Buyers offer $1 bids in desperate attempt to secure Liverpool unit at auction
A two-bedroom unit in Sydney’s south-west sparked one of the most bizarre bidding wars across the country on Saturday after two buyers descended to $1 and $5 bids in a desperate attempt to win the keys.
After the online spectacle that lasted one hour and a whopping 64 bids, a local investor slapped down $532,100, virtually – just over the reserve – to bag 710/6B Atkinson Street in Liverpool – making it Sydney’s cheapest sale of the day and by far its most nail-biting.
“I’ve never seen anything like it in more than 30 years of real estate,” selling agent Mark Sawyer of Alive Realty said.
“We had four registered bidders … but two of them, they just got to a certain point where they started bidding in multiples of $100, then $10 … and at one stage it went up by just $1.
“But neither of them would budge and it was just bizarre … the auctioneer (Francesco Princi, of Cooley Auctions) only made it to his next auction with 10 minutes to spare.”
Mr Princi said the “strange auction” highlighted the strength of the market and how auctions – particularly in their virtual form – reap incredible results.
“I think it just shows that when we get down to bids at that level, we’ve exceeded [the buyers’] budgets, and it shows they’re at their wits end … but this is also why auctions work,” Mr Princi said.
“I had another auction yesterday in Burwood and we had 24 registered parties and we exceeded the reserve by $240,000.
“I think the love of auctions has increased in Sydney and people are feeling comfortable making decisions from their lounge room.”
It was a sentiment felt over at in the north-west suburb of Cherrybrook after 23 registered bidders fought it out for a brick home at 8 Wisteria Crescent that eventually sold for $2.383 million – an incredible $333,000 over the reserve.
“My seller was in tears. She has lived there for 20 years … and she’s had a rough couple of years. But now she can take the next steps in her life,” selling agent Michell Hann of Ray White Cherrybrook said.
“It was fast paced too. Bidding started at $1.8 million and then from $1.9 million it went straight to two and it flew past the reserve.”
Mr Hann said a young family – who had fallen head over heels with the lifestyle Cherrybrook affords – nabbed the keys.
“Throughout COVID, the market has not slowed down … and some of the prices we’re seeing are reflecting that a lot; growth is yet to come,” he said.
Across the NSW capital, a total of 273 homes sold under the hammer from a reported 326 on Saturday, generating a strong clearance rate of 84 per cent. The median sale price was $1.625 million.
Down in Melbourne, the city’s property market showed signs of renewed life, after 298 homes sold from 376 for a 79 per cent clearance rate. The median price was $965,000.
At 7 Cabena Street, Donvale, a first-home-buyer couple purchased the three-bedroom brick home in need of a renovation for $1.263 million after a $1000 bid pulled the rug out from under 10 other registered parties.
Selling agent Jarrod Tyler of Ray White Manningham said while a handful of developers and investors were also vying for the old home on the 652-square-metre block, the pair was happy to push past the price guide of $1.1 million to $1.2 million to seal the deal. It was a move he felt revealed how much market confidence remains.
“We actually sold a home [just like this one] not 100 metres away 18 months ago for $1,000,050 so to get that $200,000-plus increase in that period of time [is incredible],” Mr Tyler said.
“The vendors have had that home forever – close to 30 years – so, while they were absolutely emotional on the day that was stifled by a great result.”
Mr Tyler said the sale came hot on the heels of an incredible week of sales, with their office alone amassing $8 million worth in seven days as easing restrictions continue to fuel the real estate fire.
In Moorabbin, a young couple from Queensland forked out $642,000 sight unseen for a two-bedroom unit at 3/235 Wickham Road after they decided to buck the interstate migration trend and leave the sunshine state for Victoria.
Ray White Cheltenham director and auctioneer Kevin Chokshi said nine registered bidders battled it out at the online auction, of which six were active.
“[This migration trend is] usually the other way around,” Mr Chokshi said.
“Normally, I’m working with vendors who are looking to move to Sydney or Brisbane or Perth,” he said.
In Brisbane, the clearance rate was 85 per cent after 55 homes sold from 65. The median sale price was $945,000.
A magnificent estate at 131 Adelaide Street East, Clayfield, fetched the top sale price of the day after a local buyer paid $3.615 million – beating out two other registered bidders.
Selling agent Tom Lyne of Ray White New Farm said the spectacular two-storey residence sprawled over a 1019-square-metre block in a blue-chip location, leading to strong buyer interest and a cracking auction result.
“It was the location in Adelaide Street East [that made it so popular]. It’s a prestigious street in Brisbane and it’s good for families and has great access. The house itself is, from a lifestyle perspective, very well presented,” Mr Lyne said.
“The owners had only been there for five to six years and they are downsizing.”
The property last sold in 2015 for $3.141 million.
“Bidding kicked off at $3 million and it was fairly fast paced. The owners were thrilled with the result,” Mr Lyne said.
At 15 Spica Street, Coorparoo, an old three-bedroom Queenslander that had never changed hands sold for $2.255 million after 28 registered bidders showed up to get their hands on the rare property.
“It was a great result and it’s on a 809-square-metre block with unbelievable city views. Even though the house was built before 1946, you can knock it over or renovate, so that’s what made it so popular,” said selling agent Cliff Tarr of Place Estate Agents Coorparoo.
“We had expats, interstate buyers and locals all interested but, in the end, a local family bought it and they are going to knock it over and build their dream home.”
Mr Tarr said bidding started at $1.6 million and shot up to $1.9 million before two bidders battled it out to the end.
“The owners are over the moon. I thought we might get to $2 million [but it far exceeded our expectations]. And it was close to record price for a block that size in Coorparoo,” he said.
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