Across Sydney, properties continue to sell for hundreds of thousands above reserve price at auction, with some fetching half a million more than forecast.
A Lidcombe home that had been in the same family for 75 years sold for $2.61 million on Saturday, crushing its reserve price of $2.1 million by $510,000.
Senior Constable James Kim of McGrath Strathfield said there were 19 registered bidders for the house at 7 Calool Street, of which around four were active.
“There were probably about 120 people at the auction,” he said. “It started at $1.9 million and slowly rose to about $2.2 and from then on there were only two bidders bidding it up to the $2.61 million mark.”
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7 Calool Street, Lidcombe sold for $510,000 over reserve of $2.1 million
An Auburn property sold for a whopping $510,500 over its $2 million reserve, with the two-bedroom, one-bathroom home at 62 Graham Street ending up with a result of $2.51 million through Sezer Yunus and Shahe Terzian of Ray White Auburn and auctioneer Fadi Hajjar of Scerri Auctions.
“The owners received half a million above the reserve price and this is a record price of its kind for Auburn,” Yunus said. “There were hundreds in attendance and twelve people registered with at least six active bidders.”
62 Graham Street, Auburn sold for $510,500 over $2 million reserve
At 3 Kelso Street, Burwood Heights, this house sold for $550,000 over the reserve price of $8 million.
With six registered parties and about four active bidders, lead agent Dib Chidiac, director of DibChidiac&Co, said the bidding started at about $6.5 million and very quickly rose to $7.8 million and then went back and forth between two buyers until the final price.
“It’s a new suburb record, I believe the previous suburb record was Burwood Heights at $5.7 million,” he said.
3 Kelso Street, Burwood Heights sold for $550,000, in addition to $8 million reserve
In Sydney’s Inner West, this classic Leichhardt terrace with two self-contained one-bedroom units was purchased for $1.51 million.
The house at 45 Renwick Street was listed with an auction guide at $1.3 million, selling $120,000 above the reserve price of $1.5 million, with buyer Theo Samos purchasing the property for its investment potential.
45 Renwick Street, Leichhardt. Photo: Monique Harmer
Mr Samos said he was excited by the outcome after setting his sights on the Inner West market.
“I’ve been looking for something to buy in the Inner West for a long time and I’m glad I put my foot in it,” he said.
“I see a lot of growth so close to the city.
“I always look at the historic character,” he said.
“They will be here much longer than us.”
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Buyer Theo Samos. Photo: Monique Harmer
Despite the winning bid, Mr. Samos said he had not prepared with a strategy going into the auction.
“I just followed my gut on this one,” he said. “This is an investment, I like the low maintenance.”
The opening bid started at $1.32 million and the auction progressed to smaller numbers, including multiple $10,000 bids and even a $1,000 bid, bringing the bid amount just above $1.46 million.
The auction takes place at Leichhardt. Photo: Monique Harmer
Mr. Samos had the winning bid. Photo: Monique Harmer
The terrace consists of two self-contained one-bedroom units
“I think the auction was a perfect example of what we’re seeing in the market, the cautious bidding,” said auctioneer Clarence White of Menck White Auctioneers.
“It’s price prudence where no one is really attacking it with big increases, but they do bid, that’s the most important thing and we get most of them done like we did.
“I think it was mediocre for what the building is.
“We had an agent bidding on behalf of a client who was the ultimate buyer there.”
Auctioneer Clarence White of Menck White Auctioneers. Photo: Monique Harmer
With the number of auction listings down on last year, Mr White provided some insight into the current market, where he said there has been an increase in the number of new auction bookings over the past two weeks.
“Yeah, it’s been a little quiet,” Mr. White said. “You’re probably about to see the numbers increase quite significantly in terms of auction volume.”
The house is being sold through director James Montano and agent John Cannizzaro of Montano Group Leichhardt.
“I think overall it was a fair outcome for both the buyer and the seller,” Mr Montano said.
Mr Montano said they are seeing a late uptick in both listings and buyer activity heading into the end of the year.
“We had a bit of a slower start in the bag and now we’re going to see a final push towards Christmas.”
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