By Tawar Razaghi
A North Strathfield house a stone’s throw away from multibillion-dollar infrastructure projects, has sold to an investor from the suburb for $2.26 million.
The three-bedroom home at 16 Princess Avenue had a price guide of $1.7 million throughout the campaign.
The WestConnex tunnel, the existing train line and the future Metro West Project run within metres of the 335-square-metre block.
It was not enough to deter eight parties, a mix of upgraders, first timers and investors, from registering to bid.
The auction took some minutes to start but eventually opened bang on the guide. Five bidders cautiously raised the price in slow and steady increments of $50,000 bids with smaller amounts towards the end.
It eventually sold to the North Strathfield investor for $2.26 million. The reserve was $1.8 million.
The North Strathfield home sold to an investor at auction.Credit: Nikki Short
The home was one of 528 homes scheduled to go under the hammer in Sydney on Saturday. By evening, Domain Group recorded a preliminary auction clearance rate of 62.5 per cent from 328 reported results, while 80 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
Selling agent Dib Chidiac of the eponymous agency said the property sold above its price guide and reserve as buyers felt confident in the property’s future capital growth.
“Investors and owner occupiers feel comfortable that, whether they land bank, purchase for themselves or invest and rent, they’ll continue to see further capital growth [in the house],” Chidiac said.
He said the house was a relatively affordable entry point into the neighbourhood and had many drawcards, including the Metro West Project in the pipeline and government changes that will allow duplexes to be built on blocks with smaller frontages.
“Traditionally, properties in neighbouring suburbs such as Concord, you’re purchasing in the mid to high $2 million if not higher,” Chidiac said. “You’re footsteps away from these suburbs.”
The home last sold for $700,000 in 2009, according to the sellers.
In Gladesville, a young family bought a three-bedroom house at 7 Lyndhurst Street for $2.3 million.
The home was guided within a range of $2 million to $2.2 million. It was originally guided at $2 million.
Four out of the 10 registered buyers, a mix of young couples and young families, were active at the auction, which opened at $2 million. The reserve was $2.2 million.
BresicWhitney Hunters Hill’s Nicholas McEvoy said there were plenty of buyers with hopes of buying freestanding homes.
“A lot of them know now there is going to be light at the end of the tunnel whether it’s late this year or early next year,” McEvoy said.
The home last sold for $730,000 in 2005, records show.
Gladesville’s median house price rose 4.8 per cent to $2.62 million in 2023.
A generous-sized block in Revesby sold for $1,855,000 to a builder at auction on Saturday, making the sellers $235,000 in a year.
The three-bedroom house, on 1061 square metres, at 74 Vega Street had a guide of $1.64 million. It drew eight registered parties, all builders from the area who were eyeing it for its untapped development potential.
Bidding opened at $1.4 million and went up in varying increments from $100,000 down to $5000. The hammer fell at $1,855,000 – about $55,000 above the reserve.
It sold through Richardson & Wrench Padstow’s Mary Agzarian and Charlie Elazzi who said no families were interested in the house as they would be competing with developers.
Cooleys auctioneer Michael Garofolo, who called the auction, said it was a strong result for the seller.
“The vendor bought it a year and a day ago for $1.62 million and has made $235,000 in capital growth in 12 months, representing a 14.5 per cent return,” Garofolo said. “In 12 months, in this market with rising interest rates, rising inflation and rising cost of construction that to me is a very surprising result.”
While it was unknown as to why the vendor was selling, Garofolo said the interested buyers were hedging their bets on a market upturn in coming months.
“In the fullness of time, property prices only go one way. If you’re hedging your bets, you don’t need to be the smartest guy in the room that property prices are going to go up again,” he said. “Inflation is coming off its peak. Maybe builders are getting off the sidelines and saying, ‘By the time we finish this we will be in a better market.’ ”
Revesby’s median house price rose 5.4 per cent to $1,265,000 in 2023 on Domain data.
In Petersham, seven buyers – all young professionals and couples – registered to bid on 88 Brighton Street.
The three-bedroom semi-detached Federation home was guided at $1.65 million at the start of the campaign before it was raised to $1.7 million.
That is where bidding opened and went up in mostly $25,000 increments as four buyers participated in the auction.
It sold for $1,925,000 to a first home buying couple from Paddington. The reserve was $1.8 million.
Selling agent CobdenHayson’s Nick Arena said buyers were drawn to the home for its proximity to amenities.
“It was a pretty solid result in the end. The location was prime; next to the Petersham pool, coffee shops and the park,” Arena said.
“We had great buyer activity through the home with over 100 inspections. There are plenty of buyers who are ready to transact but there is a lack of property on the market.”
The suburb’s median house price rose 8.4 per cent to $2,032,750 in 2023.