Local investors beat a young first home buyer couple to a Lindfield apartment at auction on Saturday, paying $1.68 million.
The three-bedroom home at 35/15-19 Havilah Road was billed as a luxury sub-penthouse and sold bang on its reserve price.
The home was guided at $1.6 million, bidding opened at $1.56 million and went up in $20,000 increments until it sold under the hammer.
Two parties registered for the home which had a rental return of $1300 a week and leafy tree views. The winning bidders lived in Lindfield and were looking for an investment in the area.
Selling agent Jessica Cao from Ray White Upper North Shore said, “It’s quite spacious. The view is nice, although it’s south facing, but it looks into the trees, and it’s just very private.”
As for the suburb undergoing development, “Lindfield, is quite a hot suburb at the moment … huge Coles, IGA, Harris farm, everything’s here and the future plans. So it’s quite a little convenient spot,” she said.
Cao said they expected more than two registered bidders. “I think it’s because of the holidays, the long weekends and all that. But also there’s uncertainty in the market. So let’s see what happens after the election, and also the [potential] further rate drop in May,” she said.
The address last traded for $1.5 million in 2020, records show.
The property was one of 357 scheduled auctions in Sydney on Saturday, a quiet day due to the Anzac Day long weekend.
Elsewhere, 50 onlookers gathered for the auction of a four-bedroom house with a guide of $1.9 million. The spacious single-level home at 4 Sunlea Crescent in Strathfield South drew the interest of four developers and two families.
Five of the six registered buyers made offers over a half-hour auction. Bidding started at $1.7 million and offers were staggered in $100,000 increments then dropped to $50,000 and $20,000 rises.
While the reserve was initially set at $2.1 million, on the day it was adjusted and announced on the market at $2.05 million. Despite this change, the price sold well above at $2,215,000, much to the delight of the vendors.
Belle Property’s Daniel Ozmen said the location used to be considered Belfield and was now changed to Strathfield South.
“It’s rather special to be on that residential only side of Strathfield South with that sort of frontage in that quiet spot,” he said.
“There is the election on right now. So the market in general has softened up. This auction in particular, it didn’t feel that way at all. This was one of the few auctions in the area that was healthy from start to finish.”
The buyers were from further west, and have moved to the suburb to be closer to their parents. They plan to build their dream home. The vendors were ecstatic as it was their family home for over 30 years and they had moved interstate to be closer to their daughter.
Auctioneer Ricky Briggs from Elders Real Estate Advantage Auction Group had nine auctions on Saturday all in suburbs located in the inner west and western Sydney.
He said only some communities were “on fire” at auction around Anzac Day. “The others were basically having a break,” he said.
Four buyers registered for a four-bedroom house located at 44 Kirkham Road in Ashgrove Estate in Auburn.
All four actively competed for the home, guided at $1.2 million. Bidding opened at $1 million.
Bids in increments of $100,000, $50,000 and $10,000 were shot back and forth until the price soared $190,000 above its $1.2 million reserve to $1.39 million, at which it sold under the hammer.
“We found that a lot of people were away on holidays and are awaiting the results of the election,” Briggs said.
The property was sold by Jimmy Ji Man Kang from Strathfield Partners. The home last traded for $580,000 in 2008, records show.
AMP chief economist Dr Shane Oliver said there are several things weighing on the market: interest rates, the election and US President Donald Trump’s tariffs.
“One is we’ve still got high interest rates. I think a lot of home buyers are holding back for more interest rate cuts,” he said.
“Secondly, there’s the upcoming election, which may be causing some to hold back, although I don’t think that’s a major factor, because both sides of politics are promising help for first home buyers.”
Oliver also noted that Trump’s tariffs might be causing a drag on the property market.