An investor dropped $1,485,000 on an original semi-detached house in St Peters at auction on Saturday in the hopes of flipping the home.
The two-bedroom property at 92 Goodsell Street hit the market for the first time in 60 years, attracting 18 registered bidders.
The auction at 92 Goodsell Street drew a strong crowd as the property hit the market for the first time in 60 years. Credit: Brook Mitchell
It was one of 540 homes scheduled for auction in Sydney on Saturday. By evening, Domain Group recorded a preliminary clearance rate of 79.0 per cent from 377 reported results, while 52 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
Bidding on the 164-square-metre block opened on the $1.1 million price guide and rose in varying increments as five buyers made offers for the renovator’s delight.
It slowed down at $1.45 million before it kicked off again, going back and forth until the hammer fell at $1,485,000.
The winning bidders at 92 Goodsell Street, St. Peters, hope to flip the property, selling agent Kate Ferrante said. Credit: Brook Mitchell
The tightly held home sold $235,000 above reserve to an investor from Camperdown who outbid several upgrading young families.
Adrian William’s Kate Ferrante said while it was a standout result, it should give future sellers and buyers confidence in the market.
The investor who bought the original St Peters home hopes to flip it. Credit: Adrian William
“It was a good house. It had good bones but needed so much work,” Ms Ferrante said. “I’m hoping it’ll set a precedent for the rest of the year. This is a great result for a property of this calibre.
“It was an investor who walked away with the keys who wants to renovate it. With interest rates staying where they are, it gave investors a little bit more confidence ... he is definitely going to flip it.”
The week’s commentary from the Reserve Bank – holding the cash rate steady and being patient before making any moves up – meant buyers still felt the market could continue to rise, she said.
The two-bedroom semi was in original condition and had rear-lane access. Credit: Brook Mitchell
“There’s still healthy competition and the threat of an increasing market is still there. This is a result that shows people are still looking to buy.”
The St Peters median house price was $1,634,500 over the 12 months to December, on Domain data.
Elsewhere in Sydney first-home buyers were coming out on top.
In Redfern, first-home hopefuls nabbed the keys to a two-bedroom terrace at 61 Young Street for the reserve price of $2 million.
Five parties registered to bid on the 101-square-metre block and the auction opened at $1.7 million – the top end of the price guide.
Only one other buyer – another first-home buyer – participated in the sell-off and it stalled at $1.85 million, selling agent Charles Touma of Ray White Touma Group said.
Mr Touma said they negotiated with the buyers – a couple from Annandale – to reach the reserve price of $2 million.
“The market is in a bit of an equilibrium,” he said.
“There’s enough stock out there and not an oversupply. It’s better than it finished last year.”
The property last traded for $760,000 in 2006, records show, the price more than doubling in 15 years.
Redfern’s median house price rose 24 per cent to $1.86 million in the year ending December 2021.
Meanwhile, a two-bedroom unit at 12/7-17 Cook Road in Centennial Park also sold to a first-home buyer couple from the North Shore for $1,325,000, or $25,000 above its reserve.
Three parties registered to bid on the 89-square-metre property, enough to get the auction started at $1.15 million.
While the first bid fell short of the initial $1.2 million price guide, adjusted to $1.3 million during the campaign due to interest, two active bidders raised the price in varying increments that went above both guides in the end.
PPD Real Estate’s Sean Poche said it was a strong result despite the “low-ball” offer at the start.
“In terms of FOMO, from just this campaign, it’s certainly not as strong as at the end of last year but it’s still a low stock environment.”
The property last traded for $930,500 in 2016, records show.
In Castle Hill, a four-bedroom house at 10 Huntingdale Circle fetched $2,551,000, selling $301,000 above reserve.
Eight parties, a mix of upgraders and builders, registered to bid on the 1109-square-metre block which was described as “worst house in the best street” by Cooley Auctions auctioneer Michael Garofolo.
An opening bid of $1.8 million started the auction with three buyers raising the price.
It sold to a Baulkham Hills family upgrading from an apartment.
Mr Garofolo said while buyers were bidding on the property for its land value, there was less fear of missing out in the market in general compared to last year.
“There’s more stock in Castle Hill, Concord, wherever you go there’s more stock and there’s more stock coming,” Mr Garofolo said.
It sold through Paul Woolford of Louis Carr Castle Hill.
The property last traded for $930,000 in 2012, records show, the price almost tripling in less than a decade.
The suburb’s median house price rose 25.5 per cent to $1,932,588 in 2021.