Only handful of big results at Sydney auctions amid slowing market
Sydney had another subdued weekend of auction activity with many of the homes due to go under the hammer being withdrawn from bidding or passing in.
Those that did sell often attracted just one or two bidders, but there were some bright spots spread across the city.
Seven bidders registered for the auction of a three-bedroom house on Cecil St in Castle Hill, with four taking an active part in proceedings.
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The home sold for 1.08 million, above initial market feedback which had suggested the property would sell for about $950,000, according to selling agent Craig Robinson of Ray White-Castle Hill.
“It was a ripper auction,” Mr Robinson said.
Bidding opened at $800,000 and much of the interest was from buyers hoping to capitalise on recent rezoning in the area.
“Some of the nearby properties were recently rezoned R4 for high density. This was still R2, but there was an expectation that this property would also be rezoned in a few years,” Mr Robinson said.
More than 60 groups of buyers inspected the property over what was an extended sales campaign due the Easter and Anzac Day long weekends.
The buyer was a local with plans to use the property as an investment and possible “landbanking” play, Mr Robinson added.
A house on Tracey Avenue in nearby Carlingford sold under the hammer for $1.205 million after attracting the interest of five registered bidders.
The four-bedroom property on 935sqm was one of the most popular auction listings on realestate.com.au this week.
Selling agent Daniel Godoy of First National Carlingford said it was popular due to its location near multiple schools and North Rocks Shopping Centre.
A three-bedroom house at 63 Gooden Drive in Baulkham Hills sold under the hammer for $950,000.
Selling agent Ash Singh of Ray White-Baulkham Hills said initial feedback from the market had suggested buyer interest was at about $850,000-$900,000.
Mr Singh showed more than 150 groups of keen buyers through the home, eight of who registered to bid.
“There was highly emotional, competitive bidding on the day and that just pushed the price up,” Mr Singh said.
“It was textbook auction conditions, I don’t think we would have got that price selling by private treaty.”
He added that the Hills market had been volatile of late, with prices dropping by about 15-20 per cent in many suburbs over the past year.
“Buyers are still registering at auctions but the prices have been going down … (Gooden Dr) was a great result in this market.”
On the north shore, a unit at 3/21-23 Palmer St, Cammeray sold under the hammer for $1.1 million, narrowly pipping the reserve of $1.075 million.
Selling agent Helen Wilson of Belle Property-Neutral Bay said the home was popular with young couples and first homebuyers.
She showed nearly 80 groups through the home over the course of the marketing campaign and issued eight contracts of sale.
Three buyers registered for the auction, with two taking part. The winners were a local couple who celebrated the purchase with their parents.
“The opening bid was straight over the reserve … it was a good result,” Ms Wilson said.
In the inner west, a house at 3 Myrtle St in Stanmore also sold to a first homebuyer, with the $1.52 million price just above the $1.5 million reserve.
Selling agent Blake Lowry of Belle Property said three buyers registered and two were active in the auction. The opening bid was $1.4 million. “Buyers liked the beautiful Federation style and the location near (Stanmore) train station,” Mr Lowry said.
In Lilyfied, a Francis St house with scope to be renovated sold for $1.045 million. Five buyers registered for the auction, with only one submitting a bid.
The home sold after the vendor adjusted their reserve down, selling agent Danielle Dewhurst said.
A Newtown house at 130 Darley St sold to a first homebuyer who paid $1.65 million, $100,000 above the reserve.
The house was the long-time home of the Ageletos family, who had purchased the block in the early 1970s.
“I’m very pleased that the Ageletos family home was hotly contested and sold for over expectations today,” said selling agent Adrian Tsalavas of McGrath-Newtown.
Slightly over 340 properties went under the hammer across the city, well-below the nearly 500 that were up for grabs over the same weekend last year.