Sydney auctions continued to soar and surprise.
A savvy mother and son duo has broken a suburb record in Thornleigh, as Winter continues to defy all odds in the auction scene.
The auction of 2/12 Handley Ave attracted 16 registered bidders, with eight actively bidding for the three bedroom home.
It sold under the hammer, breaking the suburb’s townhouse record, for $1,542,000 which was $122,000 over reserve.
According to property records, the previous highest sale for a townhouse was in Wild Ash Way for $1,526,000 in 2021.
Agent Nathan Leuzzi from Ray White Upper North Shore was ecstatic with the result.
He said a property from the same complex sold for $1,270,000 at the end of March.
“Just goes to show the difference in market at the moment,” he said.
The townhouse at 2/12 Handley Ave, Thornleigh broke a suburb record.
The sellers pictured with the mother and son that broke the townhouse record in Thornleigh.
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“The same bidders came from the March auction to try to purchase this property and were unsuccessful.”
The sellers are moving out of the area, while the buyers are a mother and son who are upgrading from their unit.
There was plenty of chatter ahead of a Queens Park auction giving buyers the option to get their foot into the eastern suburbs market.
A rare opportunity was up for grabs at 22 Rawson Ave, a small three-bedroom home that had been expanded and modernised.
Around 60 people attended the auction in the tree-lined street, with one bidder betting his companion a “lunch shout” that the property would sell for over $3.7m.
The rear of 22 Rawson Rd. Picture: Sam Ruttyn
The auction attracted a big crowd. Picture: Sam Ruttyn
Auctioneer Damien Cooley dropped the hammer for $3.5m. Picture: Sam Ruttyn
Auctioneer Damien Cooley led a fast and competitive bidding which started with an opening bid of $3m and grew quickly in increments of $25,000 followed by some big $50,000 hits.
It was a $50K bid of $3.5m that saw the hammer fall on the property, $300,000 over the reserve price.
Agent Brad Gillespie, from The Agency, said it was a strong result following a “seamless” campaign which saw 172 inspections and had a lot of interest from downsizers and young families.
The buyer (right) plans to rent out the house and eventually move in. Picture: Sam Ruttyn
Mr Gillespie said there were 15 registrations for the auction and five active bidders, with the buyer from Burwood.
“He’s planning to rent it out at first before eventually living in it,” he said.
“It was a great result … the old adage of supply and demand.”
Meanwhile it was a tale of two investors at a Doonside auction.
A home at 23 Wangara St went under the hammer for $860,000.
Ray White Quakers Hill agent Josh Tesolin said the sale was $160,000 above reserve, with the home attracting 13 bidders including six walk-ins on the day.
23 Wangara Street Doonside sold for $860,000.
“The buyer bought his latest investment, with the sellers wanting to take advantage of the equity in their investment property to buy their next family home,” he said.
Down south, a tightly held apartment in Sydney’s south sold well above reserve.
The unit at 11/14 Trafalgar St in Brighton-Le-Sands sold at auction for $900,000, smashing the reserve by $160,000.
Auctioneer Andrew Cooley, from Avenue Auctions, said there were 13 bidders which was “unheard of” for an apartment, with 38 bids made before the hammer dropped.
It was the unit’s first sale in 50 years.
The auction of 11/14 Trafalgar St in Brighton-Le-Sands had a huge crowd.
The unit in Trafalgar St has been held for 50 years.
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It comes as auction numbers soar across Sydney, defying the usual quiet period during winter.
Auctions were up 70 per this week compared to last year and are up a whopping 160 per cent next week.
Ray White chief economist Nerida Conisbee said there were more properties coming to market.
“It’s hard to know exactly what’s going on but it does seem to be high levels of investors selling, which was what we thought at the start of the year,” she said.
“I think a lot of it has to do with high interest rates. Cost of debt is expensive but also there’s just so many potential problems for landlords that is making it more and more difficult to own an investment property.
“There are a lot more restrictions and talk of rental caps, which is a shame as there are likely to be fewer investment properties.”
Ms Conisbee said the interest rate futures index was calculating a 92 per cent chance of a “hold” ahead of the Reserve Bank of Australia’s decision on interest rates on Tuesday.