling agent Paul Aladjadjian said five bidders fought it out, with a young couple looking for a bigger home the winners.

A four-bedroom home next to Concord golf course set a street record when it sold for $2.88 million through Raine & Horne Concord.

The renovated home at 32 Cumming Avenue, Concord West, had previously had an offer of $2.7 million before the auction, Ray White auctioneer Alex Pattaro, who auctioned the property, said.

A three-bedroom home at 15 Clarinda Street, Hornsby, sold for $1.33 million after an auction that attracted 100 bids.

Soames Real Estate Upper North Shore’s James Campbell said the result surpassed expectations with first-home buyers winning the keys.

“The buyer’s guide was $1.1 million to $1.2 million, so the price was substantially above where buyer interest was,” Mr Campbell said.

A three-bedroom home at 36 South Avenue, Leichhardt, also beat expectations when it sold for $1.77 million. The price guide was $1.55 million, Cobden & Hayson Annadale’s Julie Hatch said.

A local couple snapped up the home, fighting it out with five other registered bidders.

“People don’t move far – they like the inner west so they stay,” Ms Hatch said.

In one of the most unusual auctions of the weekend, the Versace-inspired, two-bedroom unit at 2410/98 Joynton Avenue, Zetland, sold for $1,045,000. 

Two registered bidders fought it out for the home, styled as a “tribute to the iconic Gianni Versace”, Ray White Surry Hills’ Jack McGhee said.

Mr McGhee said a young, first-home buyer from Meadowbank won the keys.

“The owners are happy, they are so relieved that they can now build their dream home out at Richmond where they have bought some land,” Mr McGhee said.