A father bid on behalf of his son and his son’s girlfriend at auction on Saturday to win the keys to a four-bedroom Roseville home with a pool.
The property at 19 Malvern Avenue was guided at $4.3 million and sold for $4.98 million. Its modern kitchen and lounge area flow through to a terrace, pool and cabana.
Two parties made bids. The father outbid a local family who were renting and looking to secure a home in the suburb.
The auction began with a $4.2 million bid from the local family. Bids rose in varying increments and the price quickly passed the reserve of $4.65 million.
The buyers, who declined to give their names, were ecstatic. They are upgrading from an apartment in Macquarie Park.
“I grew up in Roseville and wanted to move back. It’s close to Chatswood where I work as a beautician and also close to Macquarie where my partner works in data insights,” she said.
A young couple paid $4.98 million at auction on Saturday for a four-bedroom home in Roseville.Credit: Peter Rae
She said it was the first auction they had participated in. “I don’t know if it’s lucky, or we just threw a bunch of money away, but we won,” she said.
Her partner said February’s rate cut pushed them to purchase now rather than waiting for future rate cuts that could increase demand.
Ray White Upper North Shore’s Jessica Cao said the rate cut had made buyers more confident.
“I don’t think today’s result would have been possible without a rate cut and buyers feeling urgency,” she said.
The property was one of 1291 scheduled to go to auction in Sydney this week. By evening, Domain Group had recorded a preliminary auction clearance rate of 68.9 per cent from 820 reported results throughout the week, while 172 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
In Carlingford, a crowd of 150-plus watched the auction for 8 Trigg Avenue play out.
The four-bedroom, four-bathroom home was guided at $2.6 million and sold for $3,015,000 to a family who were upsizing in the suburb.
There were 13 registered parties and 10 made bids. All bidders were local families looking to upsize.
The opening bid was $2.5 million and the reserve was $2.7 million.
Stone Real Estate Castle Hill’s Viviane Mylott said the vendors were over the moon.
“They had a realistic reserve and were overjoyed. It was also an emotional sale as they came up with the design around 35 years ago, built it, and are now moving into a retirement village,” she said.
Mylott said there was strong interest in the home. It had been inspected 110 times over the auction campaign.
In Redfern, a dilapidated terrace with an outdoor toilet sold for $1.35 million to a builder who planned to give the home to his children.
The two-bedroom, one-bathroom home at 98 George Street was guided at $1,050,000 and drew 10 parties to register, though only six made bids. They were a mix of builders and families from the western suburbs and the inner city.
Adrian William Real Estate’s Namir Mikha said the “punchy” bidding opened at $1.1 million and quickly passed the $1.2 million reserve. The builder buyer would renovate the aged house and give it to his young children, the listing agent said.
Mikha estimated renovations would cost between $250,000 and $300,000. The property has a heritage-listed facade and no parking spot. The interior was visibly dirty and damaged; the floors were uneven, and the walls were cracked.
A builder paid $1.35 million for a dilapidated Redfern terrace at auction.Credit: Adrian William Real Estate
Mikha was impressed by the auction turnout but said there would have to be several rate cuts for there to be a significant impact on the market.
“Six active bidders is pretty strong and the energy on the ground is more positive with people ready to raise their paddles,” he said.
In Kingsford, a time-warp home with a timber-clad kitchen and psychedelic carpet sold for $2.63 million in a fast-paced auction.
The three-bedroom, one-bathroom property at 21 McNair Avenue was guided at $2.3 million, $200,000 below its reserve.
There were five registered bidders, three of whom took part. All registered parties were young families upgrading to a home with a backyard who wanted quick access to the city and schools.
Bids were fast after the auction opened at $2.45 million. The property sold to a family from Bondi who will make a few cosmetic tweaks and do a renovation at a later date.
McGrath Coogee’s Marnie Seinor said the high opening bid had motivated other parties.
“The fact the home has a backyard, parking and is completely liveable in its current state was attractive to buyers. They can move in, add their own touches later and potentially add a second storey down the track,” she said.
Seinor said it was an emotional sale because the home had been a family’s home for about 50 years. The vendor was moving into a nursing home.