Sydney home auctions: big Panania sale and other results show it’s prime time to sell
A Panania auction turned into a jostle for pavement space when a mob of 100 people descended on the two-bedroom house with high hopes of buying it.
Among the crowd were a whopping 28 registered bidders and plenty more who held a contract of sale.
It was a far cry from the typical auction being conducted across Sydney just three months ago, when the average sale attracted just two to three registered bidders, auction data showed.
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The intense competition pushed the price of the house at 28 Panania Ave to $920,000. This was $120,000 above the $800,000 reserve and $320,000 above the opening bid.
Brothers Ed and John Cachia were selling the home on behalf of their elderly mother and said they were “very happy” with the result.
“It was surreal seeing so many people turn up,” John Cachia said. “It’s been a bit of an emotional sale for us. Bittersweet. Our mum has been living there more than 15 years and it will be sad to see it go, but (the sale) will also really help.”
Selling agent Rob Seib of Paramount Real Estate said most of the interest was from first home buyers, many with plans to knock the home down and replace it with a modern build.
Others wanted to build a granny flat on the 563sqm block, he said.
“The interest was huge,” Mr Seib said. “Buyers have the mindset that the market has bottomed out and they’re more willing to bid.”
It took just seconds for auctioneer Andrew Cooley to receive the opening bid and the next series of offers came in rapid succession.
Ten of the registered bidders submitted offers, sometimes at the same time as each other.
“There’s a bit of fear of missing out from buyers at the moment,” Mr Cooley said. “There’s isn’t much stock available and more buyers are turning up willing to bid.”
The property was one of 327 homes to under the hammer, a higher volume than last week but still well below the number of sale scheduled for the same weekend last year.
Realestate.com.au chief economist Nerida Conisbee said fewer sales at a time of rising buyer demand was helping vendors get good results.
Sellers were in a position where they could “name their price” because buyers were now competing for many of the same homes, encouraging them to increase their offers, Ms Conisbee said.
Ray White NSW Chief Auctioneer Alex Pattaro said bidder turnout was “creeping north week on week”, suggesting the market was performing better than expected.
“Suburbs within 15 minutes of the CBD all performed extremely well (Saturday). Properties that are fairly priced, well positioned and close to amenities all sold convincingly above reserve,” Mr Pattaro said.
On the upper north shore, an uninhabitable home understood to be structurally unsafe sold for $1.6 million under the hammer.
The price for the property at 11 Mahratta Ave, Wahroonga was $400,000 over the reserve and $600,000 above the $1 million opening bid.
Ten buyers registered for the auction and about 80 people came to watch.
Selling agent David Walker of Ray White Upper North Shore said the home, while rundown, was on a prized 924sqm block in a sought-after pocket of Wahroonga.
Due to safety fears, Mr Walker and his team were unable to show buyers through the one-bedroom house. The home’s many problems included a leaky roof and collapsed floor.
“There was simply too much structural damage, so it was a knockdown opportunity in every sense of the word,” Mr Walker said, adding that buyers were prepared to bid high.
In the east, A two-bedroom semi in North Bondi sold for $210,000 above reserve at a competitive auction with frequent bidding.
The sale of 2 Vicars Ave attracted 15 registered bidders and the home changed hands for just over $2.41 million. Bidding opened at $1.8 million.
Selling agent Mary Anne Cronin of Phillips Pantzer Donnelley said the sale suggested the market had “turned the corner”.
“It’s a great start to the selling season,” she said.
In the northwest, a three-bedroom house on Louise Way in Cherrybrook sold for $1.47 million.
The property was popular during the four-week marketing campaign, with selling agent Jane Booty of Stone Real Estate issuing more than 100 contracts of sale.
There were 23 registered bidders. The buyers were a local family and had put in the opening bid of $1.35 million.
The reserve price was $1.4 million, which was inflated prior to the auction based on the strong interest from buyers.