The Sydney auction scene is seeing fierce competition.
Blood pressures were up and emotions ran high across Sydney’s auction scene.
With stock levels remaining low, competition has ramped up across the Harbour City with plenty of buyers vying for quality homes and the odd bargain.
Many of the fieriest auctions came out of greater Western Sydney on Saturday,
A family’s long-term dream come to fruition following the emotional auction of the first home they bought 17 years ago in Greystanes.
Sime and Suzana Frleta, and their daughters Olivia, 8, and Monika, 5, waited nervously in the garage as they listened to auctioneer Michael Garofolo drop the hammer on their home on Gerald St.
Cooley auctioneer Michael Garofolo at the auction of 53 Gerald St, Greystanes. Picture: Adam Yip
Sellers (-LR) Sime and Suzana Frleta withy daughters Oliva and Monika were thrilled with their result in Greystanes. Picture: Adam Yip
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The $1.201 million sale came after a fiercely contested auction with 18 registered bidders and an opening bid of $900,000.
It took 60 bids to get to the final price, which was $151,000 above reserve, with at least six active bidders eventually taking increments down to just $500.
Mr Frleta said they were overjoyed and emotional about the result, which is the final step toward their dream of buying a larger home in Haberfield.
He said they were also thrilled to learn they had sold their first home to a couple who were first home buyers and planned to live there.
“My heart is beating so fast,” Mr Frleta said. “We were hoping to sell to a family. We moved here in 2006 just before we married.
“Around that time we had the idea of eventually living in a federation style home in Haberfield.”
There was a big crowd at the Greystanes auction. Picture: Adam Yip
The eventual buyers were first homeowners. Picture: Adam Yip
The Frleta’s have already bought their dream home and will live there with Mr Frleta’s father, who recently sold his house in St Johns Park.
The couple said they never expected to eventually sell for such a high price after paying $365,000 in 2006.
Mr Garofolo, from Cooley Auctions, said the home was one of the “best priced” in not only Greystanes, but greater Western Sydney.
“The southwest region is well priced for first home buyers ready to move in,” he said.
“This is a great result and indicative of the market here.”
Agent Blaz Dejanovic, from Blaze Real Estate Wetherill Park, said the campaign for the home had been strong, with 180 groups through and 58 contracts issued.
“We had everyone from first home buyers to investors, developers and downsizers,” he said.
Down the road in Constitution Hill a massive crowd gathered for a fast and furious auction of a deceased estate.
The deceased estate at 12 Boonah St, Constitution Hill was a hotly contested auction.
The house sold $280,000 above its reserve.
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The vacant home at 12 Boonah St sold for $1.2 million – $280,000 above reserve – with 18 registered bidders and eight active throughout.
Prices went up in increments of $10,000 after an opening bid of $850,000, however the eventual buyer made it known he was a contender throughout the auction with a $90,000 bid.
Agent Matthew Lucas of LJ Hooker Blacktown said it was an amazing result, with only two houses on the market in Constitution Hill over the past month.
The auction of another deceased estate attracted a huge crowd of more than 100 people in Winston Hills.
A huge crowd attended the auction of 9 Bellotti Ave, Winston Hills.
The house, at 9 Bellotti Ave, sold to a young Parramatta couple for $1.640 million with six active bidders vying for the four bedroom home.
Ray White Baulkham Hills agent Darren Dowd took more than 200 groups through the deceased estate during its auction campaign.
“My sellers are happy, it’s a bittersweet day for the three sons whose parents built the house in 1971 and they all grew up there. There were some tears, happy tears as it’s the end of an era for their family,” he said.
“Stock is still very tight but I have been running auctions for 22 years, and I only drop one a year, it’s the only way to get a good result.”
There were also 19 bidders vying for a four-bedroom house at 7 James Green Close, Kellyville.
7 James Green Close, Kellyville.
Ray White Quakers Hill principal Josh Tesolin sold the property for $1.640 million, $340,000 over its reserve.
Ray White NSW state auctioneer Perry Edmondson-Clark said sellers who are deciding to come to the market now were continuing to be rewarded for their decision.
“We saw another strong weekend of results across the Sydney market today with supply remaining low in buyer activity remaining incredibly high,” he said.
“Our clearance rate and bidder data continue to show the market is performing incredibly strongly week in week out.
“We’re seeing results well above the owner’s expectations at auction.”