Real estate updates: latest results from the Sydney property market

Sydney auctions attracted much higher bidder numbers this weekend and the increased pressure resulted in some huge prices. Watch replays of the biggest auctions

Auctioneer and real estate entrepreneur John McGrath at a recent home auction in Darlinghurst. Picture: David Swift

Welcome to The Daily Telegraph’s auction coverage.

SEE BELOW FOR LATEST UPDATES

Sydney remains a buyer’s market but the choice of properties on offer is limited in many areas. Agents have reported there is a shortage of what’s often described as “A-grade” real estate – fully renovated properties that are well located and “tick every box” for buyers.

And that means the few that are up for sale have generally attracted strong interest at auction.

We’ve covered the results of the biggest auctions below and you can also watch the replays of Saturday’s sales.

CLICK ON THE ADDRESS TO WATCH THE AUCTION REPLAY OR SCROLL BELOW FOR THE LATEST UPDATES

.

Updates

4:04 pm October 15, 2022

Burnt down house still for sale for over $5m

Aidan Devine

A Strathfield house destroyed in a 2021 fire has passed in at auction, with the vendors wanting a higher price than what they paid last year when the property was intact.

Sales records showed the property on Wentworth Rd traded in February 2021 for $4,788,000, but it came up on realestate.com.au searches among properties with a minimum price of $5m.

Emergency services were called to the home in August last year to contain the blaze and neighbouring properties were evacuated, according to Channel 7 reports at the time.

The fire allegedly tore through the roof and much of the structure, leaving only a shell. The cause of the blaze is not known.

The Strathfield house.

The 1500sqm property – substantial for the area – was listed in 2021 as an opportunity to “completely knockdown and rebuild the family home”, according to the sales record. It appears that the main selling point of the property even before the fire was the land allotment.

Selling agent Tarun Sethi of Richard Matthews Real Estate would not comment on the sale.

2:24 pm October 15, 2022

Investor breaks hearts of 13 other bidders

Aidan Devine

An investor held off competition from 13 other bidders for a Baulkham Hills house described as a potential knockdown-rebuild project, paying $1,565,000.

The price of the three-bedroom house on nearly 700sqm on Dunkeld Ave was $215,000 over the reserve issued to selling agents Jason Li and Lisa Van of Murdoch Lee Real Estate Agents.

Auctioneer Stu Benson said the auction was dominated by “fast paced bidding” between six of the 14 registered bidders.

“Others tried to raise their paddles, but just weren’t quick enough,” he said.

The house at 12 Dunkeld Ave, Baulkham Hills.

The majority of bidders were reported to have been interested in replacing the current house with a modern one, seizing on the position within the coveted Matthew Pearce Primary School catchment.

“There’s no doubt that we have a stock shortage here in the northwest of Sydney, and certainly in the Hills Shire,” Mr Benson said.

1:31 pm October 15, 2022

Chippendale block passes in at auction

Aidan Devine

A weirdly shaped Chippendale property sandwiched between bigger buildings was among the real estate offerings to pass in at auction after failing to attract enough bidder interest.

The property on Rose St had an unusual curved block shape with mixed commercial and residential zoning. Other properties that passed in at auction included houses in Kellyville and Baulkham Hills.

1:05 pm October 15, 2022

Petersham unit's price goes up $650k in four years

Aidan Devine

A penthouse in Petersham has sold at auction for $350,000 over reserve after stronger than expected buyer competition that saw 16 bidders battle each other on Saturday morning.

The two-bedroom unit on Maria St with sweeping views of the area sold under the hammer for $1.61m and bidding was described as “intense” and at a level not seen in months.

The sellers, who had set a reserve of $1.26m, were reported to have been “delighted” with the result – especially considering sales records showed they had paid $960,000 for the property back in 2018.

It meant the little changed unit delivered the sellers a resale profit of $650,000 over the four years – or about $162,500 for each year they owned it.

Auctioneer Clarence White (centre) at the Petersham unit. Picture: David Swift.

It’s understood the buyers, a downsizing couple from Chatswood, blew their budget at the auction, paying hundreds of thousands more than they anticipated due to the competition.

