Sydney buyers shelled out big cash and smashed reserves at several auctions today, including a $1.93 million ‘impulse buy’ – while in Melbourne, competitive online bidding led to some surprising results.
Latest realestate.com.au auction data shows New South Wales has a clearance rate of 75% for the week to date, while Victoria’s preliminary clearance rate currently stands at 68%.
Here’s what happened in the auction capitals today.
120 Forest Rd, Arncliffe sold for $264,000 over reserve.
Sydney
A dated 1950s-era brick cottage in Putney in Sydney’s northwest was changed hands for $1.93 million, just to be bulldozed.
Part-time developer Sam Ashour said he snapped up the four-bedroom house on Charles St in an “impulse buy” and would knock down the home to replace it with new housing.
The property was marketed with a guide of $1.7-$1.8 million but the sellers set a high reserve on the morning of the auction at $1.9 million.
The Charles St house was on a 670sqm block.
At another auction today, an Arncliffe family sold their four-bedroom house to their next-door neighbour for $264,000 above their price expectations.
The price for the house on a 1385sqm block on Forest Rd was $2.014 million and vendor Dan Brady set the reserve at $1.75 million.
“There will always be people who question the market, but from my point of view it’s still incredibly strong,” Mr Brady said.
“I’m certain this is the best price we would have got anytime and it’s completely life-changing.”
Two deceased estates in the eastern suburbs drew strong bids and sales – one in Bondi Junction that sold $625,000 above reserve, and a home on Napier St, Matraville sold for $1.365 million.
For more of today’s Sydney auction coverage, read here.
Melbourne
Hawthorn skipper Ben Stratton’s Fitzroy warehouse conversion passed in at auction today, but is expected to be snapped up soon.
The two-bedroom home at 75 Palmer St passed in on a vendor bid of $1.5 million, short of its $1.62 million price expectations.
The warehouse conversion passed in on a vendor bid.
Nelson Alexander Fitzroy partner Mark Verrocchi said the “hottest” buyer was still organising their finances and he expected the property to sell in the next few days.
“We ended up having close to 50 appointments and inspections there so I’m not really worried that we’re too far off,” Mr Verrocchi said.
Further north, a two-bedroom home in Preston sold $145,000 beyond reserve after a young couple bid for $655,000 at a competitive auction.
The “very excited” first-home buyers outbid a mixture of young buyers, investors and downsizers to secure 2/65 Pender St.
“This is the trend we’re seeing at the moment. There seems to be competition everywhere you look,” said Ray White Craigieburn auctioneer Trish Orrico.
For more of today’s Melbourne auction coverage, read here.
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