Victorian manor sells for almost $1.4m above reserve in Glebe on massive auction weekend
A Victorian manor in Sydney’s inner west has sold for close to $1.4 million above the reserve.
The four-bedroom home at 61 Ferry Road, Glebe, known as “Mareton”, sold for $6.62 million under the hammer, above expectations and more than $2 million above what the vendors had paid for the home three years ago.
Records show they paid $4.38 million for the historic property in 2018.
Bresic Whitney Glebe director Chris Nunn said the vendors were moving farther out of the city to be closer to their children’s schools, while the buyers, also a family, had bought in to be close to the schools their children attended.
“We had multiple auctions across a variety of suburbs and all sold above the reserve,” Mr Nunn said. “The market is still very strong.”
Sydney’s preliminary auction clearance rate bounced at the weekend to 77 per cent after 1036 auctions were scheduled and 742 results were reported. There were 95 properties withdrawn from auction, which were counted as not being sold as part of the clearance rate.
The sale in Glebe was one of the biggest results reported at the weekend. However, on the lower north shore, a six-bedroom home at 3 Dick Street, Henley, sold for a reported $7.85 million.
Ray White Gladesville and Ryde director Robert Cassidy would not comment on the sale price or the reserve, but said there were 22 registered bidders at the auction, all of them families.
“There was a lot of interest in the property right from the get-go,” Mr Cassidy said. “It was an amazing property on the waterfront [of the Parramatta River] so there was some very spirited bidding.”
The home, which had been in the same family for 40 years, sold under the hammer to another family who are looking to live in the area.
In the inner west, a four-bedroom fixer sold for $2,915,000 under the hammer, well above its $2.3 million reserve.
The home, at 124 The Boulevarde, Strathfield, was a few houses away from another fixer-upper that sold for $5.5 million, more than $1 million above its reserve, just two hours earlier.
Belle Property Strathfield director Norman So said the property, which was sold as part of a deceased estate, was liveable but in need of some TLC.
The property was sold to a family who are now planning to tear down the original house and rebuild their dream home.
“It was so popular because it’s only a 10-minute walk to the train station and shops in Strathfield,” Mr So said.
Another home at 19 Glenarvon Street, Strathfield, also sold under the hammer for $5.02 million, above the $4.6 million reserve.
Mr So said five of the eight registered bidders were active at the auction for the home, which had been built just five years ago by a popular local builder.
A local family upgrading to a bigger home were the winning bidders, Mr So said.
Another fixer-upper in the inner west also sold under the hammer for $2.1 million to the local Baptist church looking for a home for its ministers.
The three-bedroom home at 7 Goodwin Avenue, Ashfield, attracted 15 bidders and was sold as part of a deceased estate.
Raine & Horne Bardwell Park selling agent Gerry Bernhardt said he was not surprised by the interest, given the street was one of the most popular in the suburb.
“They [buyers] tell me they consider Goodwin Avenue one of the most sought-after streets in Ashfield because it has this lovely canopy of trees as you drive into the street and it’s a dead-end street meaning it’s like a cul-de-sac,” Mr Bernhardt said.
The Baptist Church was looking for a home for their ministers, so they did not have to keep renting in the area, Mr Bernhardt said. “They were very committed,” he said.
Closer to the water on the upper north shore, a four-bedroom home at 19 Prince Road, Killara, sold under the hammer for $4.25 million, just above the $4.15 million reserve.
McGrath Lindfield selling agent Olivia Chung said five bidders competed for the keys, with an opening bid of $3.5 million setting the scene.
Ms Chung said a local family, upgrading from an apartment, bought the property. “Quality properties in prized locations like this house in Prince Road attract this competitive bidding,” she said.
In the city’s north, a four-bedroom home was sold to a family after three families registered to bid. The home at 17 Roma Road, St Ives, sold under the hammer for $2,680,500, above the price guide of $2.5 million.
Chadwick Real Estate Ku-ring-gai selling agent Paul Diks said he was still seeing plenty of buyers out and about, but the number of homes for sale was still very low, causing sale prices to push above reserves.
“I’ve been in real estate for 25 years and I’ve never seen a market like it, so short of stock,” Mr Diks said. “Even though it’s winter and the market is cyclical and we expect listings to be slower, I’ve just never seen it like this.”
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