A period-style house, built just two decades ago, more than doubled in price since it last sold after fetching $4.01 million at auction in Stanmore on Saturday.
The four-bedroom, three-bathroom property over four levels at 42 Temple Street was initially guided at $3 million before it was increased to $3.5 million after buyer feedback.
It was one of 610 homes scheduled to go under the hammer in Sydney on Saturday. By evening, Domain Group recorded a preliminary auction clearance rate of 63 per cent from 408 reported results, while 98 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
Bidding for the 200-square-metre block started at $3.2 million then went to $3.7 million in the second bid in an attempt by one of the eight registered buyers to knock out the competition.
Only half of those registered were active as bids increased in $25,000 increments.
A family upsizing from a house in Five Dock placed the winning bid of $4.01 million. The underbidders were another upsizing family from Glebe. The reserve was $3.6 million.
The Stanmore auction drew a crowd from bidders, neighbours and onlookers.Credit: Steven Siewert
Bresic Whitney Inner West’s Frederico Fraga-Matos said it was a standout result for the block size in the area, which is considered smaller than most, and the overall weaker market.
“The land size is not typical of the area for a home of this size and that many bedrooms,” Fraga-Matos said.
“At the moment, the market is still good, but there are patchy results week-to-week. This was well above what we were expecting and the result above most of what the market is doing.”
The vendors, who are downsizing in a sea-change move, bought the home for $1,585,000 in 2008, records show.
Stanmore’s median house price rose 8.2 per cent to $2.22 million in the year to June on Domain data.
In Ashfield, a one-bedroom, one-bathroom unit at 38/8 Brunswick Parade attracted four first-timers who registered to bid on the entry-level property.
Some had the bank of mum and dad in support as they vied for the keys to a home with a price guide of $575,000. Bidding started at $580,000, rising in $10,000 and $5000 lots in the main.
It sold for $636,000, or $16,000 above reserve, to a young first home buyer from Wentworthville with fatherly support.
Adrian William’s Norman Tran said it was a well-equipped, entry-level unit for first home buyers.
“It’s in a boutique block, renovated, has parking, it’s also the double brick style, which is sought after,” Tran said. “Most of the apartments in this price bracket are the modern ones. So when one of these [units in older blocks] come up, there’s a lot of interest.”
He noted that buyers were relieved to hear interest rates were held on Tuesday, rather than hiked.
The seller, who is retiring in Port Macquarie, bought the unit for $330,000 in 2011, records show.
Ashfield’s median unit price rose 9.1 per cent to $780,000 in the year to June.
In Bellevue Hill, a two-bedroom, one-bathroom unit at 16/51 Bellevue Road drew seven registered bidders, first timers and an investor.
The north-facing Art Deco unit had a guide of $1.15 million at the start of the campaign, which was increased to $1.2 million due to buyer feedback.
Bidding opened at $1.05 million and went up in varying increments from four bidders, selling for $1,305,000 to a first home buyer couple from Bondi Junction.
A rival first-timer had the support of the bank of mum and dad – and grandparents, who nodded in approval to keep bidding during the auction.
PPD’s Sean Poche said rate stability may have improved the result for the property, which was on the market earlier this year with another agency.
“It was on the market for 100 days and the feedback was $1.2 million. Today, it was a better result for my owners … we’ve had seven registered bidders and sold for over $1.3 million,” Poche said.
“It doesn’t seem like anything drastic is changing on the horizon and that probably plays into it.”
The vendors sold the investment property as they had relocated to Perth, having bought it for $735,000 in 2013, records show.
Bellevue Hill’s median unit price rose 1 per cent to $1,545,000 in the year to June.