Sydney’s property market continues to heat up in the spring, with buyers flocking to auctions and paying top dollar to secure their dream homes in time for summer.
Three separate auctions in Sydney sold above reserves on Saturday to large crowds and happy sellers.
There were 1166 auctions planned in Sydney this week, up 14 per cent year-on-year, and 1372 auctions planned for next week, up seven per cent on last year, according to PropTrack.
A fierce competitive battle at an auction in the Upper North Shore ended with the property selling for $436,000, exceeding its $3.8 million reserve.
MORE: First weekend of spring: Sydney auctions exceed expectations
Auctioneer Jason Keen brings the hammer down at 19 Pleasant Ave, East Lindfield.
With five active bidders, the auction at 19 Pleasant Ave., East Lindfield stopped at the $3.7 million mark when bidding stalled.
Competition increased again with numerous bids and a final sale of $4,236 million.
Auctioneer Jason Keen of Ray White said the seven registered bidders made a difference to the competition.
“The result was fantastic,” he said. “It’s a bit like other auctions we’re seeing at the moment. On Thursday night we had an auction that was $425,000 over reserve, and it was well over that,” he said.
“I had 25 (auctions) booked for that day, a lot of them have already been sold – a bit of that is happening.”
MORE: Sydney auctions: Homes selling up to $500,000+ above reserves
19 Pleasant Ave, East Lindfield had been in the seller’s family since the 1950s
Mr Keen said it was a “vibrant” auction market at the moment.
“Inventory numbers were quite high and that’s what we’ve been waiting for, the moment when the crucial spring would arrive,” he said. “There’s a real energy around the auctions and improving the number of registered bidders.”
Bidding started at $3.4 million, below the target price of $3.6 million. After a few close calls of the gavel and multiple bids under $50,000 drawn near the end, it was a last ditch effort of $5,000 that secured the winning bid.
Seller Rowena Ferguson said the house had been in their family since the 1950s. “It was left to my mother by her aunt in 1965,” she said. “My brother has lived there for 38 years and raised his family in the house.”
A second house on the same street, 3 Pleasant Ave, was sold a few hours later
Ms Ferguson said they were “very happy” with the outcome. “They did a fantastic job,” she said. “The people who bought it seem like a nice bunch; they’re going to live in it, which is wonderful.”
Senior Constable Jessica Cao of Ray White Upper North Shore said the result was “very strong”.
“That actually set a suburb record of less than 900 square metres,” she said.
Ms Cao was also the lead agent for a second home sold a few hours later on the same street at 3 Pleasant Ave, with four registered bidders, two of which were active, and a sale price comparable to the reserve of $4.98 million.
“The buyer who bought 19 Pleasant Ave. actually planned to come to No. 3 if the bidding on No. 19 went crazy,” Cao said.
Ms Cao said it was mainly family interest for both houses. “I think people are definitely paying more for what they think the potential is,” she said. “You can’t build a house for $1.5 million – when the houses already built represent really good value.”
51 Main Street, Earlwood sold for $220,000 over its reserve
In the inland Southwest, a home in Earlwood shattered its $1.7 million reserve by $220,000.
The three-bedroom home at 51 Main Street had eight registered bidders, four of which were active.
“The buyer who bought it was a downsizer who moved from another area in the west,” said Alexandra Stamatiou-Buda of McGrath Inner West. “The house required quite a bit of maintenance, it had been in the same family for 65 years.”
4/744 New South Head Road sold for $625,000, in addition to the $1.6 million reserve. Photo: Damian Shaw
The two-bedroom apartment sold at 4/744 New South Head Road for $2.225 million. Photo: Damian Shaw
A property in an eastern suburbs sold for $625,000, above the $1.6 million reserve.
The two-bedroom apartment at 4/744 New South Head Road, Rose Bay had 12 registered bidders, six of which were active.
Ray White Eastern Beaches director Angus Gorrie said 165 buyers had attended to inspect the property.
“They were phenomenal numbers,” Gorrie said.
“The buyer actually saw the property about five minutes before the auction.”
Auctioneer James Hayashi and agent Nick Wiggan at the auction of 4/744 New South Head Road, Rose Bay. Photo: Damian Shaw
Winning bidder Ahmed. Photo: Damian Shaw
Buyer Ahmed said he had planned to view a property on Avalon Beach and came to the Rose Bay auction instead.
“I thought, OK, let’s go look,” he said. “I went there and thought this is a very good beach access. You can see the harbor bridge and I found another one in the area that cost $9 million with the same access.
“I think I’ll enjoy it until after Christmas, but then I’ll rent it out.”
MORE: Sydney auctions: Emotions run high as families find new homes
#Sydney #auctions #Properties #soar #reserve #realestate.com.au