A Victorian family paid $5.6 million for a five-bedroom house in Longueville with “good water views,” which was $100,000 above its $5.5 million reserve.
The turnkey property was in a quiet cul-de-sac at 7 Yarrandi Place.
It was one of 613 auctions scheduled in Sydney on Saturday. By evening, Domain Group recorded a preliminary auction clearance rate of 72.4 per cent from 445 reported results across the week, while 68 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
The interstate family, who had been renting in North Sydney, outbid three local families looking to upgrade in the area.
The home had an initial guide of $5 million but after receiving offers during the campaign it was increased to $5.35 million.
Bidding opened at $5.3 million with four of the five registered bidders placing $50,000 bids except for the second to last bid which was a $100,000 bid. It sold under the hammer for $5.6 million in front of a crowd of about 30.
Selling agent Sam Lloyd from McGrath Lane Cove said the area of Longueville is in high demand. “Buyers love it,” he said. “Very good price point for the area.”
Lloyd said the water views were a main drawcard along with the private location.
The house last traded for $1.85 million in 2004, records show.
In Strathfield, an auction for a unique five-bedroom Art Modern home at 33 Fraser Street sold for $280,000 above its $3.5 million reserve. Guided at $3.2 million, the property drew the interest of families looking to get into the suburb.
Six families registered, and four actively bid on the home within walking distance to elite schools in the suburb. All had primary and high school-aged children.
Bidding opened at $3.1 million and went up in increments of $100,000, then at $3.6 million slowed to $50,000 bids before it dropped to $10,000 bids in the end.
Selling agent James Kaye from Belle Property Strathfield said the main drawcard was that “buyers can move straight in with no work required.”
The owner, a Sydney artist, “blended it all together over time, really made it something special and memorable,” Kaye said.
The buyers were from Abbotsford. The vendor was pleased that the home went to a family who plans to preserve it rather than redevelop. They were there for 40 years and are downsizing to the Central Coast.
In Chatswood, a two-bedroom home on a busy corner block sold for $2,418,000, which was $218,000 above its $2.2 million reserve. The neat and tidy home at 76 Fullers Road attracted the interest of many families.
Eight registered, but only three actively bid on the home within walking distance of Westfield, Chatswood Chase and the train station. Bidding opened at $2.1 million with $20,000 bids, $10,000 and $5000 and smaller bids towards the end.
Selling agent Isabella Yan from Shead Property said there is still strong demand “for houses in [a] good location, I think there’s still a lot of people looking.”
The buyer has been looking for the ideal property for two years. The vendors were there for more than 40 years and will downsize locally.
In Tempe, a two-bedroom property that had been in the same family for over 100 years sold for $1,9 million.
The husband of the couple, both in their 90s, was born there. Four generations attended the auction of 27 Hillcrest Street, guided at $1.5 million – $1.6 million.
Eight registered, and five were active. Two were represented by buyers agents who did not hesitate to start bidding.
Bidding opened at $1.5 million with $50,000 bids, $20,000 bids and $10,000 bids. The property was almost sold at $1.9 million before the eventual buyer bid $2500 securing it under the hammer. The house sold for $252,500 above its $1.65 million reserve.
Selling agent Trent Tarbey from McGrath Sans Souci said the rapid fire auction marked the “end of an era” for the ecstatic vendors who were “a little sad about the change of hands.”
The buyers are a young family upsizing from an apartment in Marrickville.
“Seems like people are wanting to buy now before they think the market will continue to rise given there’s likely to be a rate cut through the year,” Tarbey said.
AMP’s chief economist Dr Shane Oliver said Sydney’s clearance rate of 72.4 per cent is “quite a solid number.”
“Albeit in low volumes because of the holidays at the start of the New Year, but 72 per cent is quite a solid number. The average in February is about 67 per cent so it looks like the market is starting to anticipate interest rate cuts.”
“The next [RBA] meeting is on February 18 – the money market has about 93 per cent probability of a rate cut.”