Real estate updates: latest auction results from the Sydney property market
A real estate executive has pocketed a massive personal windfall on a home he bought two years ago thanks to a head scratching property deal. Watch replays of the biggest auctions
Auctioneer Paul Menck (left) calls bids at a recent Queens Park auction. Picture: Julian Andrews
Welcome to The Daily Telegraph’s property auction coverage.
Close to 700 properties were due to go under the hammer this week – an increase from previous weeks – but nothing close to the spring bump in sales many agents had expected a few weeks ago.
The quieter sales period appears to have helped insulate sellers from the worst impacts of rising interest rates, which have pushed some prospective buyers out of the market.
Agents had a mixed response from bidders, with some properties drawing crowds, while others passed in.
You can catch up on some of the biggest results below or watch the replays.
CLICK ON THE ADDRESS TO WATCH THE AUCTION REPLAY OR SCROLL BELOW FOR THE LATEST UPDATES
Eight bidders registered for the auction of a small two-bedroom unit overlooking Rushcutters Park and it sold for $1,534,000.
The auction for the home on Queens Ave was conducted in the park and six of the eight bidders took part.
“The winning bidder was a lady from the inner west who is going to live in it and eventually do some renovations,” said Ray White Elizabeth Bay selling agent Renee Cross.
7/9-11 Queens Ave, Rushcutters Bay.
“It was stunning weather for an outdoor auction, and conducting it in the park really showed the unit in its best light. It is north facing and in an iconic eastern suburbs location.
“The unit had to be sold on auction day today, which attracted a lot of interest throughout the campaign and resulted in a great outcome.”
A messy wreck where visitors were barred from going into some rooms over fears the unstable floors would collapse has sold for a price that drew gasps from onlookers at the auction.
The shocking Marrickville house was so badly damaged it was estimated to need at least $500,000 in repairs to make it habitable, but still drew 14 registered bidders when it went under the hammer.
Selling agent Dean Vasil of Ray White Earlwood said the high competition for the property on Wallace St drove up the price and the hammer dropped at $1,303,000 in front of a crowd of about 60-70 people.
The Marrickville home sold for just over $1.3m. Picture: Tim Hunter
Mr Vasil had told the Sunday Telegraph before the auction that the executers of the deceased estate would have been happy with anything above $1m considering the property’s condition.
Abandoned furniture was spread across the house and both the backyard and front were a mess of junk, including old car tires. The interior was littered with pieces of crumbling ceiling and wall plaster. Rust covered the entirety of the corrugated iron roof, which appeared to have warped in places.
The deceased estate was understood to have been left to languish vacant and unattended for many years, but details remain murky over exactly how it came to deteriorate into its current state.
Auctioneer Alex Pattaro drops the gavel at the auction. Picture: Julian Andrews The house was full of junk.
The buyers were reported to be investors who had yet to decide whether they would keep the original structure and renovate or knockdown the home and start again.
“It was a great auction. The competition was unbelievable,” Mr Vasil said. “We were very surprised by the price, but even more surprised by the level of interest. Fourteen bidders for a house like this is crazy."
A family with young children landed the winning bid for a three-bedroom house in Marrickville, paying $130,000 above the seller’s reserve.
The family had been searching for a home for some time and paid $1.83m for the single-level property on Illawarra Rd.
Selling agent Ercan Ersan of Ray White Erskineville said the vendor, who had lived at the property for 24 years, was elated with the result.
“She decided to relocate to Adelaide to be closer to family. She is absolutely thrilled that we achieved so far above her expectations,” Mr Erscan said.
17 Illawarra Rd, Marrickville.
“The house was on a deep block which allowed for both a garden and a garage, which you rarely get both of.
“The market has shifted slightly since this time last year, which has allowed a new range of buyers to come and compete on properties like this.”
Another high-end unit within inner Sydney has passed in at auction, this time on a vendor bid of $1,775,000. There were no bids from the registered parties for the penthouse at 530 George St. The three-bedroom unit has views of the Harbour and Anzac Bridge.
There was a similar result when a unit at 16 King St, Waverton went under the hammer. No bids were made and the home passed in.
A luxury unit in Pyrmont attracted a bid of $11.5m at auction – but it wasn’t enough for the sellers relinquish ownership of the property and it passed in under the hammer.
The property on Darling Island Rd was described in the listing as a “Harbour sanctuary” and included sweeping water and city skyline views.
331/3 Darling Island Rd, Pyrmont.
Four bids were placed for the three-bedroom unit, including an opening offer of $10m, but none were near the seller’s reserve price. It is understood negotiations are still underway with some of the registered parties.
A two-level Federation-style house close to the inner west’s popular Bay Run in Drummoyne has sold at auction for $3,745,000.
Four of the registered bidders made offers for the five-bedroom house on Tranmere Rd and the bidding kicked off at $3.3m.
It was the first time the property was up for sale since 2011 when it traded for $1.84m.
4 Tranmere St, Drummoyne.
The auction was a drawn out affair, with auctioneer Peter Matthews putting a pause on proceedings at about the $3.7m mark as the agents consulted the vendors about their selling instructions.
The eventual buyer was the last to start bidding for the property, entering the auction with a $3,685,000 offer.
A cardiologist, who had a buyer’s agent bidding on his behalf at auction, was reported to have bid against himself to get the keys for a luxury waterfront property in Balmain East.
It’s understood the buyer made the last two bids for the Williams St property, which went to auction with a guide of $8.5m.
12 William St, Balmain East.
There were four bidders competing at the auction and a local source within the area said the property would likely have sold for at least $9m.
Selling agent Rebecca Fearon of Ray White refused to comment on the price, saying only that the property was hotly contested and the auction dragged out to 45 minutes.
Sydney has a shortage of the houses most home seekers want and its pressuring buyers to pay exorbitant sums at auction, despite a deepening market downturn.
Analysis of transaction activity showed there have been more than 40 properties sold under the hammer for over $5m since September – including seven with a price tag above $10m:
