By Kristy Johnson
The winning bid of $2.55 million at auction on Saturday for a North Ryde home was placed by local investors who plan to knock down and rebuild.
The two-bedroom, one-bathroom deceased estate at 9 Clarence Street had no guide, but its reserve was set at $2.3 million.
All three registered bidders were active. The investors were from Eastwood and Macquarie Park, and they went back and forth with a family from Marsfield who intended to rebuild and live in the property.
The property was one of 1097 scheduled to go to auction in Sydney this week. By evening, Domain Group recorded a preliminary auction clearance rate of 68.0 per cent from 679 reported results throughout the week, while 152 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
Bidding was slow to begin, with an eventual offer of $1.8 million. From there, bids rose in varying increments. It was one of 776 scheduled auctions in Sydney on Saturday.
Cooley auctioneer Michael Garofolo said the slow start was probably due to a similar property in Ryde that was going to auction later that day.
Investors paid $2.55 million at auction on Saturday for a North Ryde home they intend to knock down and rebuild.Credit: Peter Rae
“It was also a knock-down with a similar land size and price point,” he said. “I discussed it with the agents this week; a property all registered parties were considering. However, once the auction got going, it was like a bull out of a gate.”
Stone Real Estate’s James Sarzano said the appeal of the property was its land size and proximity to the Metro and CBD. North Ryde’s median house price rose 6.5 per cent to $2.45 million in the year to December on Domain data.
In Marrickville, an architecturally designed home sold at auction for $2.1 million to an expat who had returned home from the US.
The three-bedroom, one-bathroom property at 16 Silver Street was guided at $1.8 million and sold above its reserve. BresicWhitney Inner West’s Rhonda Yim declined to reveal the reserve but said the vendors were “delighted with the result”.
All three registered bidders were active. The buyer placed the opening bid of $1.8 million and competed with two first-home buyer couples from the inner west.
Yim said the buyer had been living in the northern beaches with her family while house hunting.
The vendors bought the home for $1.34 million in 2016 and enlisted architect Emily Sandstrom for a renovation that featured cathedral ceilings and a loft space. They were upsizing in the suburb.
Marrickville’s median house price rose 4.2 per cent to $2,037,500 in the year to December on Domain data.
In Epping, a winning bid of $3.19 million for a Federation-style home was placed by a family that already lived in the street.
The buyer said she had always admired the three-bedroom, two-bathroom property at 34 Chelmsford Avenue, with its front porch, double brick facade and manicured gardens, when walking past.
Six bidders registered and five were active at the auction, all of them families who lived within a five-kilometre radius of the property.
The auction began with a vendor bid of $2.6 million and rose in increments of $50,000 and $10,000.
Cassidy Real Estate’s Neil Robson declined to reveal the guide and reserve, but said it had sold “for a few $100,000 above the reserve”. Epping’s median house price rose 9.4 per cent to $2.5 million in the year to December on Domain data.
A family that already lived in the street placed the winning bid of $3.19 million at auction on Saturday for a Federation-style home in Epping.Credit: Domain
The vendors were downsizing in Epping.
Robson said the property’s appeal was its location in a premium street with amenities nearby. Interiors featured ornate ceilings and a retro-style bathroom.
He said while the February rate cut hadn’t necessarily increased activity, it had given buyers more confidence.
“People aren’t using the phrase of ‘interest rates being too high’. They know we’ve had one rate cut and there will be more,” Robson said. “It’s given buyers more comfort that they’re heading in the right direction and reduced that high-interest rate procrastination problem.”
In Concord West, a Californian bungalow sold at auction for $2.64 million to a young family from Yagoona who planned to renovate it.
The three-bedroom, one-bathroom home at 46 Iandra Street was guided at $2.3 million and had its reserve set at $2.4 million.
There were five registered bidders, four of them active. The family went back and forth with a gentleman from Eastwood who had inspected the home for the first time just minutes prior.
Horwood Nolan’s Ben Horwood said the gentleman decided to register after a quick inspection, and that this can happen when buyers are looking at several properties.
“People can make a pretty informed decision due to the amount of information online,” he said.
Bidding began at $2 million and rose in varying increments. The vendor had a friend sell on her behalf as she had moved into a nursing home.