Sydney auction wrap: Vendors reap rewards of tight property market
A number of families have walked away successful from their auction bids over the weekend, as limited stock continued to push prices up.
A family home on Sydney’s Upper North Shore has enjoyed a strong result at auction as a large crowd attended the sale.
Over 170 groups inspected 42 Hinemoa Ave prior to auction, with predictions of 10-15 registered bidders on the day.
Auctioned via Jason Keen, the sale saw 13 registered bidders with eight actively competing to own the 558 sqm home.
The family who purchased the property five years ago are looking to move further down the North Shore train line to Gordon, Lindfield, Killara and Roseville.
Wendy and her husband Todd have enjoyed living in the area, purchasing the property for $1.51m in April 2018.
“Today has been a really exciting day for us, we’re absolutely loved living here and it was a great result for me and my family,” Todd said.
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“We listed the property seven weeks ago and there was a lot of interest throughout its time on the market, considering this time period covered school holidays and public holidays.”
It was listed via Ray White’s Thomas Merriman for $2.3m, who told The Daily Telegraph that it sold for $100,000 over reserve.
“The buyer was a young woman who brought her two children along, she’s upsizing from an apartment in a nearby suburb. She had a strong bidding strategy and clearly wanted the property so she’s stoked,” Mr Merriman said.
“The location of the house was a huge plus for buyers. It’s within walking distance of some of the best girls schools in Sydney so the bidders were predominantly families with young girls.
“The property itself was also a selling point. It’s about 20 years old but has been recently renovated.”
It’s an inviting family home with an entertainer’s layout and features a north and east aspect.
The four bedroom and two bathroom property is split across two levels, with the downstairs featuring recent renovations to its living zones, home office area and new near luxury kitchen.
Todd was delighted to see a large crowd attending the auction and was looking forward to settling into a new property in a few weeks.
“I’ve got a very small family, so we’re not seeking out huge properties to move into – rather something on the smaller end.”
“We’re very happy with the result and we hope the successful buyers enjoy living in this property as much as we did.”
The 558 sqm block also includes landscaped gardens with a covered deck and blinds.
Since April 2022, the median price for properties in Normanhurst has dropped by 12.5 per cent.
The average home in the suburb now costs $1.72m to purchase.
In other sales, a local family looking to upsize has secured an Inner West home for $2.62m.
The three bedroom and two bathroom property at 33 Renwick St is considered one of Alexandria’s best homes.
Listed via The Agency’s Brad Gillespie and Jack Wimpey, the auction saw seven registered bidders competing for the home.
It ended up selling to the family for $120,000 above the $2.5m reserve.
Finally, a four bedroom home in the heart of Green Valley has sold under the hammer for $105,000 over reserve.
Being offered to the market for the first time in 20 years, 299 Wilson Rd Green Valley was listed via Ray White’s Michael Makrinakis and auctioned via Perry Edmonson-Clark.
The successful buyers were first home buyers, who admired the home’s convenience and accessibility.
Originally published as Sydney auction wrap: Vendors reap rewards of tight property market
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