Auctioneer Edward Riley is calling bids on a North Sydney home that sold for millions more than the previous price the seller paid. Photo: Jeremy Piper
Sydney’s auctions have continued to attract big buyers and a variety of homes selling under the hammer for huge prices – in some cases millions more than they traded for just a few years ago.
One of the standout sales was the $3,925,000 paid for a Victorian-style home in North Sydney. The price for the Riley St home was about $3.37 million above the $550,000 price the seller paid in 1995.
It was also $225,000 above reserve. It is now one of the highest prices paid in the suburb for a four-bedroom house that is not on the water.
Another highlight was the sale of a four-bedroom house in the Sutherland Shire suburb of Menai for $2.15 million – an incredible $637,500 more than the price it last sold for a year ago.
The previous price paid in December 2024 was $1,512,500.
![](data:image/svg+xml,%3Csvg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720"%3E%3C/svg%3E)
13 Tupelo Grove, Menai sold for approximately $637,000 more than its 2024 price.
MORE: New housing construction crashes in once-thriving suburbs
This year’s price was $100,000 above the reserve price and six bidders were registered for the Menai auction.
In Castle Hill, a four-bedroom house sold under the hammer for $3.2 million – $1.18 million above the price sellers paid in 2020.
Daniella Rundle of Richardson and Wrench, the selling agent for the North Sydney home, said the impressive price gain had delighted the seller.
“The seller was very happy. It was a fantastic result that exceeded our expectations,” she said.
Auctioneer Edward Riley said the 1890s house was “heavily contested” and bidders freely exchanged offers without much hesitation.
MORE: New plans for Western Sydney’s tallest building revealed
1 Bendtree Way, Castle Hill sold for approximately $1.1 million more than its 2020 price.
“It was a sensational result,” Mr Riley said, noting that most other sales did not produce such a strong result.
He explained that beneath the veneer of some cracker sales, there seemed to be a change in the winds, with the market beginning to moderate as the year drew to a close.
“Most of the auctions I attend are a grind. It’s hard work,” he said.
“We no longer get the rhetoric of a new rate cut. Given the inflation trend, that potential rate cut has suddenly turned into keeping rates steady, or even rising.
“Any hype from buyers about another rate cut is fading. The FOMO is gone. There are more buyers who are happy to wait and see.”
Mr Riley added that sellers’ expectations had often not kept pace with changing buyer sentiment.
The auction for a house on Riley St in North Sydney became ultra-competitive. Photo: Jeremy Piper
“Buyers are insecure. One minute they’re excited about something, 24 hours later they’re completely cold. But some sellers are still high with their expectations.
“I would say that sellers are about three months behind buyers and are coming to the realization that the market has shifted.
“It’s still a good market, it’s just winding down. Buyers are deflated. Sellers are deflated. Everyone is ready to take a breather. Next year, prices may level out somewhat.”
Ms Rundle said it was not unusual for the market to start winding down just before Christmas, but added that there would be a lot of new housing stock coming onto the market in late January and early February.
INCREDIBLE INCREASE IN ONE YEAR
A four-bedroom house in the suburb of Menai, Sutherland Shire, sold for $2.15 million – an incredible $637,500 more than the price it last sold for a year ago.
The previous price paid in December 2024 was $1,512,500. The home on Tupelo Grove received a cosmetic renovation.
This year the price was $100,000 above the reserve price and six bidders were registered for the auction.
Ray White-Sutherland Shire sales agent Chris Lechowicz said southern Sydney remained a seller’s market and there was still significant interest from buyers.
He said he was unsure why the Shire market was much stronger than many other parts of the city, but speculated that buyers may be retreating from more expensive areas to more affordable areas such as the south.
THE ‘ASTRONOMIC’ GROWTH OF CASTLE HILL
A four-bedroom Castle Hill house sold under the hammer for $3.2 million – $1.18 million above the price sellers paid in 2020.
Auctioneer Stu Benson of Benson Auctions calls bids on a Castle Hill home that sold for more than $3.2 million.
The high price for the Bendtree Way house was the result of the two registered bidders becoming embroiled in a bidding war.
Auctioneer Stu Benson said there has been “astronomical” growth in the area over the past five years.
RUNDOWN FIBRO SOLD FOR $2M
A dated fibro house in Padstow has changed hands at auction for $2.035 million, $135,000 more than reserved, and is likely to be bulldozed to make way for a duplex.
The property on Sphinx Ave attracted a crowd of about 50 people, including 12 registered bidders, who stood in the scorching 40 degree heat to watch the auction.
19 Sphinx Avenue, Padstow sold for over $2 million.
The house, listed with Lush Pillay of LJ Hooker-Padstow, was for sale for the first time in almost 30 years.
Auctioneer Andrew Cooley said the derelict property was popular due to the development potential of the 663sqm block.
Ray White, head of auctions NSW David McMahon, said buyer demand was moderating, but those still actively searching were committed.
He said there were “fewer buyers” at open houses “but those who attend are qualified and ready to buy.”
MORE: Dirty move left family homeless before Christmas
#Sydney #homes #selling #millions #previous #prices #experts #warn #market #cooling #realestate.com.au