Bidding frenzy sends prices soaring over reserve at auctions across Sydney’s east
House hunters attending auctions in the eastern suburbs this St Patrick’s Day weekend needed deep pockets and a stroke of Irish luck to win over some frenzied competition for properties.
Eight bidders registered for the auction of a fixer upper on Pauling St in Coogee, creating a massive showdown between buyers that pushed the price a whopping $535,000 above the reserve.
The $2.355 million price for the three-bedroom house was all the more remarkable considering bidding opened at $1.7 million.
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Selling agent Joe Recep of NG Farah said the home had come onto the radar of numerous house hunters during the lead up to the auction, with more than 120 groups inspecting the property.
A crowd of 80 people arrived for the auction, including a mix of investors, builders and families keen to renovate, Mr Recep said.
The main appeal was the generous 550.1sqm block size, which provided ample building possibilities, he added.
“It’s rare to get a block like this so close to the beach,” Mr Recep said. “The land needs a lot of work, there’s a lot to be excavated, but there is also plenty of untapped potential.”
The buyers were a family with plans to renovate the home and move in.
A two-bedroom unit in Queens Park received a similar response from home seekers when it went under the hammer.
Five buyers registered to bid and a crowd of nearly 60 people turned up to watch the proceedings.
Initial price expectations for the home at 2B Queens Park Rd were around the $1.22m mark but the hammer eventually fell on $1,282,500. The new owner is a local investors with plans to rent the home out.
The result was $82,500 above the owner’s reserve price, according to selling agent Angus Gorrie of McGrath-Coogee.
“It was well over expectations,” he said. “The main appeal was probably the garden, which you don’t usually get with a unit. In fact, the home was more like a semi.”
Mr Gorrie showed 126 groups of keen buyers through the home during the lead up to the auction and said the market was much stronger than people realised.
“Buyers still like the auction process,” Mr Gorrie said. “They’re still plenty coming to auctions in the eastern suburbs.”
An auction on Eastern Avenue in Kingsford attracted three registered bidders and sold for $1.66 million.
Selling agent Beau Champion of NG Farah said the owners had been expecting about $1.65 million throughout the campaign.
“The owners were happy to get it sold in this kind of market. Now they can move on,” Mr Champion said.