By Kristy Johnson
Upsizers from Camperdown placed the winning bid of $1,355,000 at auction on Saturday for an apartment at Summer Hill’s Durum Silos.
Architects transformed the cylindrical grain silos into a contemporary residential complex in 2019. The buyers said they were drawn to its history, unique circular floor plan and Inner West location.
The two-bedroom, two-bathroom apartment at 102/7 Mungo Scott Place was guided at $925,000 and its reserve set at $1 million. The property was one of 1183 scheduled to go to auction in Sydney this week.
By evening, Domain Group recorded a preliminary auction clearance rate of 69.2 per cent from 744 reported results throughout the week, while 158 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
There were nine registered bidders and five took part in the auction. They were a mix of upsizers and first-home buyers. Bidding started at $950,000 and turned into a hard-fought battle between the Camperdown upsizers and another upsizer from Darlington.
Adrian William Real Estate’s Norman Tran said the apartment’s appeal was its unique and quality construction. “It’s not your usual run-of-the-mill or conventional-type property,” Tran said.
Upsizers from Camperdown won the keys to a $1,355,000 two-bedroom apartment in Summer Hill at auction on Saturday.Credit: Flavio Brancaleone
The unit’s location was popular with buyers from the inner west, inner city, inner east and parts of the lower north shore, he said, likening Summer Hill’s village feel to that of Woollahra.
The vendors purchased the unit in 2019 to live in, but became investors after relocating to Queensland in 2021.
Tran said he had noticed a greater sense of optimism in the market. “Towards the tail end of last year, people were already expecting some kind of rate relief in 2025.”
In North Ryde, a five-bedroom, four-bathroom home sold under the hammer for $2,107,000 to a buyer from Lane Cove West who wanted a larger house.
The two-storey property at 1 Cooney Street was guided at $1.85 million and had its reserve set at $2,050,000. There were several entertainment zones, including a modern kitchen that led out to a covered patio and garden.
All three registered bidders took part in the auction; they were upsizers from Drummoyne and North Ryde.
Bidding started at $1.6 million and the price rose in varying increments. Stone Real Estate’s James Sarzano said bidding became intense after passing $1.9 million.
Sarzano said features of the property that held appeal included its modern fixtures, spacious floor plan and proximity to the Metro, local amenities and schools. North Ryde’s median house price rose 6.5 per cent to $2.45 million in the year to December on Domain data.
Records show the home last sold for $1,668,000 in 2019.
Sarzano said February’s rate cut had resulted in a rise in buyer inquiries but had not boosted prices and demand as much as he had expected. He predicted that would come after the next rate cut, whenever that may be.
In Lindfield, downsizers won the keys to a $2,623,000 Killarney Heights home at auction after beating a young family from Panania with a final $1000 bid.
The four-bedroom, two-bathroom property at 2A Ballina Avenue was guided at $2.2 million, and its reserve was set at $2.55 million.
Three of four registered bidders were active. The opening bid was $2 million and the price quickly reached the guide. From $2.6 million, bids were as small as $1000 and the auction became a contest between the downsizers and a young family.
Both parties liked the flat block and the home’s lucky red front door and good feng shui, McGrath Forestville’s Karen Terry said.
The downsizers eventually triumphed over the family after placing a final $1000 bid to edge ahead. “They were devastated to have lost by just a $1000 bid,” Terry said.
The vendor has been living in Hong Kong for the past 23 years and bought the home for $190,000 in 1986 for his parents to live in. Terry said the home was no longer needed after his parents died.
Downsizers secured a Killarney Heights home at auction with a final $1000 bid.Credit: Domain
February’s rate cut has given buyers slightly more confidence, Terry said.
“The fear for buyers that we work with, and I’m not talking about cashed-up downsizers but rather families, is that if they hold off on purchasing for too long, they might get priced out quickly if the market does start to build momentum.”
In Dulwich Hill, a three-bedroom, one-bathroom home with no parking sold under the hammer for $2,055,000 to first-home buyers.
The property at 30 Beach Road was guided at $1.7 million, which was also its reserve. There were nine registered bidders and five active; most were first-home buyers.
Bidding began at $1.7 million and the price rose in varying increments. The buyers were a young couple who had been renting in the inner west and moved back home to North Sydney to save a deposit. They outbid another first-home buyer couple.
BresicWhitney Inner West’s Frederico Fraga-Matos said Dulwich Hill has become popular among first-home buyers because it is next door to Marrickville, a trendy hub for food and culture.
He said the buyers would move in immediately and renovate the home in the future.