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The auction for an Ashfield unit attracted a big crowd. Picture by Max Mason-Hubers
Sydney auctions have delivered big surprises, with most sellers getting a lukewarm reception from buyers, while others attracted bidding wars that pushed prices up well above expectations.
Among the standout results at Saturday auctions was the $7.1m sale of a Queen Anne-style home in Chatswood, which had gone to market with a $6m guide.
There were eight bidders and auctioneer Ed Riley got an opening bid of $6m. Ray White agent John McManus said it was one of the area’s finest homes.
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13 Robinson Street, Chatswood.
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Across the city, home seekers at an inner west apartment auction faced stiffer than normal competition in what has been one of the weaker Sydney markets this spring.
Eleven buyers registered to bid for the three-bedroom unit in Ashfield and the higher bidder turnout pushed the price to $1.575m – $225,000 above the reserve.
The buyer of the Chandos St home was understood to have been a first-home buyer who had a relative living in the same complex.
“We could hear her on the phone after. She was stoked, over the moon,” said auctioneer Chris Scerri, director of Scerri Auctions. “Overall, the market is very cautious at the moment. It’s been rare to have an auction like this. The average bidder turnout at most auctions across Sydney right now is about three.”
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8/1 Chandos Street in Ashfield sold at auction for $225,000 over reserve.
Auctioneer Chris Scerri takes the winning bid. Picture by Max Mason-Hubers
Selling agent Jordan Dias of Harris Tripp, who sold the home in conjunction with agent Joey Di Perna, said the result was at odds with the rest of the market.
“It was a phenomenal auction,” he said. “I don’t feel like this is a sign of the market. I think what it shows is that good quality properties are still drawing good buyer interest.
“This unit was a lot larger than normal and it had 3.3m ceilings and large proportions.”
Mr Dias said the inner west was a soft market at the moment because of an increase in stock. “Prospective buyers have a lot more options at the moment,” he said.
Mr Scerri said it was “tough out there for sellers”.
The auction was one of more than 1000 scheduled across Sydney this week, a 17 per cent rise on the volume of auctions recorded at the same time last year. There will be close to 1200 next week – a high number for spring.
80 St Thomas St, Clovelly sold for about $1m over early expectations.
In the eastern suburbs, a semi-detached house in a cul-de-sac in Clovelly sold for nearly $1m above the expected price.
Agent Nick Wise of Sothebys revealed prior to the auction that he was thinking the three-bedroom house on St Thomas St would sell for a price in the “upper $4 millions”, but it instead sold for $5.8m.
A dozen buyers registered to bid in the auction and five took part. Bidding was frantic.
The opening offer was $4.7 million and jumped up by $500,000 in the next bid and another $300,000 in the one after.
Mr Wise said it was the strongest auction he had seen this year.
Close to 140 groups inspected the home during the campaign, which also involved agents James Ball and Nicholas Kennan.
An artist’s impression of Putney Wharf Residences.
A development launch in Putney was also met with strong buyer interest. The project for the waterfront homes, to be known as Putney Wharf Residences, was launched Saturday and $120m in apartment sales were secured in the first two hours. Stage One comprising 34 apartments is expected to sell out in coming days.
CBRE Residential Project’s Senior Director Tim Rees confirmed this was an expected
result due to the uniqueness of the project, the prime waterfront location and the
overwhelming level of interest
The post Sydney auctions: multiple homes sell for $1m more than expected despite ‘tough’ market appeared first on realestate.com.au.
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