Riverfront apartment in Parramatta sells for $1.25 million at online auction
A Sydney couple has sold their two-bedroom unit in Parramatta for $1.25 million at a virtual auction on Saturday – almost four times what they paid for it.
The apartment, which sits in one of the suburbs most tightly held pockets at 4/70-74 Phillip Street, was snapped up 10 years ago for just $320,000 – with the vendors confessing the riverfront abode was all they could afford at the time.
Now considered a prime location on the doorstep of the CBD, the once cheap as chips “first home” is now worth its weight in gold, with 19 registered bidders fronting up to the auction and 26 contracts issued prior, co-selling agent Rowan Thredgold of McGrath Parramatta, said.
While bidding kicked off at $650,000, it took just five minutes to soar past $1 million, with an investor who lives in the same building willing to splash a reserve-blasting sum to beat developers to secure the keys.
“People were asking us ‘what do you reckon it will sell for’ and we said ‘we have no idea because how do you compare it,” Mr Thredgold said. “But did we think it would get that price? Definitely not.
“I think the future potential lured in all those buyers … and it’s one of the last older residential-style blocks in this city area, and it’s right on the river.
“It’s really good for developers further down the track … and nothing has sold in that complex since 2014, so it’s been very tightly held, and it’s just one of those opportunities.”
Mr Thredgold said Parramatta’s market was continuing to soar to record heights, particularly in the suburb’s north, where every aspect of the market is firing.
It’s a sentiment echoed in key hot spots across the city on Saturday, with 82 per cent of homes sold at auction for a median sale price of $1.6 million.
While a Strathfield house at 36 Karuah Street claimed the top sale price of the day – after fetching $5 million – it was a crumbling cottage at 148 Young Street, Annandale, that earned a rock-star welcome from buyers, selling for a reserve-smashing $2.625 million under the hammer.
Of the 15 registered bidders, only three were active, but they quickly pushed past the $2.2 million reserve with a young buyer from Haberfield winning the keys, selling agent Michael Gallina of Belle Property Hunters Hill, said.
“This is an oversized block for Annandale, so it attracted many families looking to upsize, as well as developers,” Mr Gallina said.
“It has rear access to parking via a cul-de-sac, which backs onto a lovely park, and buyers loved that. Although the house needs a major renovation, buyers could see the potential. It’s an incredible sale price for the area and shows the market is continuing to rise.”
During the campaign, 29 contracts were issued, Mr Gallina said, while 117 spectators tuned in to watch the online auction.
Up in Brisbane, 47 homes sold under the hammer for just over $31 million on Saturday, resulting in a 75 per cent clearance rate and a median sale price of $985,000.
In the tightly-held inner-city suburb of West End, a cottage on a pint-sized 251-square-metre block at 39 Hardgrave Road changed hands for the first time in two decades, fetching $1.4 million under the hammer after eight bidders battled it.
Selling agent Chris Kazonis of Drakos Real Estate said the sale was a suburb record, with a local couple smashing the reserve to win the keys for their Melbourne-based daughter.
“This block of land had actually been in the family for 76 years … and while they did a little bit of work on it [before the auction], it sold for way over expectations,” Mr Kazonis said.
“It’s a record for that type of house and land and in that condition, and we had four offers before auction. The owners were just ecstatic.”
Despite that top result, Mr Kazonis said the market was incredibly frustrating with tight stock levels sending property prices skyward while simultaneously scaring off vendors who were reluctant to list for fear of winding up homeless.
“You can’t buy your own property back [in this market] … and it’s really hard for young people. So, I have noticed a lot more young people and even mature [home hunters] buying units.
Over in the blue-chip suburb of Ascot, a stunning five-bedroom residence with a feature pool claimed the crown for highest sale at auction on Saturday, after an interstate buyer splashed $2.65 million, sight unseen.
Selling agent and director Drew Davies of Place Estate Agents Ascot said 100 groups inspected the home at 92 Crosby Road ahead of the event, with buyers falling head over heels with the homes’ outstanding layout and location.
“It was a super sought out property with young families because of its layout with the living area and kitchen all on the ground floor that opened up to the pool,” Mr Davies said.
“We had a fair few Melbourne buyers as well who are fed up with lockdowns. The bidding started at $1.9 million, and it sold for over the reserve. We also had 10 registered bidders.
“Demand is skyrocketing at the moment, and it’s all coming from down south.”
Ongoing lockdowns in Melbourne forced dozens of homes to be pulled from auction in the Victorian capital on Saturday, resulting in a dismal 37 per cent clearance rate and a median sale price of $966,000.
In total, 230 properties sold for a collective $124.8 million, many of which transacted prior to their scheduled auction date.
Of those, a quintessential clinker brick home at 16 Finsbury Way, Camberwell, earned the gong for top auction sale, despite selling prior for $3.15 million.
The chic and charming four-bedroom house occupies a 776-square-metre block and attracted 30 groups through its doors in just one afternoon before lockdown prevented further inspections.
Selling agent Sophie Su of Kay and Burton Hawthorn said the home’s sheer originality generated strong buyer interest and, consequently, an incredible pre-auction sale to a local upgrader.
“It’s a big block of land, and the home has a heritage overlay … the owners had lived there since 2008, and I believe they paid around $1.5 million,” Ms Su said.
“But they didn’t spend any money on the home, only simple renovations.”
Over at 32 Loughnan Road, Ringwood, a modern four-bedroom abode on a 679-square-metre block fetched $1.3 million under the virtual hammer, smashing the reserve of $1.14 million despite pandemic restrictions preventing a single physical inspection.
Selling agent Cameron Bailey of Ray White Ringwood said 12 registered bidders battled it out from behind their keyboards, with a young couple winning the keys after six tough months of home hunting.
“We had 40 inquiries during the campaign, and the photos and videos managed to highlight the calibre of the property. But I think what we’re seeing at the moment is a combination of pent-up buyers that haven’t been able to purchase and who are frustrated with ongoing lockdowns and people who have sold. There’s a bit of desperation in there,” Mr Bailey said.
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