A hard-fought battle of small $1000 bid increases pushed the price of an inner west cottage more than $250,000 above reserve at a “ridiculous” auction.
More than 60 bids were made for the two-bedroom Rozelle property, which was one of 543 homes taken to auction in Sydney on Saturday.
By evening, Domain Group had recorded a 74.6 per cent clearance rate from 348 reported results.
With 10 registered bidders in the crowd of 60, auctioneer Paul Millett of Cooley Auctions did not have to wait long for an opening offer for 6 Coulon Street.
Bidding on the freestanding weatherboard started at $1.3 million — already $50,000 above the $1.25 million reserve — then jumped to $1.35 million. From there it mostly went up in $10,000 and $5000 jumps to $1.46 million as five parties competed.
After that it was all about adding “just another $1000” with almost 40 more small bids made. “This is ridiculous,” one local said as yet another $1000 bid increase was made at the auctioneer’s third and final call. The 185-square-metre property went on to sell to a young couple for $1,501,000.
Mr Cobden told Domain it was a fantastic result that showed the strength of the market. The price was more than triple the $390,000 records show the house last sold for in 1991, but a little short of the suburb’s $1.53 million median house price.
It was a similar story at the auction of a three-bedroom house in the eastern suburbs, which also drew about 60 bids.
The auction for 376 Military Road, Vaucluse, started strong, opening at $1.8 million. It jumped to $2 million and then rose in $25,000 increments to the $2.1 million reserve.
From there the four active bidders took to smaller $5000 and $1000 bid increases, pushing the price slowly up to $2,267,000 – at which the 360-square-metre block sold to an investor purchasing a home for her school-aged daughter.
Auctioneer Damien Cooley of Cooley Auctions said buyers were still wary despite the recent shift in the market.
“I think everyone is still a little cautious,” he said. “It hasn’t been easy today, it hasn’t been a breeze getting that first bid, but once you get the momentum going it’s all right.
“We’re definitely seeing all different types of bidding strategies,” he added, noting bidders who reached their limit often hoped to slow the bidding down by switching to smaller increments.
House hunters at nearby 74 Kings Road, Vaucluse, took a different approach, opting for larger knock-out bids.
Bidding for the three-bedroom house on 645 square metres started at $3.5 million.
It climbed in $100,000 jumps to $3.9 million, as four of five registered bidders made offers.
From there it slowed to smaller increments, but kept climbing past the $3.95 million reserve, right up to $4 million – at which it was snapped up by a family who plan to rebuild. The home sold through Ric Serrao of Raine & Horne Double Bay.
On the lower north shore, competition between five of 14 registered bidders pushed the price for 43A Park Road, Naremburn, $225,000 above reserve.
The auction kicked off with an offer of $1.6 million and bidding climbed in $50,000 lifts to $2.1 million, then $25,000 jumps right up to the $2,375,000 sale price.
Small bids reared their head again at the auction for 1 Preston Place, Roseville, but that didn’t stop the four-bedroom house from selling for more than $700,000 above reserve.
The auction started at $2 million and offers quickly passed the $2.2 million reserve, as six of 17 registered bidders tried to outbid each other.
The bidding climbed, mostly in $10,000 jumps, to $2.77 million, before slowing to smaller increases. It dropped right down to $500 jumps, with a whopping 106 bids made before the hammer fell at $2,907,500.
Mr Marshall said the result was well above expectations and put its popularity down to a lack of stock and the fact it was one of few original-condition homes outsider the suburb’s heritage conservation zone.
In the city’s south, a dozen parties turned out to compete for a four-bedroom waterfront house at 62 Como Road, Oyster Bay – owned by its architect’s family for more than 50 years.
Bidding opened at $1.25 million. Then a family from Sylvania, the eventual buyers, topped it with an offer of $1.5 million, knocking out much of the competition.
Back in the eastern suburbs, competition between three of four registered bidders saw a brand new Coogee penthouse sell for $3.6 million.
After an opening offer of $3 million for 9/89 Bream Street, Coogee, the bidding went up in $100,000 jumps to the $3.5 million reserve, before slowing to smaller increments.
A young local couple outbid downsizes from Double Bay to nab the three-bedroom property which spans 229 square metres.