West Ryde home sells at frenzied auction for $255,000 over reserve as buyer competition heats up

The sellers of a three-bedroom house in Sydney’s northwest got a big surprise when their home went under the hammer. The home was among a mix of unexpected auction results across the city.

Auctioneer Rocky Bartolotto at the sale of 15 Linton Ave, West Ryde. Picture: David Swift

It last changed hands more than 50 years ago for about £4000 but a weatherboard home in West Ryde has been hoisted into the 21 century with a whopping price tag.

The three-bedroom house on Linton Ave sold under the hammer Saturday for $1.335 million, about $235,000 above the $1.1 million reserve price.

It was also well above the price of a similar-sized property in somewhat better condition across the road, which sold last month for $1.01 million.

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Selling agent Paul Tassone of Professionals-Ermington said the sale showed the difference the federal election had made in boosting confidence.

The auction attracted a big crowd.

The passing of the election on May 18 created market certainty that was pushing renewed interest in auctions, he said.

“The level of inquiries on this property was insane,” Mr Tassone said. “We have been showing 40 groups through each week. It’s been crazy.”

All up there were nearly 200 groups that inspected the home and 60 contracts of sale were issued. Thirty-two buyers registered for the auction — the average Sydney auction over May attracted just three bidders.

Family of the original owners Trevor and Max Wheat (right).

Part of the appeal was the generous 590sqm block and rear access, which meant the rundown home presented something of a blank canvas for builders or renovators, Mr Tassone said.

The deceased estate was sold off by the descendants of the original owners, who purchased the property with the help of a war service loan.

Trevor Wheat spent much of his childhood in the home and said his parents would have been shocked to hear the price.

“I don’t think they would have believed it. It was way passed what we expected … it was terrific,” Mr Wheat said.

Auctioneer Rocky Bartolotto of Auction Services received an opening bid of $800,000 but the auction was slow to get started.

The bids staggered up in initial increments of only $20,000, but the offers started to increase considerably once bidding passed the $950,000 mark.

At that point, the auction turned into a frenzy, with bidders calling offers simultaneously.

There were more than 50 offers placed in total from seven active bidders. The eventual winner was a builder with plans to transform the site.

Mr Barolotto said the property’s rear lane access may have been the deciding factor in pushing up the price, but added that the price was still a surprise.

The Linton Ave home offered a large block.

“A lot of the buyers were holding their cards close to their chest in the beginning, but it changed and the (bids) went off,” he said.

The property was one of 453 auction scheduled today, nearly double the volume reported last week. Only about 56 per cent of auctions last week were successful.

Earlier in the day, a five-bedroom luxury home on Pymble Ave in north shore suburb Pymble achieved one of the highest prices at auction this week when it sold for $5.9 million.

The 2500sqm property with a tennis court and swimming pool was well-received by buyers, with six registering to bid.

DiJones auctioneer Rob Ward at the sale of 62 Pymble Ave, Pymble. Picture: DiJones

The home sold for $5.9 million.

Selling agent Tim Fraser of DiJones said all the registered bidders were local families, including the buyers who have children in a nearby school.

“Competition was heavier than we expected,” Mr Fraser said.

Auctioneer Rob Ward received an opening bid of $5.3 million and the offers quickly surpassed the $5.8 million reserve.

In the inner west, a couple who had been saving up their deposit while living above a parent’s garage in Artarmon for six years bought a Marrickville home for $1.165 million.

147 Addison St, Marrickville sold for $1.165 million.

The price for the home at 147 Addison Rd was more than $200,000 above the opening bid of $950,000.

Ray White-Erskineville selling agents Ercan Ersan and Shaun Stoker received four registrations.

“Everyone was active in the auction which lasted all up about 15 minutes,” Mr Ersan said. “It was great to see about 30 people attend the auction.”

315/10 Jacques Ave, Bondi Beach.

In the east, another young first home buyer in his 20s today bought 315/10 Jacques Ave in Bondi Beach for $1.775 million.

Selling agent Sebastian Maxwell of Ray White-Woollahra said more than 65 groups went through the home in the lead up to the auction.

“There’s definitely a lot more buyers out there and confidence is good but many are still very price sensitive.”

Originally published as West Ryde home sells at frenzied auction for $255,000 over reserve as buyer competition heats up