A three-bedroom Lilyfield home at 129 James Street, featuring a gorgeous front facade and modern renovation, sold for $2.68 million at auction on Saturday.
The buyer, a single professional and dog owner, had been searching for only two weeks and outbid four others for the property with its “good-sized yard”, paying $380,000 above its $2.3 million guide and reserve.
Six registered, but only five, who had made contract changes, placed bids. Bidding opened at $2.2 million, with initial rises of $20,000 and later increments of $1000 before it sold under the hammer for $2.68 million.
Selling agent Frederico Fraga-Matos from BresicWhitney Inner West said the 8.15am auction time did not affect buyers’ interest. “Some people might raise an eyebrow – that it’s too early,” he said. “But I guess it just shows if people want to buy a home, it doesn’t matter what time the auction is, they’ll be there.”
He also said there is “a bit more positivity in the air about a potential rate cut, or at the very least, no more rate holds”.
The property last traded for $1.25 million in 2015.
The property was one of 1042 scheduled to go to auction in Sydney on Saturday. By evening, Domain Group had recorded a preliminary auction clearance rate of 74.5 per cent from 643 reported results, while 112 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
A luxuriously elegant duplex in North Ryde sold for $2.6 million after an initial pass-in. The brand-new five-bedroom, three-bathroom home at 19 Magdala Road, North Ryde, did not sell last year, so the developer was “thrilled” to sell it at the weekend.
Three families registered and placed bids on the home near the city and opposite a park.
Bidding opened at $2.4 million, and increments of $50,000, $25,000, $10,000 and $5000 were accepted.
It was a tense auction mainly because of one representative’s bidding tactics. The auctioneer had to knock back several low bids, and after 30 long minutes, the property passed in at $2.59 million. Negotiations afterwards closed the deal for an additional $10,000, securing the property for a family from East Ryde.
BresicWhitney’s Peter Grayson said the property had launched with a guide of $2.5 million and received an offer of $2.6 million – from a different family before auction, which lifted the guide accordingly – but the vendor wanted to sell under auction conditions. The vendor adjusted their reserve of $2.65 million to sell.
“We were able to have a conversation where it needed to be and closed the deal at $2.6 [million] and exchanged under auction conditions,” he said.
“A large portion of buyers that are out looking at the moment are those new buyers that want to get into the market before the rate cuts start happening.”
In Enfield, a six-bedroom house sold for a suburb record of $4,425,000. The property at 11 Short Street, guided at $4 million, sold exactly on its reserve.
Six parties registered, and four placed bids, a mix of doctors and business owners.
Bidding opened at $3.8 million, with raises of $100,000, $50,000, $25,000 and $10,000. The upsizing buyer from Strathfield bid on top of himself an additional $25,000 to secure it under the hammer.
Selling agent Tarun Sethi of McGrath Strathfield said the main drawcard was the location.
“Conveniently located [in] close proximity to Burwood and Strathfield and private elite schooling that the inner west has to offer,” he said.
The vendors are downsizing to Coogee.
An upsizing couple outbid four first home buyers, paying $1.83 million for a charming “pretty house” with three bedrooms in Campsie.
Guided between $1.5 million and $1.6 million, the weatherboard home at 63 Scahill Street sold for $230,000 above its $1.6 million reserve.
Six registered, and five bid on the home on the border of Earlwood. Bidding opened at $1.5 million, with bid increments ranging from $10,000 to $25,000. The hammer fell with a winning rise of $5000 to $1.83 million in front of a good-sized crowd of about 80 people.
Selling agent Alexandra Stamatiou-Buda of McGrath Leichhardt said the auction was “well-competed” by buyers who had been looking at neighbouring Earlwood.
“It was pretty – it had charm and appeal,” she said.
The buyers were from Leichhardt. The “stoked” vendors will downsize to the inner west.
The house last traded for $699,000 in 2010, records show.
AMP chief economist Dr Shane Oliver said Sydney’s clearance rate of 74.5 per cent shows the trend is up.
“Optimism about an imminent rate cut with more to come. If you’re a home buyer, you’d be watching these things closely. There’s a lot of talk now that there will be a cut soon … and that would be motivating some buyers to get into the market.”
correction
A previous version of this article misstated the sale price of the Enfield home. It sold for $4,425,000. The error was introduced in production.