Long held East Ryde home sells under the hammer for $1.28 million on subdued auction day
It offered a dated home on a block of land presenting major challenges for anyone hoping to redevelop it — but a property in East Ryde still attracted a cracker price when it went to auction yesterday.
The three-bedroom house at 302 Pittwater Rd in East Ryde sold under the hammer for $1.12 million — $20,000 above reserve — in front of a crowd of about 50 people.
Four buyers registered to bid and auctioneer Andrew Robinson received an opening offer of $750,000. Three of the bidders were active and there were close to 30 bids placed, the majority going up in increments of about $5000 to $25,000.
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The new owners told the Sunday Telegraph they were considering redeveloping the land but were unsure exactly what kind of work they would carry out.
It was the first time the property had come up for sale in nearly 40 years. Much of the interior was in need of an upgrade and was advertised as being in “original condition.”
Selling agent George Gialouris of Belle Property-Hunters Hill said the property attracted considerable interest during the marketing campaign.
He showed close to 70 groups through the home, with most of the interest coming from buyers with plans to redevelop the site.
The 1378sqm block is positioned on the high side of Pittwater Rd, allowing views of the surrounding reserve, but the sloping land would make additional building projects difficult.
“It was well-positioned block, but it presented challenges,” Mr Gialouris said.
Auctioneer Andrew Robinson said the sale was not surprising given the current market in the Ryde area, which was better than often made out.
“There has been a lot of (negative) talk about the market but it is actually showing signs of bottoming out,” Mr Robinson said. “There was good spirited bidding at this auction and we’re seeing a lot of that recently.”
A home in nearby Epping proved another crowd favourite when it went under the hammer, attracting nearly 300 people.
The three-bedroom house at 52 Chesterfield Rd sold for $1,728,000 — more than $400,000 above the $1.3 million reserve.
Selling agent Kate Seehusen showed about 500 groups of buyers through the home and issued more than 100 contracts. More than 40 buyers registered to bid.
“A lot of buyers were probably hoping for a bargain but were out of the auction right from the beginning,” Ms Seehusen said.
The opening bid of $1.2 million was received before auctioneer Charles Baynie could finish his introduction of the home and initially went up in $100,000 increments.
Two terraces on Hereford St in the popular inner west enclave of Forest Lodge sold under the hammer after lacklustre bidding encouraged the sellers to rethink their prices.
No. 126 sold for $2.26 million at a well-attended morning auction, but bidding was reported to have stalled at about $2 million when the selling agents received a directive from the vendors to drop the reserve price.
It had also taken some time for bidding to get underway, with the opening offer being a vendor bid.
A similar fate befell nearby 178 Hereford St, which sold under the hammer for $1.8 million with Ray White-Surry Hills/Alexandria. The sellers’ original reserve price had been $1.85 million. Two bidders were active during the auction and the opening bid was $1.4 million.
The home was one of 440 properties that went under the hammer today, a modest increase from the 300-odd that went to auction last weekend.
CoreLogic auction analyst Kevin Brogan said the volume of auctions may start to trend down as the market headed into winter.
“The market has been softening since Easter. Looking ahead to the Election Day weekend, not a lot of homes are going to auction. The week after there are hardly any, although it is still too soon to make a final call on that,” he said.
Many homeowners were likely holding off sales until the market improved and some may even be waiting for the outcome of the election to decide whether they would list, Mr Brogan added.