By Kristy Johnson
An Epping buyer bid against himself by $100,000 to secure a house in North Ryde at auction on Saturday for $2,050,000, while the seller adjusted the reserve to get the deal done.
The three-bedroom, single-storey property at 6 Sunhill Place was guided at $2 million and the reserve was set at $2.1 million. There were two separate living spaces and a study.
There were two registered bidders, but only one took part. The buyer, who had a seasoned investor bid on his behalf, placed the opening bid of $1.95 million. After vendor negotiations, the buyer agreed to bid against himself by $100,000 to meet the vendor’s adjusted reserve of $2,050,000.
McGrath Ryde’s Fred Jabbour said the vendor’s “preferred reserve was $2.1 million” but agreed before auction they would accept a “bottom figure of $2,050,000″. There is no legal requirement for a vendor’s reserve to be in line with their property’s price guide.
The property was one of 954 scheduled to go to auction in Sydney this week. By evening, Domain Group recorded a preliminary auction clearance rate of 69.7 per cent from 634 reported results throughout the week, while 140 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
Jabbour said the buyer would live in the property but possibly do a knockdown rebuild in time.
An Epping buyer bid against himself by $100,000 at auction on Saturday to secure a North Ryde house for $2,050,000.Credit: Thomas Wielecki
He said the property needed some cosmetic renovations but was livable, particularly the timber deck which was beginning to rot. North Ryde’s median house price rose 5.1 per cent to $2.49 million in the year to March on Domain data.
The vendor was moving to the Central Coast. Records show the property last sold for $305,000 in 1998.
Jabbour said interest rate cuts prompted more buyers to enter the market, but noted they were cautious about making a purchase.
In Erskineville, a downsizer from a neighbouring suburb paid $1,755,000 at auction for a two-bedroom apartment with park and city skyline views.
McGrath Ryde’s Fred Jabbour said the property’s appeal was its price guide of $2 million which was slightly lower for the suburb.Credit: Thomas Wielecki
The property at 505/61 Ashmore Street had a guide of $1.5 million and the reserve was set at $1.55 million. Ayre Real Estate’s Emma Vadas said the unit had a “penthouse feel” given its top floor location.
There were five registered bidders and four took part. Bidding opened at the guide and rose mainly in $10,000 and $5000 increments.
The buyer outbid first home buyers and investors from the inner west.
Vadas said buyer sentiment had lifted following rate cuts, but some suburbs benefited more than others.
“Erskineville has been a strong market. We’ve always had great campaigns for our properties and the rate cuts certainly help,” she said.
In Earlwood, a first home buyer couple bought a five-bedroom home at auction for $2,871,000 while they holidayed in Mykonos, via the parents of the girlfriend who live in the suburb.
The architecturally designed property at 31 Twyford Avenue was guided at $2.4 million and the reserve was set at $2.7 million.
An outdoor kitchen, powder room and smart home technology were standout property features.
There were three registered bidders and all took part. Bidding opened at the guide and rose in steady increments of $50,000 to reach $2.6 million and then varied.
Adrian William Real Estate’s William Pereira said the buyers were living separately in Griffith and Earlwood and were buying their first home together. It was 3am in Mykonos during the auction, so the girlfriend’s parents bid on their behalf.
They outbid a couple from Camperdown who wanted to start a family and a family downsizing from a warehouse in Alexandria.
Pereira said buyers are after turnkey homes such as Twyford Avenue due to rising construction costs. “I’m finding they prefer to move into something that’s ready for occupancy.”
A first home buyer couple paid $2,871,000 at auction for a five-bedroom house in Earlwood.Credit: Adrian William Real Estate
Records show the property last sold for $2.5 million in 2022.
In Turramurra, a family from the upper north shore paid $2,965,000 at auction for a four-bedroom home as it was within the Turramurra Public School catchment zone.
The property at 15 Kate Street was guided at $2.5 million based on an off-market offer and the reserve was set at $2.6 million. The single-storey brick home is on a level block of 1423 square metres and has had cosmetic updates with a fresh lick of paint and new carpet.
There were 12 registered bidders and six took part. Bidding opened at $2.4 million and rose in varying increments.
The buyers outbid other local families who were upsizing and wanted to purchase within the school catchment zone.
Ray White Upper North Shore’s Kate Barnett said the property’s appeal was not only its proximity to schools but also the size of the block.
She has noticed a slight uptick in buyer sentiment following two interest rate cuts, but said quality properties like Kate Street were much easier to sell.