Upsizing families vie for $3.2 million house at fast-paced auction
A Lane Cove family paid $3.22 million at auction on Saturday to upsize from a unit to a house in the suburb, outbidding another family with the same intention.
The three-bedroom property at 42 Hart Street was guided at $2.75 million and had a reserve of $2.85 million. There is no legal requirement for a vendor’s reserve to be in line with their property’s price guide.
The single-storey property is set on a level block of more than 600 square metres and is in walking distance of the local primary school. Interior features include whitewashed walls and polished floorboards.
Of eight registered bidders, four took part. Bidding was quick to start, opening at $2.5 million and rising in varying increments, until the hammer fell minutes later.
The property was one of 1029 scheduled to go to auction in Sydney this week. By evening, Domain Group recorded a preliminary auction clearance rate of 74.6 per cent from 638 reported results throughout the week, while 100 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
The buyers have children who already go to the local primary school. They outbid another family from Lane Cove.
Belle Property Lane Cove’s Patrick Lang said the selling points were the proximity to the local primary school and that it was a flat block, which he said was rare.
“Sydney is full of peninsulas so it’s rare to find a flat block. Many buyers were interested in building a granny flat or extending the house,” he said.
Lang said while the agency had seen an influx of new stock this week, he predicted the spring selling season would favour sellers.
“There are many buyers around, but not much to sell. Anyone who is going to sell in the next three or four months will have a good outcome mainly just due to supply and demand. I think many people are waiting and watching,” he said.
In Pymble, a young family paid $4.2 million at auction for a Federation home that’s across the road from Pymble Ladies’ College.
The four-bedroom property at 29 Avon Road had no guide and a reserve of $4.1 million. The entertainer’s home is set on a block of more than 900 square metres and its bi-fold doors lead to an alfresco deck and landscaped gardens.
There were eight registered bidders and four took part. Bidding opened at $3.5 million and rose in varying increments.
Orr&Co Estate Agents’ Phil Orr said the buyers were drawn to the proximity to the college. They outbid families from the upper north shore as well as the eastern suburbs.
Auctioneer Edward Riley said, “today’s result is a powerful sign that momentum is building, and the market is charging into the spring selling season with renewed strength and confidence.”
In Dulwich Hill, a first home buyer couple from Leichhardt paid $1.62 million at auction for an Art Deco apartment, outbidding other first home buyers.
The two-bedroom property at 3/375 New Canterbury Road was guided at $1.3 million and had a reserve of $1.43 million.
The top-floor unit is located in an Art Deco block of four, which lead agent Daniel Josevski of Adrian William Real Estate said was scarce in the area. There are stained-glass windows, decorative archways, skylights, engineered oak floors, a sunroom and separate study area.
Of seven registered bidders, three took part. Bidding opened at $1.45 million and rose predominantly in increments of $10,000 and $20,000.
The buyers were renting in Leichhardt and outbid others from the inner west who were searching for a two-bedroom unit.
Josevski said part of the appeal was the large internal floor space over 100 square metres that made the unit “almost feel like a home”.
The vendor couple – a fashion designer and hospitality entrepreneur – are upsizing to a house in the area. Records show the unit last sold for $841,000 in 2020.
In Penrith, an investor paid $3.99 million at auction for a block of eight units that are currently tenanted and will continue to be rented out.
The red brick apartment block, with 16 bedrooms in total, at 25 Castlereagh Street went to auction without a guide and had a reserve of $3.8 million. Interiors are described as well maintained on the listing and there is a carport at the rear.
There were seven registered bidders, four took part. Bidding opened at $3.4 million and rose in varying increments.
The underbidder was an investor who had a buyer’s agent act on their behalf.
Ray White United Group’s Peter Diamantidis said that while Penrith was not typically an “auction-based area,” results have been strong.
He said there was a lot of first home buyer interest in Penrith due to the lower price point, in comparison to other regions closer to Sydney’s CBD.
We recommend
We thought you might like
States
Capital Cities
Capital Cities - Rentals
Popular Areas
Allhomes
More
