A crowd of at least 50 people gathered for the auction of 25 Adelaide Ave in East Lindfield. Picture: Rohan Kelly
A family selling a deceased estate on Sydney’s north shore were left stunned after the property sold for $750,000 more than expected in what has been a market losing momentum ahead of Christmas.
The four-bedroom house on a 967sqm block in East Lindfield sold under the hammer for $5.51m. The reserve price was $4.8m and “reasonable” based on recent sales, the agent said.
Seven bidders registered for the auction with the agent Jessica Cao of Ray White Upper North Shore and there was a level of urgency from buyers that hadn’t been seen in some weeks.
“It was my best auction of the year,” Ms Cao said. “The sellers couldn’t believe it.”
The Adelaide Ave home had been well looked after by the owners, who had kept it 40 years, but remained in “original” condition and was “nothing fancy”, Ms Cao said.
The $5.51m price constituted a new suburb record for a single level house on a block under 1,500sqm.
MORE: Sydney suburbs at risk of being AI ‘rust belt’
Ray White auctioneer Jason Keen, with agent Jessica Cao. Picture: Rohan Kelly
The results come as many agents report the market has been losing gusto since higher inflation figures reported in late October ruled out further interest rate cuts in the near future. It had been a hot market up to that point, with buyer demand far outweighing supply. Conditions were such that property seekers had to stretch their budgets to get homes.
“That sense of FOMO is changing,” said auctioneer Michael Garofolo, director of auction house Cooley. He noted that it was still a strong market but no longer a frenzied one.
Part of what helped temper the sales environment was a November surge in listings that, coupled with the changing interest rate outlook, meant buyers faced less competition.
Ms Cao said the upper north shore had defied this trend. She speculated this may be due to the more affluent buyers being less affected by rate changes than those in more affordable areas.
MORE: Cliffside home of Lowes boss has own private golf course
The home had remained in the same family for 40 years. Picture: Rohan Kelly
“It’s a very healthy market in this area,” she said, adding that this weekend represented the last major period of sales before the industry shutdown for the summer holidays.
Auctioneer Jason Keen said there was spirited bidding for the Adelaide Ave home, explaining that there may have been some buyers urgently trying to snap up a home before Christmas.
The selling agents played to the Christmas theme, with Mr Keen calling the auction while wearing a Santa hat and the Ray White staff adorning reindeer antlers.
Just under 1,000 properties were scheduled to go under the hammer across Sydney this week, a rise of about 20 per cent on the number that went to auction over the same week last year.
Sydney last week recorded its lowest auction clearance rate of the year at 56.1 per cent. It had been 62.5 per cent the week prior and about 65-70 per cent for most of spring – a figure indicating a strong sales climate, but not a “boom”.
Auctioneer Clarence White said it was a hard market to characterise at the moment because it was so “patchy”. Some areas were doing well, while others were struggling.
He said it often came down to how much debt the buyers were taking on. “Buyers who will taken on bigger mortgages will be more affected by the rate changes and they’re probably most reticent right now.”
Rezoning ups price 10-fold
A dated Castle Hill house rezoned for medium density sold under the hammer Friday for $2.4m – 10 times the price the vendors paid in 1990.
Auctioneer Stu Benson, calling the sale for Guardian Realty, received 59 bids for the Carramar Rd home from the seven registered parties. Most of the interest was from developers. The price was $300,000 over reserve.
Auctioneer Stu Benson calls bid on the Castle Hill home.
Mr Benson said the owners knew the value of their home would grow well “but even they couldn’t believe the result”.
$3.5m for pad built in 1890
A historic terrace in Glebe, built in 1890, sold under the hammer for $3.56m – a price that helped the vendor double their investment.
The property had last sold in 2013 for $1.75m. Six parties registered to bid for the three-bedroom home on Ferry Rd and four submitted bids.
36 Ferry Road, Glebe.
The terrace had a unique style described as “classic Victorian Italianate” and offered sweeping views of the Sydney CBD. Ray White agent Matthew Carvalho had the listing.
Kellyville remains ‘hotly contested’
A four-bedroom house in Kellyville sold for $2.05m, $100,000 over reserve, after the six bidders exchanged 32 bids between them.
The house on Brandon Grove attracted a mix of renovators, families and investors.
“Kellyville is always hotly contested,” said auctioneer Stu Benson. “It’s flanked by three metro stations … has plenty of local and major shopping centres, and great schooling.
Auctioneer Stu Benson at the Kellyville auction.
13 Brandon Grove, Kellyville.
He said a local family bought the home and got applause from the crowd after placing their winning bid. “The final $85,000 in bidding was a back-and-forth between an investor and a young family of five.”
English (US) · 