Dozen bidders for Dee Why house sees sale $310k over reserve
Thirty-seven contracts were issued for a family home in Dee Why which sold for $310,000 over reserve in the hottest auction of the northern beaches on the weekend.
Number 30 Lewis St, Dee Why was a 12-year-old four-bedroom house in a quiet spot above the town centre that drew 117 inspections and 12 registered buyers.
Even before the onsite auction started there had been an offer of $1.63 million for the single-level home on a north-facing block.
Lachlan Yeates, of Upstate, said the Saturday auction was reminiscent of the height of the property market back in 2017. The reserve for the property was $1.65 million and the auction was all done and dusted in 16 minutes with the hammer falling at an impressive $1.96 million.
“We started to see open house numbers at property double about six weeks ago as people saw value,” Mr Yeates said.
“But this auction went off, the house suited a wide variety of buyers and the floorplan was great and attracted a lot of people,” he said.
“And that result shows you why you should always auction a property,” Mr Yeates added.
Bidders included downsizers, upsizers, investors and young families drawn to the modern home on 695sqm of land not far from the centre of Dee Why but still out of the bustle.
“The owner built it himself, it was very low-maintenance with brick and aluminium and it was one level which suited many buyers,” he said.
The new owner has been renting in the suburb and loved the property’s position.
Dee Why has a new town centre, upgraded Woolworths supermarket and the tallest apartment block on the peninsula, Lighthouse, which reaches 17 storeys high.
The median house price for Dee Why, on the northern beaches, is $1.525 million, according to CoreLogic, which is 16 per cent down over 12 months to February this year.
SIGN UP FOR THE LATEST REALESTATE NEWSLETTER
However a week is a long time in both politics and property and the trifecta of factors that were announced last week is already having its impact. Last week’s surprise return to power for the Liberal party, the announcement from the banking regulator, APRA, that the lending criteria to borrowers can be relaxed, and a strong hint from the Reserve Bank governor, Phillip Lowe, that interest rates look set to drop have all contributed to a greater sense of confidence say agents up and down the northern beaches.
Over the 34 properties were offered for sale at auction, 14 sold early, nine sold on the day and 11 homes were passed in or withdrawn. The auction clearance rate was 68 per cent on the northern beaches this week.