Sydney’s spring property market continues to heat up, with buyers flocking to auctions and paying top dollar to secure their dream homes in time for summer.
Three separate auctions across Sydney on Saturday sold above reserves in front of amassed crowds and satisfied vendors.
There were 1166 auctions scheduled in Sydney this week, up 14 per cent year-on-year, and 1372 auctions scheduled for next week, a figure up seven per cent since last year, according to PropTrack.
An ardent competition at an upper north shore auction ended with the property selling for $436,000 over the $3.8m reserve.
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Auctioneer Jason Keen brings the hammer down at 19 Pleasant Ave, East Lindfield.
With five active bidders, the auction at 19 Pleasant Ave, East Lindfield paused at the $3.7m mark as the bidding stalled.
Competition heated back up with numerous bids and a final $4.236m sale.
Auctioneer Jason Keen of Ray White said the seven registered bidders made all the difference to the competition.
“The result was fantastic,” he said. “It’s a little similar to others we are seeing at the moment, we had an auction on Thursday night that was $425,000 over reserve and this was well in excess as well,” he said.
“I had 25 (auctions) booked for the day, a lot have sold prior – there is a little of that happening as well.”
MORE: Sydney auctions: Homes sell up to$500k+ above reserves
19 Pleasant Ave, East Lindfield had been in the vendor’s family since the 1950s
Mr Keen said it is currently a “buoyant” auction market.
“Stock numbers have been quite high and that’s what we have been waiting for, that critical spring time to hit,” he said. “There’s really great energy around the auctions and improving numbers of registered bidders.”
The bidding opened at $3.4m – below the $3.6m price guide. After a few close calls of the hammer and multiple bids below $50,000 drawing near the end, it was a final $5,000 effort that secured the winning bid.
Vendor Rowena Ferguson said the home had been in their family since the 1950s. “It was left to my mother in 1965 by her aunty,” she said. “My brother has been in there for 38 years and brought his family up in the house.”
A second home on the same street at 3 Pleasant Ave sold a couple of hours later
Ms Ferguson said they were “very happy” with the result. “They did a fabulous job,” she said. “The people who bought it seem like a lovely couple – they are going to live in it which is lovely.”
Lead Agent Jessica Cao of Ray White Upper North Shore said the result was “very strong”.
“That actually set a suburb record for under 900 sqm block,” she said.
Ms Cao was also the lead agent for a second home that sold on the same street a couple of hours later at 3 Pleasant Ave that had four registered bidders, with two active and a sale price on a par with its reserve of $4.98m.
“The buyer who bought 19 Pleasant Ave had actually planned to come to number 3 if the bidding went crazy at number 19,” Ms Cao said.
Ms Cao said it was mostly family interest for both of the homes. “I think people are definitely paying more for what they think the potential is,” she said. “You can’t build a house for $1.5m – while those already built homes represent really good value.”
51 Main Street, Earlwood sold for $220,000 over its reserve
In the inner south west a home in Earlwood smashed its $1.7m reserve by $220,000.
The three-bedroom home at 51 Main Street had eight registered bidders, with four active.
“The buyer that purchased it was a downsizer moving from another area in the west,” McGrath Inner West’s Alexandra Stamatiou-Buda said. “The house required quite a bit of maintenance, it had been in the same family for 65 years.”
4/744 New South Head Road sold for $625,000 over its $1.6m reserve. Picture: Damian Shaw
The two-bedroom apartment sold at 4/744 New South Head Road for $2.225m. Picture: Damian Shaw
An Eastern suburb property sold for $625,000 above its $1.6m reserve.
The two-bedroom apartment at 4/744 New South Head Road, Rose Bay had 12 registered bidders, with six active.
Ray White Eastern Beaches director Angus Gorrie said there had been 165 buyers through to inspect the property.
“It was phenomenal numbers,” Mr Gorrie said.
“The purchaser actually saw the property about five minutes before the auction.”
Auctioneer James Hayashi and agent Nick Wiggan at the auction of 4/744 New South Head Road, Rose Bay. Picture: Damian Shaw
Winning bidder Ahmed. Picture: Damian Shaw
Buyer Ahmed said he had intentions to view a property at Avalon Beach and instead came to the Rose Bay auction.
“I thought okay, let’s go and see,” he said. “I went there and thought this is very good access to the beach, you can see the Habour bridge and I found another in the area was $9m with the same access.
“I think I will enjoy it until after Christmas, but after that I will rent it out.”
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