By Kristy Johnson
An Eastwood villa sold at auction on Saturday to a downsizer from Marsfield for $1.66 million, some $230,000 above its reserve.
The two-bedroom, two-bathroom home at 2/163 North Road appealed to downsizers from Eastwood and surrounds. The property had a $1.38 million guide and a $1.43 million reserve.
The auction started at $1.3 million, and rose in $10,000 and $5000 increments as three of the four registered buyers placed bids in a fast-paced sell-off.
It was one of 980 scheduled auctions in Sydney on Saturday. By evening, Domain Group recorded a preliminary auction clearance rate of 62 per cent from 887 reported results across the week, while 181 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
Stone Real Estate North Ryde’s James Sarzano said he was blown away by the result, putting it down to the lack of quality villas in the suburb.
“We got a three-bedroom price for a two-bedroom villa, it was insane. I was quite shocked at that price,” he said.
Eastwood’s median house price rose 3.8 per cent to $2,470,900 in the year to September on Domain data.
Inside the Eastwood villa that sold for $1.66 million on Saturday.Credit: Dion Georgopoulos
Sarzano said the villa price was a fantastic result amid what he described as a patchy market.
“Good quality properties are always going to sell, but others struggle, whether it’s down to the price point or greater competition,” he said. “For example, there is an oversaturation of duplexes in Ryde and Eastwood that sellers have to compete with.”
The vendors inherited the property from their mother and decided it was the right time to sell. It last sold for $570,000 in 2007, records show.
In Botany, a one-bedroom, two-bathroom warehouse conversion passed in at auction for $2.2 million.
Four of the six bidders were active at the auction of 8 Daphne Street that was guided at $1.8 million.
The buyers, who came from Woollahra, Rose Bay, Surry Hills and Botany, intended to use the property as storage or transform it into their dream home.
The auction started at $1.85 million, rising in varying increments, before passing in at $2.2 million. The agent declined to reveal the reserve.
City Residential Property’s Kristian Nelson-Marshall said he expects the property to sell in coming days. The vendor used the property as an investment. It last sold for $1,141,000 in 2013, records show.
A semi-detached house in Leichhardt sold at auction to a first home buyer couple from Ryde for $1.6 million, some $100,000 below its reserve.
The couple, who plan to renovate, outbid a developer from Leichhardt for the two-bedroom, one-bathroom house at 43 Allen Street, which had a guide of $1.6 million and a reserve set at $1.7 million.
The auction started at $1.5 million and rose in $20,000 increments, with two of three registered parties active. When bidding paused at $1.56 million, negotiations began and the reserve was adjusted to $1.6 million to meet the market – the vendor, living abroad, had no intention to return.
The property was rented for $675 a week in August 2020, records show. It was one of 980 scheduled auctions in Sydney on Saturday.
Montano Group’s James Montano reported buyer fatigue in the lead-up to Christmas, but deals were still getting done between motivated vendors and buyers.
Montano expected fresh buyer energy in January and February, but predicted buyer fatigue would continue until interest rates came down.
“The longer it takes for these rates to come down, I think there’s going to be the same sentiment in the market in the first two quarters of 2025,” he said.
Co-agent John Cannizzaro agreed that there was buyer fatigue and said buyers were hesitant to secure properties, despite attending auctions.
In Oatlands, a villa at 14/6A Ingleby Street sold under the hammer for $1,102,000 to a first home buyer, from a rental apartment in Eastwood.
Four registered bidders pursued the three-bedroom, two-bathroom house with a $900,000 price guide. Its reserve was set at $970,000.
The successful buyer outbid another first home buyer from Epping and two downsizers, from Oatlands and Northmead.
A crowd of 40 watched the auction, which opened at $900,000.
Ray White Baulkham Hills’ Brandon Hay said the bidding was not as fast-paced as at auctions three months ago, but progressed quickly in $20,000 increments.
“Buyers still have money and are happy to spend it,” Hay said. “But they’re a bit more reluctant on properties they are looking to purchase.
“The market will stay consistent, even if there’s a rate cut, as there will be more stock on the market when they do come down, adding to buyer choice.”
The vendor had moved into a nursing home, with her son selling the property on her behalf. The home last sold for $257,500 in 1998, records show.