Selling agent Joseph Ferreira of Adrian William said many of the registered bidders were first homebuyers who had originally wanted nearby cottages but considered the unit better value.

“It was a great auction. We haven’t had too many of these recently,” Mr Ferreira said. “I think it came down to the property. It had a great outlook and a lot of internal space. You don’t get many of these in the area.”

12:06 pm October 15, 2022

Mosman deceased estate sells for nearly $4m

Aidan Devine

A three-bedroom house in Mosman with an interior likely to have been little changed since the long-time owners bought it in the 1980s has changed hands after auction for nearly $4m.

The property on Raglan St had traded in 1984 for $155,000. Bidding started at $2.9m. It was a deceased estate. The new price was $3,975,000.

139A Raglan Street, Mosman.

11:52 am October 15, 2022

Homeowners make $535k in two years

Aidan Devine

A single level terrace in Erskineville has resold for $535,000 above the price the sellers paid back in 2020.

The three-bedroom house on a 183sqm block on Sydney St had last traded for $1.52m in 2020 and resold at auction for $2.06m.

It appears the only changes in the two years between sales were cosmetic, including a new lick of paint.

The home at 1 Sydney St, Erskineville.

Nine bidders registered for the auction hosted by Ray White Erskineville agents Shaun Stoker and Moira Verheijen.

10:37 am October 15, 2022

Dated Maroubra house sells for $3.32m

Aidan Devine

A two-bedroom house in Maroubra has sold at auction for $3.32m – $420,000 above the price guide.

There were 23 bids made for the house on Wild St, up for sale for the first time since it was built, and the winning bidder was given the keys with an offer $10,000 above the underbidder.

The auction was initially slow to get started, with auctioneer Lachlan MacDonald left waiting close to five minutes before any offers were made.

The Maroubra house.

The bids came in quickly after the first bid, which Cooley Auctions director Damien Cooley noted last week was fairly typical for auctions in this market. He explained that many buyers needed “social proof” from other bidders before they made a move.

10:06 am October 15, 2022

Potts Point wreck sells for $4.8m

Aidan Devine

A rundown terrace in Potts Point has sold at auction this week for $4.8m.

The dated house on Victoria St was listed as an “exceptional opportunity” with “scope for complete renovation or rebuild”.

Sales record showed the property had been owned by the Housing Department. It last traded in 1985 for $175,000 and, with 231sqm on title, was considered large for the densely populated area.

The terrace on Victoria St in Potts Point.

The property was listed with Richardson and Wrench agent Jason Boon, who in 2020 sold an even more dilapidated terrace cordoned off with danger tape for $4.62m. One onlooker had described it as a "s***hole".

9:28 am October 15, 2022

Record price for Turramurra sellers

Aidan Devine

A North Turramurra house on a massive 2Ha block has sold under the hammer for nearly $1m above the lofty reserve, setting a new price record for the suburb.

The vendors of the Bobbin Head Rd property had stipulated they were happy to accept a minimum offer of $10.5m, but got $11,025,000 at auction.

They had owned the property for close to 35 years, paying $1.8m back in 1987, according to sales records.

Eight bidders registered for the auction, but only three raised their bidder cards to make an offer. Bidding started at $8m.

Selling agent David Walker of Ray White said the property was a “rare” offering. “Properties like this are tightly contested and buyers are willing to pay good money,” he said. “Properties like this are one of a kind and will always be popular in any market.”

Some of the parties who had expressed interest in the property prior to the auction had mentioned plans to subdivide the block.

9:20 am October 15, 2022

Bellevue Hill mansion sells for $11.8m

Aidan Devine

A house that sat on the market last year for nearly five months without selling has sold in pre-auction deal for $11.8m.

Sources close to the sale had revealed other parties interested in the five-bedroom luxury house on Kambala Rd in Bellevue Hill were budgeting closer to $9m.

The vendor paid $3.8m in 2013 and later did a $1.2m renovation that included an addition and going up a level to suit the needs of their growing family. More details here