A number of properties sold above their reserve price at weekend auctions.
A renovated Californian bungalow has sold in front of a large crowd in Sydney’s south west, smashing its reserve price by $160,000.
Onlookers packed the property at 31 Burlington Ave in Earlwood as Menck White Auctioneer Clarence White brought down the gavel.
The three bedroom and one bathroom home had been guided in the range of $1.45m by Adrian William Principal Adrian Tsavalas.
Auctioneer Clarence White during an Auction at 31 Burlington Ave, Earlwood. Picture: Tim Hunter.
Around eight to ten bidders were expected at the sale of the character home, which had timber floorboards and high ceilings throughout.
A first homebuyer ended up purchasing the property for $1.76m, beating out seven other registered bidders – five of which were actively bidding.
Mr Tsavalas told The Daily Telegraph that Earlwood had been performing strongly over the past few weeks at auction, with many families wanting to get their foot into the suburb.
Onlookers watch the auction unfold. Picture: Tim Hunter.
“The land sizes in Earlwood are typically bigger than those you’d see in other suburbs in the Inner West.
“Today’s result was a strong one for the property, everyone’s very happy with how it unfolded. We’re increasingly seeing reserves being broken in this area, particularly for young families and first home buyers who see its potential value.”
Bidding on the property had a false start, with a lady putting up $1m as the opening bid.
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The successful bidder didn’t wish to be named, but walked away with the sale. Picture: Tim Hunter.
It got a laugh from the crowd and the auctioneer, but things became serious when the next bid went to $1.45m.
As the auction progressed, the successful bidder and the underbidder traded $10,000 bids back and forth.
Out of nowhere, a third person tried to bid an extra $1,000 to snatch the property out of his competitor’s hands.
Auctioneer Clarence White said first homebuyers should get into the market now, before waiting too long. Picture: Tim Hunter.
This tactic was ultimately unsuccessful, and the young first homebuyer eventually paid the $1.76m to secure the 373 sqm home.
Mr White said that the past few weeks of auctions had been interesting to watch as the market has seemingly flipped.
“We’ve seen some good results with buyers seemingly more confident than six months ago.
“There’s been a mixed bag with bids, usually we wouldn’t see $10,000 to $50,000 bids like we did today. Buyers are bidding with caution as they’re more certain of their budget. This usually results in a higher volume of quick bids that usually go up by $5,000 increments.”
“Based on the trajectory of the market at the moment, if you are a first homebuyer and you didn’t get into the market six months ago, now is a good time to assess your financial capacity and get your foot in the door. It won’t be at the bottom for much longer.”
Some of the other features of the renovated property included the built-in study and desk, bathroom with spa, bedrooms with built-in wardrobes and off street parking.
Location was also a major selling point, being situated moments away from parks, schools, and transport.
The property at 105 Moverly Rd, South Coogee sold for $330,000 above reserve.
Elsewhere in other auctions, a five bedroom and four bathroom property in South Coogee has sold for $330,000 above its reserve price.
Listed via Ray White’s Jeremy Elmowy and auctioned via Alex Pattaro, the home at 105 Moverly Rd in South Coogee saw six registered bidders at auction with three actively bidding.
The brick family home had been an investment tenanted by the navy, with the owners living overseas in Greece.
The property sold for $3.88m.
Mr Elmowy said the property ended up selling for $3.88m.
“The winning bidder today is from Vaucluse; he will completely renovate the property and change the floorplan but not knock it down,” he said.
Buyer enquiry on this property had been strong due to tight stock levels in the area.
“Instead of having three or four comparable properties on the market at the same time, we are finding that our listings are the only one of their kind at the moment,”
A view of the kitchen in the South Coogee property.
“There also seems to be a huge influx of people moving to this area from Vaucluse, Dover Heights and Bondi, due to getting bigger lots closer to the beach with their money.”
Finally, an Inner West property that used to be a pub and a medical practice has sold under the hammer for $4.25m.
The seven bedroom and five bathroom property at 306 Abercrombie St, Darlington started life in the 1880s as a pub.
306 Abercrombie St, Darlington sold for $4.25m.
It was listed via LJ Hooker’s Nick Moraitis and sold to young family.
Mr Moraitis said the vendors were very happy with the result, with the successful family looking to renovate into their dream forever home.
“It’s a strong market with a low inventory, which means that it is a good time to get into the market and transact properties.”