By Kristy Johnson
A daughter has bought her retired mother a villa in Epping for $1.75 million at auction on Saturday, the price increasing six-fold since it last sold some three decades ago.
The three-bedroom house at 4/27-33 Ryde Street had a price guide of $1,595,000 and a reserve of $1,575,000.
Five out of the six registered bidders raised the price in varying increments after an opening bid of $1.45 million. The bidders included a young family upsizing from a West Ryde unit, a downsizer and a North Epping investor. The deceased estate last sold for $290,000 in 1991, records show.
It was one of 924 scheduled auctions in Sydney on Saturday. By evening, Domain Group recorded a preliminary auction clearance rate of 64.2 per cent from 830 reported results across the week, while 180 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
McGrath Epping’s Betty Ockerlander said the property’s appeal owed to its rarity in the suburb.
“Supply consists mainly of units, duplexes and houses, so a villa is quite rare,” she said.
A daughter purchased a $1.75 million villa in Epping at auction on Saturday for her retired mother.Credit: Rhett Wyman
In St Marys, a three-bedroom home at 18 William Street sold for $1,305,000 to a Canberran dad who drove to Sydney to bid on behalf of his son, inspecting it for the first time 30 minutes before the auction.
He was one of six registered bidders, including investors from Wahroonga to the eastern suburbs, but only four raised their paddles on the day.
Guided at $1.1 million, the reserve was $1.2 million. Bidding was slow to start, with an opening offer of $950,000, rising in $20,000 increments.
The vendor bought the home as an investment for $800,000 in 2017, records show.
Ray White Diamantidis Group’s Peter Diamantidis said a large portion of his buyers were purchasing sight unseen or right after inspection.
“I tell people that you’re buying the land, not the house. If the house wasn’t there, the land would probably be the same price,” he said.
Diamantidis said St Marys attracts all categories of buyers due to affordability. “Buyer activity is high and open homes are seeing 10 to 20 people on average,” he said.
The median house price in St Mary’s rose 9.8 per cent to $755,000 in the year to September on Domain data.
A Manly unit sold for $1.77 million at auction on Saturday to a local publican who outbid the tenant who had been renting the home as well as neighbours from across the road.
The two-bedroom, two-bathroom property at 5/40-42 Pacific Street had a guide of $1.6 million and a reserve of $1.7 million.
Four of the five registered bidders raised the price after an opening bid of $1.65 million placed by the tenant, who had his finances approved just hours earlier but dropped out of the race early on.
Bids rose in $10,000 increments between the publican, a young family across the road and another tenant in the building.
The vendors, retirees, are relocating to Crescent Head. The unit last sold for $735,000 in 2013, records show. Manly’s median unit price rose 4.8 per cent to $1,735,000 in the year to September on Domain data.
Etch Real Estate’s Hugo Ortega said the tenant was eager to secure the unit he was renting but knew he would bow out of the race.
“The buyer is a local publican who intends to downsize in a few years’ time,” Ortega said. “It was important for the vendors to sell today, and they are ecstatic with the result.”
Ortega said five registered bidders was impressive in the current climate, but quality properties were selling at auction.
“Buyers are certainly apprehensive, with interest rates so high. If they have a list of criteria, I find buyers are ensuring that at least seven or eight of them are ticked off. Homes where at least eight or nine of the criteria are met will sell faster.”
In Mascot, a two-bedroom, one-bathroom house sold under the hammer for $1,605,000 to a single mum upsizing from Botany.
Two of the three registered bidders were active at the auction of 76 Napoleon Street, which opened bang on the $1.45 million price guide. It had a reserve of $1.55 million.
The successful buyer outbid two first-home buyer couples who were renting in Mascot and Randwick.
The property last sold for $1.2 million in March 2021, records show. The vendor had upsized within Mascot.
The Agency’s Chris Skarlatos said that despite a softening market, good quality properties were selling under the hammer.
“Well-presented properties are attracting good interest,” Skarlatos said. “However, the appeal behind this particular property is that there’s a lack of homes in the suburb.
“The suburb has an influx of apartments and is undersupplied when it comes to good quality homes on good streets.”