A Lilyfield house with no parking sold for $4.68 million at auction on Saturday, a result which surprised the selling agent.
The four-bedroom, 1880s home with modern extensions located at 5 Edna Street sold for almost $1 million more than the guide. Seven registered and three local families bid.
Bidding opened at its reserve of $4.2 million, $500,000 more than the guide of $3.7 million. Bidders used $50,000 increments, but the auction slowed at $4.5 million and then edged to the final sale price.
BresicWhitney Balmain listing agent Jack Parry said they had priced it with its lack of parking in mind; however, the final price was similar to properties with parking.
“It’s almost as though people overlooked [that it lacked] parking, given the house was so special,” he said, and added that it would be possible to park in the street.
The home last traded in 2007 for $1.18 million, records show. All bidders were planning on moving in.
All bidders who contested the auction intended to live in the home. Credit: BresicWhitney
The property was one of 785 scheduled auctions in Sydney on the weekend.
By Saturday evening, Domain Group recorded a preliminary auction clearance rate of 69.7 per cent from 521 reported results, while 108 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
In Edgecliff, a three-bedroom, three-level home at 37 Cameron Street sold for $15,000 above its $3.4 million reserve for $3,415,000. The house featured an outdoor entertaining area which flowed into the kitchen and living areas.
Three registered and bid at the auction and the home was guided at $3.25 million. Bidding opened at $3.2 million and $25,000, $10,000 and $5000 bids were placed.
McGrath Paddington listing agent Georgia Cleary said the buyer will be living at the property.
“The location, close to Edgecliff, was the stand-out feature,” she said.
The house last traded for $2.45 million in 2016, records show.
In Russell Lea, a three-bedroom house at 13 Bouvardia Street sold for $2,286,000, which was $86,000 more than its $2.2 million reserve. The guide was $2 million.
Seven registered and two bid on the home. The opening bid was $2,220,000.
Ray White Drummoyne listing agent Mario Carbone said the first bid was “really strategic”.
“[The buyer] started with a strong bid to essentially … just blow everyone out of the water,” he said.
The auction was over in eleven minutes. Forty people watched the competition in the home’s courtyard.
The buyers were a married couple who intended the home to be their first family home. The vendor lived in the home for 36 years.
The home last traded for $175,000 in 1988, records show.
AMP’s chief economist Dr Shane Oliver Sydney’s clearance rate of 69.7 per cent was a middling result.
“It’s certainly not booming, but it’s not that bad either,” he said.
Oliver said the clearance rate was normal for May overall when considering the five-year average and excluding the pandemic period.
“We’re seeing higher-than-normal listings for this time of year, which may be a reflection of distressed selling, along with people taking advantage of the fact that prices have increased. But demand seems to be keeping up with that,” he said.
In Yamba, on NSW’s north coast, a husband and wife on a bicycle ride stopped to watch an auction and later bid.
Five had registered and three bid on the beachfront building at 17 Ocean Street, which has three units on the title. Bidding opened at $3.2 million and $100,000 bids took it to $4.7 million.
A pause in negotiations took the price to $5.3 million. However, the apartment block had a reserve of $6 million.
The cycling duo decided to register and placed a $500,000 bid to take the price to $5.8 million. The reserve was adjusted, and it sold under the hammer.
Ray White Yamba listing agent Daniel Kelly said the beachfront apartment building would be changing hands between two cattle-farming families.
The building was last sold for $1,005,000 in 2000, records show.