Modest Chatswood home sells for $3.5 million in 90 seconds

One minute a three-bedroom home on Sydney’s lower north shore was on the market, and less than two minutes later, it was off again.

In just matter of seconds, a modest three-bedroom home in a quiet part of Sydney sold for just under $3.5 million, more than $700,000 over its original quote.

The 796 square metre corner block at 1 Dulwich Road in Chatswood, on the city’s lower north shore, went to auction last weekend and in just 90 seconds, was swept off the market for $3.45 million.

The family home for 15 years attracted seven eager registered buyers on June 3.

Patrick Lang from Belle Property, who sold the home alongside Monica Carollo, credited the market conditions for the incredibly quick sale.

This family home sold in less than two minutes. Picture: realestate.com.au/BelleProperty

“There was really aggressive bidding and people loved the home,” Mr Lang told news.com.au.

“When the market’s down, people try to bid in $1000 increments, but when they know prices are back on the way up, like at the moment, people will bid confidently.”

He said buyers were bidding on the Chatswood home $50,000 at a time.

“The first bid was $2.7 million and it got to $3.45 million pretty quickly,” Mr Lang said.

“Even right at the last minute someone put a $10,000 bid in, and the lady who bought it came straight back with $50,000.”

Mr Lang described an enormous reduction in available properties compared to the same time last year.

“There’s a huge shortage of stock and there should be 30-35 houses in the market currently, and we’ve got 17 in our area,” he said.

The home sold for $700,000 over reserve. Picture: realestate.com.au/BelleProperty

“So we’re around 50 per cent down on stock. There should be 1000 houses going to auction in Sydney every weekend, but last weekend there was 509. That’s what’s pushing the prices and people just want to get something but they don’t have many to choose from.”

There had also been a shift in the types of properties buyers were snapping up Mr Lang said, particularly given lengthy construction delays on new builds.

“In the last two years because construction costs have been so high, the big four and five bedroom houses have been the trend,” he said.

“So now there’s a trend going back towards houses that can be built on, where people can move straight in now but they can also do an extension in the future.”

The trend meant homes that just 12 months ago were considered “ugly ducklings” were being snapped up for major dollars, almost overnight.