120 Forest Rd, Arncliffe sold for $264,000 over reserve.
A family of Arncliffe vendors were celebrating with champagne after selling their four-bedroom house at auction 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 Daniel Brady set the reserve at $1.75 million.
“We’re absolutely over the moon and this result was way beyond any of our expectations,” Mr Brady said.
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The buyer was understood to have offered $1.55 million for the house prior to auction.
Mr Brady said he was glad to have sold the property in the current market. “There was never a thought in my mind about waiting six months because I was confident it would sell now,” he said.
“There will always be people who question the market, but from my point of view it’s still incredibly strong … I’m certain this is the best price we would have got anytime and it’s completely life-changing.”
Ten bidders registered with selling agents Nicholas and Con Economos of Ray White-Rockdale and the opening bid was $1.45 million.
“This was an incredible result with a huge 77 bids taking place as the final two bidders slugged it out as if it was the 12th round from $1.85 million onwards,” Mr Nicholas Economos said.
Vendor Daniel Brady and aunt Monique Howell celebrate after getting $264,000 over reserve.
“The emotional attachment for both final bidders was clear. The eventual underbidders (there with family) even considered pooling their finances to ensure they won.”
The next-door neighbour was reported to have wanted to buy the house for many years.
The property was one of about 500 Sydney homes to go to auction this week. Preliminary indicators suggested about 60 per cent of sales were a success – in line with the auction clearance rate recorded over the past two weeks.
In Sydney’s east, a two-bedroom terrace on Adelaide St in Surry Hills sold under the hammer yesterday for $1.087 million.
33 Adelaide St, Surry Hills attracted eleven registered bidders.
Eleven bidders registered for the auction with BresicWhitney agent Michael Kirk. The opening bid was $980,000. The vendor originally had a reserve of $1.1 million but dropped their expectations to meet the market, Mr Kirk said.
Most of the interested bidders were first homebuyers or upsizers. The buyer was a first-time purchaser from Melbourne who placed bids on the phone.
In Matraville, a deceased estate on Napier St sold for $1.365 million.
On the northern beaches, a torrens title house in Beacon Hill changed hands for $1.5 million. Selling agent Jacquelynn Watson of Ray White-Freshwater said most of the prospective buyers interested in the home on Lady Penrhyn Drive were families and upsizers.
7a Lady Penrhyn Drive, Beacon Hill sold for $1.5 million.
“This was a strong campaign with 45 groups through during the opens and that translated into a really good auction result for the vendors. They’re very happy,” Ms Watson said.
“The property has been with the same owners for 23 years since it’s construction and it’s really lovely that a new family gets to come in and make memories of their own.
“We decided to go with an auction because it provided that set deadline for the vendor and it was a great result for them.”
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