Investors nab $2.6m North Ryde time warp, sparing it from wrecking ball
A North Ryde time-warp house has been spared from demolition by an investor couple, who secured it for $2,655,000 at auction.
The three-bedroom property at 2 Pamela Street eclipsed its $2.35 million reserve, induced by confident bidding from five contenders.
With its orange kitchen bench, elaborate wallpaper and pink bathroom, the brick and weatherboard home spoke to an era long ago.
It was one of 914 auctions scheduled in Sydney this week. By evening, Domain Group had recorded a preliminary auction clearance rate of 75.9 per cent from 590 reported results throughout the week, while 84 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
Nine bidders registered for the North Ryde auction; most intended to raze it and build a new home. A handful of other investors were also in contention for the house, which had $2.2 million hopes during the campaign.
There is no legal requirement for a vendor’s reserve to be in line with their property’s price guide.
The winning bidders, a middle-aged couple, opened the bout at $2,050,000. Bids flowed in bullish $50,000 increments, auctioneer Michael Garofolo from Cooley said.
At $2.55 million, bids squeezed down to $5000 and $1000, before the gavel dropped.
“There was confidence in the air,” Garofolo said. “Maybe everyone was feeling good about the sun. No one was holding back.
“There was a good mix of owner-occupiers and developers and healthy competition between the two.”
Listing agent Jason Segon from Stone Real Estate North Ryde said the property would hit the rental market.
“I thought the purchaser of this would probably knock it down to rebuild,” he said. “The underbidder and the person below them were looking to knock it down.
“Investors are not something we’ve seen a lot lately but, with interest rates coming down, it’s good to see them coming out of the woodwork.”
In Enmore, an investor beat an owner-occupier to the keys to a gently renovated cottage at 11 Marian Street, steps from the trendy main strip.
The petite Victorian with a verandah, two bedrooms and rear access sold for $1,575,000 – exactly its reserve.
The pre-auction guide was $1.45 million. Eight bidders registered – three of them investors – and seven took part, opening the race with a bid of $1.3 million.
It was a low start, agent Nicholas Viewey of Adrian William Real Estate said. However, investors in the equation, and potential rental income of $800 to $850 per week, encouraged spirited bidding. Other prospective buyers included singles, young couples and downsizers.
The position of the 120-square-metre block, 200 metres from the famous Enmore Theatre, was a drawcard.
“You just walk out of the street and you are straight onto Enmore Road,” Viewey said. “It’s a really popular location.”
In Rozelle, a fearless opening bid of $1.8 million immediately crushed the $1.75 million reserve of an elegant, semi-detached Victorian.
The three-bedroom, balcony terrace at 20 Lilyfield Road sold to an investor for $2,050,000, against a campaign guide of $1.7 million.
The vendor was the state government, selling surplus properties it bought from residents as part of the WestConnex tunnel construction.
Four of the five bidders who registered put their hands up, and were assertive throughout. A decisive final bid of $50,000 silenced the competition.
“Today’s auction result really underscores the renewed strength we’re seeing in the market, thanks in part to the recent interest rate cuts,” auctioneer Edward Riley said. “With spring around the corner, I think we’re heading for a strong finish to the year.”
Agent Scott Robertson of Balmain Realty said the knockout opening bid took everyone by surprise. “It set the tone,” he said. “I think that’s why there was fierce bidding going on this morning.”
In Thornleigh, a young woman graduating from an apartment in Pymble signed the contract for a refreshed brick and weatherboard house for its reserve price of $1.95 million.
No pre-auction guide was available for 2 Roach Avenue, but agent Nathan Leuzzi of Ray White Upper North Shore said $1.8 million was considered entry level in the suburb.
Six bidders registered and only two sat it out. The underbidders were a young couple, which was typical of those interested before auction day.
“A lot of buyers are now making moves and sellers are getting much better results over the last couple of weeks than we saw earlier in the year,” Leuzzi said.
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